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TABLE OF CONTENTS
FINDINGS OF FACT ....................................... 13
I. The Ackerman Group ................................. 13
A. Perry Lerner ................................... 13
B. Peter Ackerman ................................. 14
C. Somerville S Trust ............................. 15
D. Rockport Capital, Inc. ......................... 16
E. Rockport Advisors, Inc. ........................ 16
F. Crown Capital Group ............................ 16
II. The Credit Lyonnais Group ........................... 17
A. Credit Lyonnais ................................. 17
B. Consortium de Realisation ....................... 18
C. Generale Bank Nederlands ........................ 19
III. Metro-Goldwyn-Mayer, Inc. ........................... 19
A. History of MGM Before 1990 ...................... 19
B. Pathe Acquisition of MGM ........................ 20
C. Sealion Corp. ................................... 20
D. Cashflow Problems of MGM-Pathe .................. 21
E. Facility Agreements with CLBN ................... 22
F. Credit Lyonnais Takes Control of MGM ............ 23
G. 1993 Financial Restructuring .................... 26
H. Carolco Pictures, Inc. .......................... 29
I. Sealion Settlement ............................. 33
J. Credit Lyonnais Decides to Sell New MGM ......... 33
IV. Safari Acquisition Co. .............................. 34
A. The Safari Consortium ........................... 34
B. Safari Indicates Its Interest In New MGM ........ 35
C. Investigation of MGM ............................ 36
D. Kerkorian Moves In and Buys MGM ................. 38
E. Debt Release and Assumption Agreement ........... 39
F. Subparticipation Agreement ...................... 40
G. Dissolution of MGM Holdings and Formation
of SMHC ......................................... 41
V. The CDR Transaction ................................. 41
A. Initial Contact with Mr. Jouannet ............... 41
B. Negotiation and Drafting Process ................ 43
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Last modified: May 25, 2011