SYDNEY– Production house Beyond Intl. is suing German financier MBP Medien for allegedly failing to buy its shares, following a dispute over returns from Beyond’s film “Lantana.”
The case is due to be heard in the New South Wales Supreme Court Tuesday. MDP has funded a number of Beyond productions including “Lantana” and TV series “Stingers,” “Something in the Air” and “Halifax fp.”
Beyond will seek a court declaration compelling MBP to enforce a put option which would require the German company to buy 2.8 million new shares in Beyond, valued at $A3 million ($1.6 million). Beyond is withholding $247,000 in payments to MBP as security if the option is not exercised.
Beyond told the Australian Stock Exchange Thursday it has “significant concerns” about MBP’s ability to meet these potential liabilities if the declaration is granted.