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was interested in reviving Generale Bank’s participation in SMP’s
film activities and had written a letter expressing this
interest. The letter from Mr. Lerner states: “I would like to
acquire additional film assets from GB and would like their
active participation in our partnership.”101
On the basis of the evidence in the record, it appears that
the Ackerman group was largely unconcerned with the supposed film
assets that were to form the foundation of their proposed film
business with CDR. There is no evidence that they ever requested
or received any information regarding the EBD film rights.
Although the record contains numerous drafts of various documents
relating to the CDR transaction, none of those drafts contain any
specific reference to the EBD film rights. Consequently, it is
reasonable to conclude that the Ackerman group did not care what
film rights CLIS contributed to SMHC and that the contribution of
the EBD film rights was largely incidental to Generale Bank’s and
CLIS’s contributions of the high-basis, low-value receivables and
SMHC stock.
101 After Troy & Gould reached its conclusions, Mr. Lerner
sold portions of the $974 million in receivables from Generale
Bank to his friend, colleague, and business associate, Mr. van
Merkensteijn. In determining a purchase price for the
receivables, Mr. van Merkensteijn testified that he relied on the
Sage Entertainment $29 million appraisal. By this time, however,
it would have been clear, at least to Mr. Lerner, that this
appraisal was grossly overstated.
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