Ad-hoc Press Release from Intertainment AG

Intertainment reaches 5 million dollar settlement with XL Reinsurance

Ismaning near Munich, December 9, 2004 – Intertainment Licensing GmbH, a subsidiary of Intertainment AG based in Ismaning near Munich, has settled with the American reinsurer XL Reinsurance America Inc. In the pending arbitration proceedings, Intertainment had filed claims against XL together with Comerica Bank, the insurance companies Film Finances and Film Finances Canada (1998) Ltd. and several other parties. The arbitration case is to decide on, among other claims, the legal suit filed by Intertainment in December 2002 relating to the submission of fraudulently excessive film budgets. XL Reinsurance acted as insurer for the now defunct agent Worldwide Film Completion Inc.

In the settlement, Intertainment is to receive 5 million US dollars from XL. In return, Intertainment has agreed to withdraw its claims against XL and Worldwide Film Completion, and certain claims against Worldwide's principal, Steve Cardone, from the Superior Court and arbitration actions. The parties are bound to treat the remaining terms of the settlement as confidential.

Intertainment will continue to vigorously pursue its arbitration court claims against Comerica Bank, Film Finances, Film Finances Canada (1998) Ltd. and the other involved parties.

End of the Press Release


Contact:
Intertainment AG, Investor Relations, Osterfeldstrasse 84, D-85737 Ismaning, Germany
Tel.: + 49 (0)89 21699-0, Fax: + 49 (0)89 21699-11
Internet: www.intertainment.de, E-mail: investor@intertainment.de

 

back to the news