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Topic: 1st Movico, now N/A
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Stephen LaPadula
Film Handler
Posts: 50
From: New York, Ny
Registered: Mar 2005
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posted 02-17-2006 01:08 PM
Could these grumblings say be a factor of not being able to focus in on operations or possibly not concentrating on picking up any of the AMC/Loews site up for sale??(its been brought up that both chains want some of the theatres up for sale--someones gonna make off good)
greed is bad...
http://www.usatoday.com/money/media/2006-02-15-redstone-usat_x.htm
Viacom's father-son battle lands in court
By David Lieberman, USA TODAY
NEW YORK — Tensions in the family of Viacom and CBS Chairman Sumner Redstone boiled over last week as his son, Brent, filed a lawsuit alleging governance abuses and self-dealing at their movie theater and holding company, National Amusements.
Brent wants the Circuit Court of Maryland, where the privately held company is incorporated, to dissolve it. That would enable him to sell his one-sixth stake. The company controls about 71% of the voting shares of Viacom and CBS.
A National Amusements statement called the lawsuit "meritless" and accused Brent of "abusing the court system in an attempt to extract a financial settlement in a family dispute."
His lawyer, Stephen Susman of the high-powered Houston-based Susman Godfrey, called that "totally untrue," and challenged the company to file a motion to dismiss.
"Our client reached the end of his patience, being frozen out," Susman says, of a meaningful role in the company, which the lawsuit values at more than $8 billion, Susman says.
The lawsuit says that the father-son feud intensified in 1999 when Sumner needed to reassure Wall Street that his divorce from Phyllis Redstone, his first wife and Brent's mother, would not weaken his hold on Viacom. Sumner allegedly asked Brent and his sister, Shari, to give him irrevocable control over their National Amusement voting rights.
After Brent refused to sign what he calls a "naked attempt to manipulate control of the stock," Sumner "treated his daughter with extreme favoritism." Shari Redstone is now vice chairman of Viacom and CBS.
While Brent still sits on the National Amusements board, he accuses directors there of "rubberstamping whatever Sumner Redstone proposes."
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