|
|
Description:
Beautifully engraved certificate from the Cannon Group Incorporated issued in 1987. This historic document was printed by the Security-Columbian Banknote Company and has an ornate border around it with a vignette of two allegorical people standing by the Cannon Group logo. This item has the printed signatures of the Company’s President(Yorum Globus ) and Chairman of the Board (Menahem Golan ) and is over 14 years old.
Certificate Vignette The Cannon Group, Inc. became the largest independent film producer in Hollywood in the mid-1980s. International financier Giancarlo Parretti and his former partner, Florio Fiorini, acquired control of Cannon in 1989 from the Israeli filmmaking team of Menahem Golan and Yorum Globus after the company ran into serious financial problems. The following is a press release from the United States Attorney regarding Parretti and Florio Fiorini. United States Attorney Central District of California October 12, 1999 FORMER MGM CHAIRMAN AND CEO ARRESTED IN ITALY IN $1.5 BILLION ENTERTAINMENT INDUSTRY FRAUD International financier Giancarlo Parretti and his former partner, Florio Fiorini, have been arrested by Italian authorities on charges stemming from their control of the Hollywood entertainment companies The Cannon Group, Inc. and Pathe Communications Corporation, and their takeover of MGM/UA Communications Company. Parretti, 57, the former head of Cannon, Pathe and MGM, was arrested yesterday in Orvieto, Italy. Fiorini, 58, who served as chairman of the three entertainment companies, was arrested today outside Milan, Italy. Both are being held for extradition to the United States under the terms of the U.S.-Italy extradition treaty. The arrest was based on a 55-count superseding indictment that was unsealed today in United States District Court in Los Angeles. The indictment was returned by a federal grand jury in November 1998, but had been sealed while the United States Attorney’s Office prepared the necessary documents to secure Parretti and Fiorini's arrest and extradition. The indictment of Parretti and Fiorini was announced today in Los Angeles by United States Attorney Alejandro N. Mayorkas, FBI Assistant Director in Charge James V. DeSarno, and IRS Criminal Investigation Division Special Agent in Charge Wayne A. McEwan. In addition to Parretti and Fiorini, this case involves a number of well known names in the entertainment industry. Those include: ? The Cannon Group, Inc., the publicly traded entertainment company which became the largest independent film producer in Hollywood in the mid-1980s. Parretti and Fiorini acquired control of Cannon in 1989 from the Israeli filmmaking team of Menahem Golan and Yorum Globus after the company ran into serious financial problems. ? Pathe Communications Corporation, which was the name Parretti gave Cannon in the midst of aborted efforts to take control of the famous French movie company Pathe Cinema S.A. in 1988. ? MGM/UA Communications Company (now known as Metro Goldwyn Mayer, Inc.), the publicly traded Hollywood studio that Parretti and Fiorini purchased from its controlling shareholder, Kirk Kerkorian, for approximately $1.3 billion in November 1990. ? Credit Lyonnais S.A., the state-owned French bank, which became the largest bank in Europe in the 1980s. After wrestling control of MGM from Parretti in 1991, the bank pumped more than $1.5 billion of French taxpayers’ money into the troubled studio before selling it back to Kerkorian. ? Credit Lyonnais Bank Nederland N.V. (CLBN), the Dutch subsidiary of Credit Lyonnais, which was a major lender to independent film producers throughout the 1980s and early 1990s, and was the principal source of financing for Parretti and Fiorini’s ventures in Hollywood and Europe. The 94-page indictment charges Parretti and Fiorini with conspiracy, securities fraud, filing false reports with the U.S. Securities and Exchange Commission, falsifying the books and records of Pathe and MGM, and making false statements to Pathe and MGM’s independent auditors. The indictment charges Parretti alone with international money laundering and subscribing to false income tax returns. (See attached outline of the charges and statutory penalties.) The indictment alleges that Parretti and Fiorini, with the support of CLBN and later Credit Lyonnais itself, used a variety of fraudulent and illegal schemes to acquire control of Cannon from Golan and Globus, to falsely enhance Cannon/Pathe’s financial condition, and to purchase MGM from Kerkorian. The schemes, as detailed in the indictment, are as follows: 1. Between mid-1987 and 1989, Parretti and Fiorini, through a number of their European affiliates, acquired a controlling interest in Cannon, whose shares were publicly traded on the New York Stock Exchange. In gaining control of Cannon, Parretti and Fiorini made false statements to the SEC and to the investing public about the source and nature of the funds they were using by failing to disclose that virtually all of those funds had been borrowed from CLBN. In addition, Parretti and Fiorini allegedly attempted to bribe CLBN officials to influence their lending decisions relating to Cannon and other ventures in the United States and Europe. 2. Beginning in December 1989, Parretti and Fiorini caused Cannon, which had been renamed Pathe, to sell movie theaters it owned in the United Kingdom and the Netherlands to a Dutch company named Cinema 5 Europe N.V. for approximately $232 million. Cinema 5 borrowed $185 million of the purchase price from CLBN. The transaction resulted in a $90 million gain on Pathe’s books. In reports filed with the SEC and in statements to the press, Parretti and Fiorini represented that Cinema 5 was an independent company belonging to the Fininvest Group, the European entertainment conglomerate of former Italian Prime Minister Silvio B
| Status: For Sale |
Reference#: cangroupin |
| Condition:
See Description |
Year:
See Description
|
| |
| |
| |
| |
| |
Dealer Policies: Scripophily Policy Details
Dealer Accepts:       
|
My
Basket
