MGM Studio Files for Bankruptcy, Icahn Backs Plan
Bankruptcy
Metro-Goldwyn-Mayer Studios Inc filed for bankruptcy on Wednesday, under a plan that would put one of Hollywood's most storied film studios under the control of its lenders.
The Chapter 11 filing follows a vote by MGM creditors last week to endorse a "prepackaged" bankruptcy that would put MGM under the control of Hollywood executives Gary Barber and Roger Birnbaum, who control the Spyglass Entertainment film company.
MGM also agreed to concessions to Carl Icahn, one of its largest debtholders, to win the billionaire's support for its restructuring.
Icahn had previously supported a rival bid to merge MGM with another studio, Lions Gate Entertainment Corp.
Founded in 1924 and known for its roaring lion logo, MGM controls the James Bond franchise, and has also produced or released many of Hollywood's best-known films, including "The Wizard of Oz" and "Ben-Hur."
Its reorganization would allow secured lenders including Credit Suisse Group AG and JPMorgan Chase & Co to swap more than $4 billion of MGM debt for most of the equity in a reorganized company.
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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.