Word: vajna
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Dates: during 1990-1999
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Beirut-born Kassar and his partner Andrew Vajna were successful foreign distributors when they launched Carolco in 1976. They hit pay dirt with Rambo's debut in 1982 and eventually took the studio public at $9 a share. In 1989 Vajna sold most of his 36% stake to Kassar in a complex deal involving shell companies in Panama and the Netherlands Antilles. Last October Kassar resold some of his shares to Carolco for $13 each, or 60% higher than the market price. That brought him $11 million, or 80% of the studio's 1989 net income, which prompted angry shareholders...
Shareholders also attack Kassar for taking interest-free loans from Carolco to supplement his $1.25 million salary. In 1988 he and Vajna borrowed $8 million. The terms: if the stock topped $11 by August 1989, the loan would be forgiven. Presto! The stock nipped $11 in June before tubing again (it now trades at $8). "The stock was manipulated," charges shareholder lawyer William Lerach. Carolco disputes the allegation...
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