Word: begelman
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...Begelman behind bars...
When David Begelman, defrocked president of Columbia Pictures, returned to Hollywood from a skiing vacation in Colorado last week, he appeared to have ridden out a monstrous scandal. He had admitted padding expense accounts and forging names on checks that he cashed, but Columbia had treated him with more than compassion. He repaid the money with interest, and though he resigned in February, he was about to begin work under a contract as an independent producer of films that Columbia would distribute. That contract might pay him at least $1.5 million over the next three years, more than he would...
...Begelman's return, Los Angeles District Attorney John Van de Kamp issued a four-count felony complaint, charging the executive with grand theft of $40,000 and with forging the names of Director Martin Ritt, Publicist Pierre Groleau and Actor Cliff Robertson on checks. So Begelman is set to surrender this week to Burbank police, and will shortly afterward be arraigned. If convicted, he could be sentenced to one to ten years in state prison on the grand-theft charge and one to 14 years on each of the three forgery counts. One serious problem...
...Board's bosses decided it would be unwise to expose the shares to the uncertainty that the article could cause. Columbia's stock, which had sold at a high of 20? last December, was down to 14? last Thursday in the wake of the scandal involving David Begelman, 56, the former president of its film and television divisions; the shares had fallen another point on Thursday, in anticipation of the Times article. Begelman, after admitting to embezzling more than $60,000 from the studio, was suspended from his job last October, reinstated in December, and then forced to resign last...
...which owns approximately 7% of Columbia's stock, or 500,000 shares, worth some $7.2 million, and dominates Columbia's board. The article, which was written by Lucian K. Truscott IV, an aspiring novelist and a freelance journalist, asserted that Allen & Co. was seeking to sell out. Begelman's reinstatement and the condoning of his crimes, charged Truscott, were part of a scheme by Allen & Co. to show that all was well, in order to keep the stock price high and thus make a big profit. Even more serious was the article's suggestion that Charles Allen...