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NELSON TRADE & FINANCE LTD. ANNOUNCES SETTLEMENT AGREEMENTS

 HAMILTON, Bermuda, Jan. 13 /PRNewswire/ -- Nelson Trade & Finance Ltd. (Toronto: NTF) ("NTF" or the "company") today announced that it, along with NHI Nelson Holdings International Ltd. and the company's wholly owned subsidiary Nelson 1991 Inc. (together, "Nelson"), have concluded settlement agreements with PolyGram Filmed Entertainment Distribution Inc. and PolyGram Holding Inc. (together, "PolyGram"), and F. Richard Northcott, the company's chairman.
 The settlement agreements provide for the termination of a contingent receivable in the amount of U.S.$4.5 million that may have become payable to the company by PolyGram conditioned upon acceptance of certain PolyGram, films by a subdistributor, as well as a related corporate guaranty.
 In addition, the settlement agreements provide, among other things, that (i) certain profit participation rights held by Nelson and Northcott in certain PolyGram film properties have been terminated, (ii) the company has relinquished its right to require PolyGram to distribute a company film through certain distribution networks, and (iii) Northcott's consulting arrangements with PolyGram and a related corporate guaranty, and his obligations to Nelson in respect of his profit participation interests in PolyGram have been terminated.
 In connection with these agreements, the company has received a cash payment of U.S.$4 million.
 -0- 1/13/94
 /CONTACT: Malcolm Reeve, COO, of Nelson 1991 Inc., 310-777-3583/
 (NTF.)


CO: Nelson Trade & Finance Ltd.; PolyGram Filmed Entertainment
 Distribution Inc. ST: IN: ENT SU:


JL-JM -- LA040 -- 1994 01/13/94 21:05 EST
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Publication:PR Newswire
Date:Jan 13, 1994
Words:237
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