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DELAWARE CHANCERY COURT ENTERS FINAL JUDGMENT ON REMOVAL OF PARRETTI DIRECTORS OF PCC

 DELAWARE CHANCERY COURT ENTERS FINAL JUDGMENT
 ON REMOVAL OF PARRETTI DIRECTORS OF PCC
 NEW YORK, March 9 /PRNewswire/ -- A spokesperson for Pathe Communications Corporation (PCC) and Credit Lyonnais Bank Nederland (CLBN) announced that a final judgment was entered today by the Delaware Chancery Court confirming that CLBN had properly removed Giancarlo Parretti and his associates as directors of PCC and had properly elected new directors to manage the company. Among the grounds for their removal were Parretti's financial self-dealing while he was a director and officer of PCC as well as his perjury and intentional fabrication of evidence in connection with the recent trial in Delaware.
 The spokesperson noted that Parretti consented to the entry of the final judgment against him, thereby conceding that he had been properly removed for cause.
 The spokesperson said that the actions reported today to have been taken by an Italian court with respect to MGM-Pathe and Pathe Communications Corporation, and the statements which followed from Parretti, should have no effect on the direction, management or operations of these companies.
 "MGM and PCC are incorporated in the State of Delaware in the United
States. The Delaware courts are therefore the proper forum for adjudicating all matters with respect to these companies. The Delaware Chancery Court ruled definitively on Dec. 30, 1991, after a lengthy trial, affirming CLBN's control of MGM. In its final judgment entered today, the court has now taken similar action with respect to PCC," the spokesperson said.
 "Mr. Parretti's actions in Italy are a blatant effort to mislead the Italian courts. His attempt to find a forum which will decide in his favor constitutes no more than an unfortunate international public relations game."
 -0- 3/9/92
 /CONTACT: Fredric Spar or Mary T. Conway of Kekst and Company, 212-593-2655, or Craig Parsons or Cecilia Wilkinson of Rifkind Pondel Parsons, 310-207-9300, for Pathe Communications and Credit Lyonnais/
 (PCC) CO: Pathe Communications Corporation; Credit Lyonnais Bank Nederland ST: New York, California IN: ENT SU:


KD -- NY087 -- 6640 03/09/92 18:45 EST
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Publication:PR Newswire
Date:Mar 9, 1992
Words:339
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