Lions Gate proposes merger with MGM
Daily Legal News
Lions Gate is offering to combine its business with MGM in a deal supported by billionaire investor Carl Icahn, who owns stakes in both studios.
Lions Gate Entertainment Corp. said Tuesday it has sent a proposal for a combination with financially troubled Metro-Goldwyn-Mayer Studios Inc.
Lions Gate said the combined company would be owned by its shareholders and by MGM's creditors. These include Icahn.
Terms weren't disclosed, though a report in the Los Angeles Times said the deal would give MGM's lenders a 55 percent in the combined company. Lions Gate and MGM declined to comment.
Icahn said the deal is better than a current proposal to combine MGM with privately held production company Spyglass Entertainment.
Icahn has been trying to buy Lions Gate for more than a year but has been rebuffed by the boutique film studio. Icahn's tender offer for Lions Gate worth $7.50 per share expires Oct. 22.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.