MGM Studios passes audit

MGM says in compliance with debt covenants

LOS ANGELES (Reuters) Metro-Goldwyn-Mayer said on Wednesday it delivered an audit opinion to its lenders showing the troubled studio is financially sound enough to continue operating and was in compliance with all of its debt covenants.

Sources familiar with the studio, which is scrambling to refinance $3.7 billion of debt, last week told Reuters that results of the audit, conducted by the Bank of Montreal, were expected.

“Metro-Goldwyn-Mayer Inc today delivered its March 31, 2009 financial statements to its lender group with an unqualified audit opinion along with a certification that MGM is in full compliance with all of its debt covenants,” the company said in a statement.

The studio, which is expected to soon release Fame and Hot Tub Time Machine, faces a payment of $250 million in April 2010 on its revolving credit, with the $3.7 billion of term debt due in June 2012.

The debt largely stems from the acquisition of MGM by an investor group in 2004. MGM is owned by a consortium of companies, including private equity firms TPG Capital LP and Providence Equity Partners, Sony Corp and Comcast Corp, which paid about $5 billion in debt and equity to buy the then-publicly traded studio from its majority owner, billionaire Kirk Kerkorian.

Keep turning to the CommanderBond.net main page—as well as our brand new Twitter feed—for all the latest James Bond news and coverage.

Dr No trademark given to German media company

European Union consumers could soon indulge in “Dr No” cars, cigarettes and designer clothes after the EU’s court ruled today that the American firm which manages the rights to the James Bond films has no legal control over the name.

US media firm Danjaq “has failed to establish either that the signs ‘Dr No’ and ‘Dr NO’ were used as trade marks or that the title of the film Dr No was used in the course of trade,” the EU’s Luxembourg-based Court of First Instance said in a statement.

As a result, German media company Mission Productions, based in Munich, is allowed to register the term “Dr No” as an EU-wide trademark, the court ruled.

“I don’t want to ride on the James Bond wave,” said company owner Archibald Eser.

The case dates back to 2001, when Mission Productions applied to register the name of the first-ever Bond film with the EU’s trademark office, OHIM. Danjaq tried to block the registration, but OHIM rejected its suit.

The EU court decision upheld that ruling, arguing that the name “Dr No” is the artistic title of a single film, rather than the commercial identifier of a series of films, such as the 007 logo.

Since the original OHIM ruling, a shaken but unstirred Danjaq has registered the names of 18 Bond films as trade marks in Europe.

Three—Casino Royale, Octopussy and GoldenEye—are being disputed by other firms.

Keep your browsers locked on the CommanderBond.net main page—and our brand new Twitter feed—for all the latest news on James Bond-related events occurring around the world.

Pinewood Plans For Major Expansion

The home of James Bond is planning a major expansion in order to rival Hollywood for the latest blockbuster films.

Pinewood’s 007 Stage

The Times reports that Pinewood Studios in London will lay out plans this upcoming Monday for a 100-acre, £200 million expansion.

New features will include permanent film lots—such as a row of New York brownstone apartments, a Parisian square and a Venice canal, reducing the amount of international travel filmmakers would have to make in order to film at such locations.

In addition to the new film lots, Pinewood is also planning to incorporate up to 1,400 new flats, so people working on films can live on set. They forecast that this could create as many as 1,600 jobs.

The expansion, termed Project Pinewood, is also working with the National Film and Television School to set up an on-site academy that would train set designers and costume makers.

‘Film-makers have the pick of going anywhere in the world,’ said Ivan Dunleavy, chief executive of Pinewood Shepperton. ‘It is a very desirable industry from a profile point of view and from an economic point of view. We need to keep Britain ahead in terms of its creative skills and creative infrastructure.’

Pinewood intends to take on a development partner for the project and would need to issue new debt or equity to finance it. It has a joint venture with Aviva Investors to develop the Shepperton Studios.

As many Bond fans are aware, filming at Pinewood Studios (including the famed 007 Stage) has taken place for the majority of the films in the Bond series. The most recent was last year’s Quantum of Solace.

Keep your browsers locked on the CommanderBond.net main page—and our brand new Twitter feed—for all the latest news on James Bond-related events occurring around the world.

Is James Bond Keeping MGM Out Of Bankrupty Court?

Following up a report from earlier this month which stated that MGM Studios was seeking a refinancing-source for roughly $3.7 billion in debts, it now appears that it may be James Bond that is one of the key reasons the company is determined to stay out of bankruptcy court.

The Double O Section blog cites an article from the Hollywood Reporter, which makes the claim that the lucrative 007 franchise is reason enough to avoid filing for Chapter 11 bankruptcy protection.

The reason? If forced into Chapter 11 reorganization, MGM’s long-standing hold on the Bond franchise could come into play in court. To avoid that, MGM’s owners might consider giving up a sizable portion of their equity holdings.

MGM is owned by a consortium including Sony, Comcast, TPG Capital and Providence Equity. While there are no suggestions that talks between the studio and its creditors have yielded a specific game plan, some sort of voluntary restructuring could emerge in the absence of any obvious white-knight investor.

One scenario the Hollywood Reporter brings up:

A creditors-led restructuring in which the lenders are allowed to swap a sizable portion of MGM debt for studio equity. Current debtholders include Elliott Associates, a New York-based hedge fund closely tied to Hollywood producer Ryan Kavanaugh that’s been buying up hundreds of millions in distressed MGM debt.

None of this is to say that Kavanaugh’s Relativity Media would come away with rights to Bond — or even The Pink Panther or other core MGM film assets. But if Elliott and Kavanaugh or any other major debtholders are able to convert their holdings into equity, it could provide leverage to secure film-development rights of various lesser properties.

…which would in turn keep MGM (and thus, James Bond) away from the bankruptcy courts.

Time will tell to see how it all plays out.

Keep turning to the CommanderBond.net main page—as well as our brand new Twitter feed—for all the latest James Bond news and coverage.

MI6 Plans 100th Birthday Celebration Worthy Of James Bond

Britain’s Secret Intelligence Service, MI6, is planning a party worthy of James Bond himself.

Bloomberg.com reports that MI6 is currently planning a a black-tie ball to celebrate 100 years of operations, citing people familiar with the plans in a Wall Street Journal report.

In attendance at the dinner and dance will be spies past and present, government officials and members of Britain’s Royal Family. Many will be paying their own way with no additional cost to the taxpaying public.

The actual location for the event is obviously remaining top secret, as is the menu and bands scheduled to play. Sir John Scarlett, the current director-general, signed off personally on the food to be consumed.

In stark contrast, MI5, MI6’s sister organization responsible for domestic intelligence, will not be partaking in any grand celebratory events. They will however be publishing an academic history entitled Defence of the Realm: The Authorized History of MI5, by Cambridge University’s Christopher Andrew.

Stay tuned to the CommanderBond.net main page—and our brand new Twitter feed—for all the latest James Bond-related news.

MGM Eyes $3.7 Billion Debt Refinancing-source

MGM Eyes $3.7 Billion Debt Refinancing-source

LOS ANGELES, May 14 (Reuters) – Hollywood studio Metro-Goldwyn-Mayer said it hired investment bank Moelis & Co to help refinance $3.7 billion debt and is talking with a steering committee of 140 creditors as part of the process.

The storied MGM, home to the James Bond movie franchise, said it had discussed its annual financial results with lenders on Thursday, adding that they were in line with its budget and that the company was in compliance with all loan covenants.

A source familiar with the matter said MGM finished the year with over $500 million in cash flow from its film and TV library operations, down about 5 percent from a year ago.

In a statement, MGM said “it was exploring options for optimizing its capital structure and has begun talks with a steering committee of its lenders as part of the process.”

MGM reiterated its commitment to staying independent.

The creditors of MGM, which has various movies in the pipeline from Fame to Zookeeper, have formed a steering committee led by JPMorgan Chase & Co (JPM.N), according to another source familiar with the matter.

MGM is owned by a consortium of companies, including private equity firms TPG Capital LP [TPG.UL] and Providence Equity Partners, Sony Corp (6758.T) and Comcast Corp (CMCSA.O), which paid about $5 billion in debt and equity in September 2004 to buy the then-publicly traded studio from its majority owner, billionaire Kirk Kerkorian.

Merger specialists have said MGM could be worth $2 billion to $2.5 billion, but it has repeatedly said it is not for sale.

Rumors of its potential sale surface from time to time and were recently rekindled with unconfirmed reports that billionaire financier Carl Icahn was buying MGM debt, which sparked speculation he may push for a combination of MGM with Lions Gate Entertainment (LGF.N), another studio Icahn has sought influence over.

Sale rumors also surfaced last summer with the departure of producer Paula Wagner from MGM’s United Artists studio in August.

Bankers estimate MGM is paying north of $250 million a year in interest on the debt, which comes due in 2012.

The sources said MGM was potentially seeking a way to make the loan due later, or reduce it in size.

The studio also hired Goldman Sachs in August and said it was exploring “enhancements” to its long-term capital structure.

Wagner, who is a movie producing partner with actor Tom Cruise, was chief executive of UA, but left to produce movies again. UA, in which Cruise and Wagner both have stakes, last year secured $500 million in financing through Merrill Lynch to fund 15 to 18 movies over the next five years. (Reporting by Sue Zeidler, editing by Gerald E. McCormick, Bernard Orr)

Reuters

Stay tuned to the CommanderBond.net main page—and our brand new Twitter feed—for all the latest James Bond-related news.

James Bond Producers And Sony Team Up For 'Remote Control'

It has been announced today that James Bond producers Barbara Broccoli and Michael G. Wilson have teamed up with Sony Pictures Entertainment to produce Remote Control, based on the thriller novel by Mark Burnell.

Full details on this newly announced non-Bond project follow in the press release below:

Sony Pictures Entertainment Grabs Remote Control With Producers Michael G. Wilson, Barbara Broccoli

Barbara Broccoli and Michael G. Wilson

Building on their successful collaboration on the two most recent and highest grossing James Bond adventures in the history of the franchise, Sony Pictures Entertainment has acquired the motion picture rights to Remote Control, a thriller novel by Mark Burnell, to be produced as a feature film by Michael G. Wilson and Barbara Broccoli’s Eon Productions, it was announced today by Doug Belgrad and Matt Tolmach, presidents of Columbia Pictures. Ileen Maisel will join Wilson and Broccoli in producing the project. Burnell will adapt his novel into the screenplay.

In Remote Control, a former war correspondent, now British corporate intelligence analyst, gets caught up in a conspiracy by Western corporations to destabilize the Chinese economy. Following the trail to the United States, he discovers that his former lover is also being pursued. On the run together, they try to unravel the mystery of the conspiracy while trying to stay alive.

Remote Control is the second non-Bond property Sony Pictures is developing with Wilson and Broccoli. The studio is also collaborating with the renowned producers on a new adaptation of Chitty Chitty Bang Bang with EON Productions and MGM.

Commenting on the announcement, Belgrad explains, “Our collaboration with Michael and Barbara on Casino Royale and Quantum of Solace was extraordinary and special and we all wanted to find another way to work together. Mark Burnell’s new novel is an exciting thriller and it’s precisely the kind of material that Michael and Barbara will be able to adapt so well.”

Wilson and Broccoli added, “We have great respect and a wonderful working relationship with the entire team at Sony Pictures, from Amy, Doug, and Matt’s team in production to Jeff Blake’s global marketing and distribution groups and look forward to working with them all again.”

Remote Control will be overseen at Columbia Pictures by Belgrad and Elizabeth Cantillon.

MICHAEL G WILSON AND BARBARA BROCCOLI produced the hugely successful GOLDENEYE, followed by the blockbuster 007 releases TOMORROW NEVER DIES, THE WORLD IS NOT ENOUGH, DIE ANOTHER DAY, CASINO ROYALE and most recently QUANTUM OF SOLACE starring Daniel Craig, Olga Kurylenko and Mathieu Amalric. With a combined sixty six years of experience working on Bond films, Michael and Barbara took over the family business when their father Albert R. Broccoli retired.

When ILEEN MAISEL opened and ran Paramount Pictures prestigious London office, she had already distinguished herself by acquiring, developing and supervising 1988 Best Picture nominee DANGEROUS LIAISONS (starring Glenn Close, John Malkovich, and Michelle Pfeiffer). Ileen has worked as Senior Vice President of European Production for New Line Cinema and this year formed a new international entertainment company: Amber Entertainment with Mark Ordesky, Jane Fleming and Lawrence Elman.

MARK BURNELL is best known for his highly acclaimed series of novels featuring his unique heroine Stephanie Patrick; The Rhythm Section (1999), Chameleon (2001), Gemini (2003) and The Third Woman (2005). In 2005 he was hired by New Line Cinema to adapt Rhythm Section for the big screen. Remote Control is Mark Burnell’s fifth novel and the first outside the Stephanie series.

ABOUT EON PRODUCTIONS

EON Productions/Danjaq, LLC, is owned by the Broccoli family and has produced twenty two James Bond films since 1962, including QUANTUM OF SOLACE. The James Bond films, produced by Michael G. Wilson and Barbara Broccoli, make up the longest running franchise in film history and include the recent blockbuster films GOLDENEYE, TOMORROW NEVER DIES, THE WORLD IS NOT ENOUGH, DIE ANOTHER DAY and CASINO ROYALE. EON Productions and Danjaq LLC, are affiliate companies and control all worldwide merchandising of the James Bond franchise.

ABOUT SONY PICTURES ENTERTAINMENT

Sony Pictures Entertainment (SPE) is a subsidiary of Sony Corporation of America (SCA), a subsidiary of Tokyo-based Sony Corporation. SPE’s global operations encompass motion picture production and distribution; television production and distribution; digital content creation and distribution; worldwide channel investments; home entertainment acquisition and distribution; operation of studio facilities; development of new entertainment products, services and technologies; and distribution of filmed entertainment in more than 130 countries. Sony Pictures Entertainment can be found on the World Wide Web at http://www.sonypictures.com.

Stay tuned to the CommanderBond.net main page for all the latest James Bond-related news.

Smith & Wesson Issues Recall On Walther PPK Pistols

The handgun made famous in the James Bond films is being recalled by manufacturer Smith & Wesson Corp. due to a misfiring issue affecting pistols manufactured between 21 March 2002 to 3 February 2009.

Full details follow below:

Smith & Wesson Recalls Guns That Could Misfire

Smith & Wesson Corp. is recalling certain pistols that could fire without the trigger being pulled.

The gun maker said it was recalling all Walther PPK and PPK/S pistols that it manufactured from March 21, 2002, until Feb. 3, 2009.

Smith & Wesson posted a recall notice Friday on its Web site and offered additional details in a Securities and Exchange Commission filing Tuesday.

The filing cited a problem in the affected pistol models that “may permit a round to be discharged without the trigger being pulled.”

The Springfield-based company said it was issuing the recall “because any unintended discharge of a firearm has the potential for causing injury.”

The online notice and regulatory filing did not say whether any injuries had resulted, and it did not specify how many guns were being recalled. There was no answer after business hours Tuesday at the company’s headquarters, and a call to a customer-service representative was referred to headquarters.

The filing said, “While we have no reason to believe that the condition affects every pistol produced during the designated period, we have chosen in the interest of safety to replace the hammer block in every pistol that is returned in order to make certain that each firearm is functioning in a safe, reliable, and proper fashion,” the filing said.

The notice on the company’s Web site says, “When the manual safety is disengaged, Smith & Wesson’s Product Engineering Group has determined that the possibility exists in certain firearms that lowering the hammer may cause a chambered round to fire.”

Customers with the affected pistols can send them back to the company, and have them returned with a new part, at no cost, the company said.

Smith & Wesson said it had established a financial reserve to cover recall costs it will book in its fiscal third quarter that ended Jan. 31. The company estimates the costs will trim $900,000 to $1.3 million from its quarterly profit.

Stay tuned to the CommanderBond.net main page for all the latest James Bond-related news.

Michael G. Wilson Comments On 'Chitty' Remake Possibilities

Producer Michael G. Wilson

Back in March of this year, news emerged that a remake of Chitty Chitty Bang Bang, the classic adventure featuring a magical flying car and created by James Bond author Ian Fleming, was being discussed.

Now, Michael G. Wilson, who produces the 007 films along with Barbara Broccoli and co-owns the rights to Chitty Chitty Bang Bang, has commented on the news. ‘There may be a new film of Chitty, we will have to see,’ he told the Sunday Telegraph.

In the March ’08 article, an unnamed Eon Productions executive stated that the remake, which would likely go into production in 2009, would feature ‘big-name stars, a multi-million pound budget and cutting-edge special effects’. Johnny Depp’s name was brought up as a possibility.

The original Chitty Chitty Bang Bang debuted in theatres in 1968, starring Dick Van Dyke, Sally Ann Howes and Lionel Jeffries.

Produced by Albert R. Broccoli, the production also featured several cast and crew members from the Bond films, including actors Gert Fröbe, Desmond Llewelyn, a screenwriters Richard Maibaum and Roald Dahl, associate producer Stanley Sopel, production designer Ken Adam, art director Harry Pottle, and many others.

Barbara Broccoli then launched a stage performance version that ran from 2002 to 2005 at the London Palladium and became a massive hit, earning more than &pound70 million.

‘I wasn’t surprised by the success of the show because so many people came up to me and said they had the original video,’ she stated.

‘In Chitty Chitty Bang Bang, Fleming created some perennial characters. The car and the whole idea of flight is something that appeals to kids of all ages. The show was wonderful. The number of grown men who were reduced to tears at the sight of that flying car was amazing to me.’

CommanderBond.net will keep you updated as more information regarding this Chitty Chitty Bang Bang remake becomes available.

Stay tuned to the CBn main page for all the latest James Bond-related news.

Goldeneye's 'Bond Suites' Previewed At Imperial War Museum

As reported last month on CommanderBond.net, big plans are being put into motion for Goldeneye, Jamaica, the seaside villa where 007 creator Ian Fleming often resided when writing his James Bond novels.

The island getaway is now being prepped for its transformation into a $120 million (£60 million) resort for sports stars, rock musicians, businessmen and others who can afford the price.

The Jamaica Gleaner reports that current owner Chris Blackwell was at the ‘For Your Eyes Only: Ian Fleming and James Bond’ exhibition at the Imperial War Museum in London this past Wednesday to give attendees an exclusive preview of the Goldeneye ‘Bond Suites’.

‘The event represented a unique chance to meet with the people who discovered and created this ultimate Caribbean getaway–Jamaica–and those in attendance were given private tours of the first-ever retrospective exhibition of Fleming’s life, called “For Your Eyes Only: Ian Fleming and James Bond”,’ said PURE International’s chief executive officer, Sean Collins (click here for a preview photograph).

The original press release from PURE International follows:

OWN YOUR PIECE OF THE GOLDENEYE LEGACY
– PURE International Exclusive Agents for Luxurious Goldeneye Resort –

Leading overseas luxury specialist PURE International is offering purchasers the exclusive chance to own one of a handful of properties at Goldeneye, one of the most sought after retreats in the world. Formally the home of Ian Fleming, where he created James Bond in January 1952, the Goldeneye estate was acquired in 1977 by music and entertainment entrepreneur Chris Blackwell and since then has been turned into a luxury destination resort; loved and frequently visited by celebrities, political figures and musicians.

Covering 100 acres of heavenly coastal land, Goldeneye now offers a collection of just 80 Lagoon Villas, Beach Cottages, Bay Cottages, Island Cottages, Bond Suites, all set around Ian Fleming’s former home, a natural lagoon and the established world class resort facilities. These stylish properties boast interior spaces of up to 5,000 sq ft and form one of the most attractive and exclusive lifestyle and investment opportunities in the Caribbean.

“Our clients expect exclusivity, discretion and unrivalled levels of service in the world’s most exceptional destinations. Owning a property at Goldeneye will deliver this at every level,” says Sean Collins, CEO of PURE International. “The opportunity to own one of these homes is the chance to become part of a unique and legendary legacy. With only a handful of properties available in one of the world’s most stunning locations there really is only one chance to be amongst the first to call Goldeneye home.”

The legacy…
Having visited Jamaica on a World War II intelligence mission, Ian Fleming fell in love with the island and returned to build his own home. He escaped nearly 11 winters at Goldeneye between 1953 and 1964 eventually writing all of his 14 ‘007’ thrillers at the estate. Today the retreat is a highly acclaimed boutique ‘Island Outpost’ resort part of Blackwell’s growing luxury destination group.

“The properties now being marketed at Goldeneye will continue this impressive heritage,” adds Collins. “We expect the historic lifestyle that this Caribbean destination has to offer will attract buyers from across the globe.”

The project…
Goldeneye will benefit from the wealth of planned spa, dining, yoga and tennis facilities, which are part of the Island Outpost resort. In addition to the terra firma sporting activities, the properties’ proximity to the lagoon and Caribbean Sea means that a wide range of water activities are also available including jet skiing, ocean kayaking, snorkeling and fishing. Goldeneye also features its very own sheltered beach and beautiful natural secluded coves.

Just like the original Goldeneye estate properties, all of the new homes effortlessly blend considerable outside spaces with the light filled living areas and all feature direct or nearby waterside access. One and two bedroom ‘Beach Cottages’ will be nestled against the main beach; one and two bedroom ‘Bond Suites’ are sleek glass, polished concrete and brushed steel apartments with plunge pools or roof terraces and views to kill. Lavish three and four bedroom ‘Lagoon Villas’ feature private pools and decks, with some enjoying guest cottages that add further entertaining spaces. ‘Bay Cottages’ on the Western tip of the Goldeneye peninsula have private white sand beaches and decks over the sea to dock small boats and stunning ‘Island Cottages’ are located on their own private island.

Jamaica resurgence…
In the past five years improvements to Jamaica’s infrastructure have helped to attract direct foreign investment of more than £560m for tourism development. The construction of two major new highways and the expansion of Montego Bay’s Sangster International Airport will continue to strengthen the tourism renaissance this country is currently experiencing.

Getting there…
There are numerous airports across the UK and Ireland which provide direct, 10 hour flights to Jamaica. Kingston and Montego Bay international airports are both a 2 hour drive away from Goldeneye and all guests can be collected and brought to the resort. Alternatively direct shuttles via helicopter can be arranged and take no longer than 30 minutes.

Prices for the properties at the development start at £375,000* ($750,000) for a one bedroom Bond Suite and range up to £1,598,400* ($3,200,000) for a 4 bedroom Lagoon Villa. For further sales information please contact PURE International on t: 020 3031 2860 or visit www.pureintl.com

*Subject to currency fluctuation, correct at time of writing

For further press information please contact:

Lloyd Hughes Tel: 020 3031 2860 [email protected]
Kate Bermon Tel: 020 3326 0526 [email protected]

About PURE International

PURE International offers a range of specialist services for the sale and marketing of luxury property in recreational destinations worldwide. Since its inception in 2004 PURE has established wholly owned offices in the UK, Ireland, UAE, Canada and Switzerland, a partner office in Holland and has a growing database in excess of 20,000 people. The company has sold over of 600 residential real estate units with a value of £400 million and has won several high profile awards including the Homes Overseas Gold Award for Best Estate Agency Marketing 2006. The current value of schemes offered by PURE is £3 billion.

About Island Outpost

Owned by Chris Blackwell, founder of Island Records and Palm Pictures, Island Outpost is a high-end luxury resorts company, which is renowned for its offering of character, stunning surroundings and high quality services. The group includes Goldeneye, Strawberry Hill, Jake’s, and The Caves in Jamaica, Pink Sands in The Bahamas and an exclusive selection of villas.

About Goldeneye Visitors

Visitors to Goldeneye over the years include Bill and Hilary Clinton, Kate Moss, Jonny Depp, Sean Connery, Naomi Campbell, Gwyneth Paltrow, Scarlett Johansson, Sadie Frost Cindy Crawford, Harrison Ford, Pierce Brosnan, Sting, Bono, Bob Marley, Errol Flynn, Evelyn Waugh, Lucian Freud, Katherine Hepburn, Sir Laurence Olivier, Sir John Guilgud, Sir Anthony Eden and more.

‘The properties now being marketed at Goldeneye will continue this impressive heritage,’ said Collins at the Bond event. ‘We expect the historic lifestyle that Jamaica has to offer will attract buyers from across the globe.’

‘The unique heritage of Goldeneye was, of course, a major factor in our desire to be involved in the project. However, of equal importance was Chris Blackwell. Chris is not a normal property; he is passionate about Jamaica and Goldeneye, he understands the nature of the resort intuitively and will ensure that the new Goldeneye is as magical for owners and guests as it is today.’

Stay tuned to the CBn main page for all the latest James Bond-related news.