Teutonic distrib increases stake in Intertainment
BERLIN — Following its 50% takeover of insolvent distrib Intertainment earlier this year, German producer-distrib Kinowelt has increased its voting rights in the company from 11% to 30%.
Kinowelt acquired the remaining voting rights from former topper Rudiger Baeres, who sold his majority stake to Kinowelt in May. Kinowelt is now Intertainment’s biggest single shareholder.
Intertainment went belly up this year after failing to recoup $122 million in damages from Elie Samaha and Franchise Pictures following a 2004 legal victory in U.S. federal court.
In August, Intertainment struck a $3 million settlement with Samaha and production shingle Sidonian Holdings. Samaha and Sidonian (formerly Glickson Investments Intl.) have agreed to pay the money in two installments by mid-December.
The U.S. court found Samaha and Franchise guilty of defrauding the once high-flying rights trader into paying wildly inflated budgets on a slate of films that included “Get Carter” and “The Whole Nine Yards.”
Kinowelt, which is enjoying huge box office success with soccer World Cup docu “Germany — A Summer Fairy Tale,” last week announced the takeover of Cologne-based arthouse distrib Pegasos.