Skydance Rips Rivalin Paramount Bidder in Court on the claim of ‘fraud’ and ‘misappropriation’ in the $ 8.8b bid

Skydance is calling a rival bidder for Paramount for allegedly attempting to disrupt the Hollywood Studio union with the media giant, claiming it has revealed the proof of “fraud” and “misappropriation” in a competitive offer of $ 8.8 billion.

The rival project of the Consortium of Investors Rise Partner Partners has suspected that it “abused the abuse” in Cancery Delaware Court, according to letters from the Skydance Legal Team reviewed by the post.

The Skydance adviser included allegations from Goldman Sachs and Aquarian Holdings in which they denied the renewal project that firms were advisers and investors on the agreement, respectively.

The Rise Project “There is no official business relationship with any of those entities”, lawyers claimed for Skydance in their letters, adding that “only 72 hours in his investigation” in the Rise project and claims of the pension fund, he discovered the alleged frauds and with more “official disclosure” is likely to discover more.

Skydance claimed that if Goldman and Aquarian are removed, all that remains is a “cloth consortium of small businesses that are disguised as a group capable of supporting a multi -billion dollar money offer”.

A representative for Goldman refused to comment. Aquarian did not respond to requests for comment.

The letters have been sent to lawyers for public pension funds of the Rise and New York City project, which the lawsuit to block the Skydance Union Agreement, whose exclusive terms have prevented Paramount to consider the rite project claiming to be worth $ 8.8 billion plus a $ 5 billion in debt.

Lawyers for the Rise Project and New York City’s pension funds did not return the commentary requests.

“The attack by Skydance is wild and an attempt to deviate from the real issue here. Project Rise Partners’ offer is superior to Skydance and would benefit a lot of shareholders,” Project Rise for Capitol Forum told.

“We have the financial commitments to complete a transaction with Paramount Global. As for Skydance’s specific allegations, we simply got them, and we will respond in detail soon.”

On Monday, Skydance presented a letter to the Federal Communications Commission, which is reviewing the Skydance-Paramount Union, claiming that the Rise project is seeking to grab “regulatory review process to” buy time for the litigation to continue in the delaware of cancer, in an effort to force the project to consider the project. to get the company. ”

The case is currently before Delaware Kathaleen McCormick Chancellor, who has accelerated the trial for at least block the Skydance dollars’ $ 8 billion agreement.

New York’s New York Pension funds alleged that Skydance is buying the Shari Redstone inheritance in the paramount control with a much higher premium than ordinary shareholders are paying and that ordinary shareholders were left out of the process without a vote.

But lawyers for Skydance claim that the judge did not have all the evidence when she made the ruling to accelerate the trial last week, and said she will inform the court on a host of cases, including the proof that the growth of the project is not a “legal buyer with enough resources and relationships” to do well in his offer.

David Ellison-led Skydance lawyers also claim that the RISE project offer appears to be linked to co-chairman Daphna Ziman “Attempting to delay the liquidation of its failed cable network, Cinemmed North America”.

Last November Ziman filed a statement to the bankruptcy court declaring its plan to reorganize the company based on its movement in “Purchase Paramount Global” with funds by Moses Gross and Malka Equations, according to court newspapers reviewed by the post.

But these statements were made in the bankruptcy court over two months after the Paramount’s G-Dyqan period expired, the letters said.

She was told three times by the Paramount Special Committee that her offers were too late and as a result, Cinemoi presented instead for the liquidation of Chapter 7, the letters said.

Skydance’s lawyers also addressed Edgar Bronfman JR’s highly published bid for Paramount, pointing out that the media veteran, once led by Warner Music Group, did not demonstrate funding on the Special Committee, which forced him to withdraw his proposal.

Skydance’s lawyers discovered a visible link between Bronfman and Ziman, mentioning that the bronfman group is a capital holder in the cinema.

Lawyers for Skydance said “Project fraud is now endangering instability and billions for Paramount and its shareholders.”