Press Release of Intertainment AG
Enforcement against Franchise Pictures for 106.1 million dollars is scheduled to start in September
Ismaning near Munich, July 15, 2004 – Intertainment AG, Ismaning near Munich, has won the lawsuit relating to compensation for damages against US film producer Franchise Pictures and others, and expects that enforcement of the judgment will commence in September. The judgment is currently scheduled to be executed by that time. The presiding judge first has to reach a decision on a number of pending issues in the context of a hearing set for 13 August. These include a decision on whether Intertainment will receive the rights to the disputed films as a security and interest on the damages incurred by Intertainment.
The lawsuit against Intertainment’s former business partner Franchise Partners, Elie Samaha, CEO of Franchise Pictures, and 16 production companies owned by the group has been pending for the past three and a half years, and on June 16 Intertainment won the lawsuit before the Federal District Court in Santa Ana near Los Angeles. The jury of nine people granted Intertainment a total of 106.1 million dollars. Damages amounted to 77.1 million dollars, and punitive damages of 29 million dollars were awarded.
On January 4, 2005, the additional lawsuit filed by Intertainment against Comerica Bank and the insurance companies Film Finances and World Wide Film Completion is scheduled to be heard in arbitration proceedings.
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