MGM quiets buyout fears

MGM co-chairmen Alan Ladd Jr. and Dennis Stanfill dashed off a memo to employees yesterday, aiming to quell fears aroused by news reports of an anticipated buyout of the studio by two notorious overseas financiers.

Their memo came the day stories appeared that Giovanni Di Stefano (ex-Giancarlo Parretti partner) and ’70s mutual fund king Bernard Cornfeld plan to offer MGM owner Credit Lyonnais $ 500 million cash for the studio today.

They claim if they take control they would lay off most of the staff (Daily Variety, Nov. 5).

“It is unfortunate that such articles get printed at all, particularly in light of Di Stefano and Cornfeld’s past dealings as described in the articles,” the MGM exex wrote, referring to the two men’s widely reported past brushes with the law.

“Please rest assured that the claims and statements made by Di Stefano and Cornfeld are baseless and lack any merit whatsoever. Credit Lyonnais has affirmed that they have not had any contact with Di Stefano and Cornfeld and have no intention of dealing with them.”

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