Word: moguls
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Budget? What budget? When mogul Mario Kassar threw a party at the Cannes Film Festival last year, he spent $200,000 to charter a 203-ft. yacht and used fireworks to light up the sky with the titles and stars of his studio's new films. "It's a competitive market," explains Kassar. "If you're going to do % a party, do it right! The whole world was talking about this...
...market price. That brought him $11 million, or 80% of the studio's 1989 net income, which prompted angry shareholders to file a class action. In December state-court judge John Zebrowski in Los Angeles froze 2.2 million of Kassar's shares and said the court may force the mogul to disgorge his profits. Kassar claims that he was entitled to the money...
Some stockholders charge that Everett, 69, has turned "the track of lakes and flowers" into a second-class operation. The main challenger is R.D. Hubbard, a Texas glassmaking mogul and owner of tracks in Kansas and New Mexico. Hubbard launched a proxy battle last November to gain control of the company's board and install new management, complaining that the company has lost $27 million in the past three years. Everett supporters like Merv Griffin counter that she has brought many innovations to the track, including simulcasting of events...
...Evening Shade. Now Farrah Fawcett and Ryan O'Neal have set back their careers about 10 years (three for her; seven for him) by fronting another grueling CBS entry, Good Sports. Fawcett plays Gayle Roberts, a veteran anchor for an all-sports network run by a Ted Turner-like mogul. O'Neal is "Downtown" Bobby Tannen, an ex-football star fallen on hard times, who is brought in to be her on-air partner. Their bickering, Moonlighting-style relationship is signaled none too subtly in the opening cast credits: "Farrah Fawcett vs. Ryan O'Neal...
Solid-Gold Mogul Music-and-movie hitmaker David Geffen made a shrewd move in April when he sold his record label to MCA for about $550 million of that company's stock. Just seven months later, when Japanese giant Matsushita bought MCA, the value of Geffen's holdings zoomed to $700 million. It's all in the timing...