MGM film studio rescued from bankruptcy

[alp227]

Source: The Guardian

Metro-Goldwyn-Mayer, the legendary film studio famous for classic movies such as The Wizard of Oz, Gone with the Wind and Singin' in the Rain, was placed under bankruptcy protection last night after creditors approved a plan to restructure its $4bn (£2.5bn) debt and place it under new management.

Resolution of the long-running saga of the studio's finances came after creditors rejected an aggressive takeover bid by corporate raider Carl Icahn.

Icahn, who holds as much as $800m of MGM debt, had been campaigning for Lions Gate Entertainment to take over the firm. Yesterday Lions Gate sued Icahn claiming he was planning to buy a stake in the company and was offering to buy debt from other MGM creditors in an effort to gain control of the studio's fate himself.

Spyglass Entertainment, a small production company half-owned by private-equity firm Cerberus Capital Management, is now set to take over the company.

Read more: http://www.guardian.co.uk/business/2010/oct/30/mgm-film-studio-rescued-bankruptcy

[Blue_Tires]

1. cool...now they can finish that Bond movie...

[onehandle]

3. No. Scrap it and start over. This Bond sucks. nt

[OswegoAtheist]

5. I disagree.

James Craig has taken to the role of a "start-up" James Bond quite well, in my opinion. But of course, you are free to disagree, and I respect your opinion.

Oswego "insert 'take it to freeperland, Dick Cheney' joke here :P" Atheist

[melm00se]

11. craig plays

a Bond closer to Fleming's vision of 007 since the 1st couple of films:

gritty, tough, almost a psychopathic stone cold killer

[leveymg]

2. If you want to see how foreign money is really dispersed to the GOP, look at Cerberus Capital Mgmt

From a 2007 DU research thread that exposed the interlocking scandals that centered around Cerberus and the Bush Administration: "Larger CIA and DoD Privatization Scandal Emerging from Walter Reed Story and US Attorney Firing", http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x377023

The MZM-Cunningham case involves the funneling of foreign money to the GOP through a neocon controlled hedge fund, Cerberus Capital Management, that was dispersing money to a number of key GOP figures and organizations in various ways, including Bush, Rumsfeld, a number of GOP Congressmen, and the RNC. The case is also tied up with the Walter Reed scandal, and the effort to privatize many Pentagon and CIA functions, which resulted in catastrophic failures at both. See, http://www.democraticunderground.com/discuss/duboard.ph ...


Let's recap: a corrupt Israeli PM - has a stake in a corrupt Israeli bank- owned by a corrupt Wall Street global hedge fund - which owns a corrupt US defense contractor - which contributes to corrupt GOP Congressmen - who also receive money from another corrupt defense contractor - that defense contractor produced faulty intel under contract to a corrupt CIA Assn't Director - that faulty intel was used to justify a corrupt US Administration's case for invading Iraq - that was planned and executed by corrupt neocons inside DoD who had written a proposal years earlier to wage wars to privatize the Israeli economy.

What a tangled web. One wished Chairman Waxman’s staff and other Congressional investigators the strength of Hercules in taking down the Three-headed Dog, Cerberus, that guards the gates to Hell.

Looks like the good Congressman never quite found the strength to quite get his hands around this one.

[Octafish]

6. Dan Quayle's the ''smart potatoe head'' of Cerebus

They're Not Telling Quayle Jokes At Cerberus

[leveymg]

8. He's a useful extra link to BushCo. What's an extra "e" in the greater scheme of things?

Cerberus, by the way has grown so fast because it has some very powerful alliances and a no-fail business model. It has a tendency to monopolize strategic sectors within national economies, pump them full of froth, and then dump them. Slash and burn. If an acquired company fails -- and they almost all do -- it wins because it's already stripped out the cash value.

Anyone who loves film should be alarmed that it now owns Warner and MGM.

[Diclotican]

4. alp227

alp227

Nice to hear, that MGM is rescued from bankruptcy.. I have been vorried about this for a while, not just becouse they are making the bond movie, more becouse they do have made many good movies over the many years.

But new managment, would posible also make for a new way of doing things at MGM.. But at least the company survive. And that is most important.

Diclotican

[BumRushDaShow]

7. Note that Ted Turner & TW, etc.

still own the rights of most of the MGM film library (and some of their early TV series) that had been created through to 1986 (excluding franchises like the Bond films, etc). So the films such as Wizard of Oz, etc. mentioned in this barely researched article, are not involved in the current MGM iteration's financial meltdown, but the studio itself is along with its more recent works.

[jkirch]

9. Gone With the Wind...

Was made by Selznick International Pictures.

[jpgray]

10. ...?