Giancarlo Parretti

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Giancarlo Parretti
Born (1941-10-23) 23 October 1941 (age 73)
Orvieto, Italy
Nationality Italian
Occupation Former Owner of MGM[1]
Known for Fraud
Religion Roman Catholic

Giancarlo Parretti (born 23 October 1941) is an Italian financier.[2][3]

In 1989, he took over Cannon Film Group Inc. from Menahem Golan and Yoram Globus. Almost immediately, he made plans to take over the storied French studio Pathé, and changed Cannon's name to Pathé Communications. However, the French government blocked his bid due to concerns about his background.[4]

Undaunted, Parretti bought Metro-Goldwyn-Mayer in 1990 for $1.2 billion,[5] using money borrowed from a Dutch subsidiary of Crédit Lyonnais and contingent on future profits financing the purchase from mogul Kirk Kerkorian. Parretti then merged the former Cannon with the MGM purchase to create the short-lived MGM-Pathé Communications.

Under Parretti's watch, MGM released almost no movies (one victim being the James Bond franchise), while Parretti enjoyed a Hollywood mogul lifestyle. He fired most of the accounting staff and appointed his 21-year-old daughter to a senior financial post. He used company money for presents to several girlfriends, including a former runner-up for Miss Universe. His reign at MGM became the basis for the film Get Shorty, which was produced by MGM.

In 1991 his ownership dissolved in a flurry of lawsuits and a default to Crédit Lyonnais, and Parretti faced securities fraud charges in the United States and Europe.[6][7][8][9]

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.[10]

See also[edit]

References[edit]

  1. ^ "Former MGM Owner Fights to Reclaim It". The Los Angeles Times. 1996-08-30. Retrieved 2010-08-28. 
  2. ^ Citron, Alan; Cieply, Michael (1990-05-06). "Despite Giancarlo Parretti's lavish lifestyle and his bid for MGM/UA, the Italian financier remains a little-known outsider.". The Los Angeles Times. Retrieved 2010-08-28. 
  3. ^ Richter, Paul (1990-03-08). "The Mogul Behind Pathe's Bid". The Los Angeles Times. Retrieved 2010-08-28. 
  4. ^ Citron, Alan; Cieply, Michael (1991-04-24). "Hollywood: Giancarlo Parretti's scramble to buy the studio last October included a possible CIA operative and several members of the secretive Knights of Malta.". The Los Angeles Times. Retrieved 2010-08-28. 
  5. ^ Stevenson, Richard W. (March 8, 1990). "Pathe in $1.2 Billion Deal to Buy MGM/UA". The New York Times. Retrieved July 14, 2014. 
  6. ^ Bates, James (1992-12-21). "SEC Steps Up Investigation of MGM Deal : Entertainment: Information is sought on temporary financing used by Giancarlo Parretti in his purchase of the studio.". The Los Angeles Times. Retrieved 2010-08-28. 
  7. ^ Citron, Alan (1991-07-09). "Fight Over MGM-Pathe Is Pushed Up a Notch". The Los Angeles Times. Retrieved 2010-08-28. 
  8. ^ Cieply, Michael; Citron, Alan (1991-04-10). "MGM Deal Made Without Title to Stock, Suit Says". The Los Angeles Times. Retrieved 2010-08-28. 
  9. ^ Cieply, Michael; Citron, Alan (1991-04-05). "Insurer Claims to Own 35% of MGM". The Los Angeles Times. Retrieved 2010-08-28. 
  10. ^ AFP-Extel News Limited. March 31, 1991

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