Giancarlo Parretti
From Wikipedia, the free encyclopedia
Giancarlo Parretti is an Italian financier.
He formerly owned the movie studio Pathé and in 1990 bought MGM, using money borrowed from a Dutch subsidiary of Crédit Lyonnais and contingent on future profits financing the purchase from mogul Kirk Kerkorian. During that period the movie studio released almost no movies (one victim being the James Bond franchise), while Parretti enjoyed a Hollywood mogul lifestyle. In 1991 his ownership dissolved in a flurry of lawsuits and a default by Crédit Lyonnais, and Parretti faced securities fraud charges in the United States and Europe. Pathé was purchased by Chargeurs in 1992. In March 1999, he was found guilty of misuse of corporate funds and fraud and he was sentenced in absentia to four years in prison and fined 1 million francs by a Paris court.[1]
[edit] References
[edit] External links
- Time Magazine. John Greenwald. What Makes Giancarlo Run? April 23, 1990.
- How an Italian thug looted MGM, brought Credit Lyonnais to its knees, and made the Pope cry. DAVID MCCLINTICK.
