Word: parretti
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Such drama is no longer rare at MGM-Pathe, the company formed when the mysterious mogul Giancarlo Parretti acquired MGM last fall. Parretti smiled broadly for the cameras as guest of honor at a $250-and-up-a-plate charity dinner last month, shortly after asking studio creditors to take their long- delayed payments in weekly installments. He then flew to Europe in a frenzied quest for fresh capital...
...doesn't have the money to pay for prints and advertising. Such postponements are "unique and embarrassing," says Peter Bart, editor of Variety, Hollywood's top trade magazine. You can't blame Mickey Rourke and those crew members for worrying: some studio employees have seen their paychecks bounce. Parretti needs about $250 million to cover operating costs, future marketing costs and release of the films now held up. To raise the money he is appealing to European investors and such banks as Credit Lyonnais, which has already extended a $125 million credit line...
...heritage was being auctioned off, bit by bit. Universal is the fourth of Hollywood's seven major studios to be acquired by foreign companies: 20th Century Fox is owned by Rupert Murdoch's Australia-based News Corp., and MGM/UA was taken over earlier last month by Italian financier Giancarlo Parretti. That leaves only three major studios in American hands: Disney, Paramount and Warner Bros...
When aspiring movie mogul Giancarlo Parretti visited the White House Oval Office two weeks ago, he boasted to President Bush that he would soon complete the cliff-hanging takeover of MGM/UA Communications and would make "the lion roar as it did in its heyday." This time he may not eat his words. After months of legal and financial maneuvers, Parretti's Pathe Communications is expected this week to wrap up the $1.3 billion acquisition of MGM/UA from financier Kirk Kerkorian...
...onetime waiter who is appealing a conviction for fraudulent bankruptcy in his native Italy, Parretti raised cash for the deal by tapping European companies he controls and selling rights to movies controlled by Pathe and MGM/UA. Time Warner agreed to pay $125 million for home-video rights to the 1,700 films in the studios' library. Time Warner, which dropped a breach-of- contract suit that it had filed earlier against Parretti, also bought home- video rights to 11 current and forthcoming movies, including Quigley Down Under and Rocky...