Producer Matty Simmons, founder and former chairman of the board of the National Lampoon, has publicly rebutted charges made in two suits filed against him earlier this week by J2 Communications and a second joint business venture.

The suits had charged that Simmons had improperly diverted some $ 8 million dollars in residuals from “National Lampoon’s Animal House” and “National Lampoon’s Vacation” films.

Simmons said these suits were “meritless” answers to a suit he filed against J2 and National Lampoon on Nov. 13.

“National Lampoon owes me approximately $ 700,000 as part of an agreement entered into in 1989 and reaffirmed by J2 in 1990. They have stopped paying that money,” he said in a statement.

“There was no failure to live up to the agreement on my part. I have never diverted any funds. They are fully aware that I have always received a share of Lampoon film profits. As part of my agreement with them and with the previous management, it was agreed that I would continue to receive profits from films I produced.”

Follow @Variety on Twitter for breaking news, reviews and more