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E. Exercise of the Put
On December 26, 1996, Mr. Geary, pursuant to the
instructions of Mr. Jouannet, sent facsimiles to William Ponce,
Gary Mazzola, and Celia Murphy at Chase Manhattan Bank, and to
Mr. Lerner, transmitting notices from CLIS and Santa Monica
Finance, B.V., exercising their rights under the side letter
agreement and the deposit account agreement.35 The $5 million
that Somerville S Trust had deposited with Chase Manhattan Bank
was duly paid to CLIS and Generale Bank. Per an informal
agreement between Rockport Capital and Somerville S Trust,
Somerville S Trust became the purchaser and owner of the
preferred interests.
VI. Film Rights Contributed to SMHC
A. Film Titles and Development Projects
The following film titles and development projects were
listed in Schedule 1.6(b) of the exchange and contribution
agreement as assets of SMHC:
U.S. Video Film Rights
1. Alley Cat 7. Battle of the Valiant
2. Astro Zombies 8. Beast, The
3. Auditions 9. Blood Brothers
4. Avenger 10. Blood Castle
5. Banana Monster 11. Cardiac Arrest
6. Battle of the Last Panzer 12. Carthage in Flames
35 Mr. Geary exercised Generale Bank’s and CLIS’s rights
under the side letter agreement and deposit account agreement on
Dec. 26, 1996; however, the put period did not commence until
Dec. 31, 1996.
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