Ad-hoc Press Release from Intertainment AG
Intertainment reaches 5 million dollar settlement with XL
Reinsurance
Ismaning near Munich, December 9, 2004 – Intertainment Licensing GmbH, a
subsidiary of Intertainment AG based in Ismaning near Munich, has settled with
the American reinsurer XL Reinsurance America Inc. In the pending arbitration
proceedings, Intertainment had filed claims against XL together with Comerica
Bank, the insurance companies Film Finances and Film Finances Canada (1998) Ltd.
and several other parties. The arbitration case is to decide on, among other
claims, the legal suit filed by Intertainment in December 2002 relating to the
submission of fraudulently excessive film budgets. XL Reinsurance acted as
insurer for the now defunct agent Worldwide Film Completion Inc.
In the settlement, Intertainment is to receive 5 million US dollars from XL. In
return, Intertainment has agreed to withdraw its claims against XL and Worldwide
Film Completion, and certain claims against Worldwide's principal, Steve Cardone,
from the Superior Court and arbitration actions. The parties are bound to treat
the remaining terms of the settlement as confidential.
Intertainment will continue to vigorously pursue its arbitration court claims
against Comerica Bank, Film Finances, Film Finances Canada (1998) Ltd. and the
other involved parties.
End of the Press Release
Contact:
Intertainment AG, Investor Relations, Osterfeldstrasse 84, D-85737 Ismaning, Germany
Tel.: + 49 (0)89 21699-0, Fax: + 49 (0)89 21699-11
Internet: www.intertainment.de, E-mail: investor@intertainment.de