Last month marked a notable anniversary of the James Bond film franchise, but it dealt with behind-the-scenes maneuvers.
In December 1992, Metro-Goldwyn-Mayer settled a lawsuit filed by Danjaq LLC, the parent company of Eon Productions. The legal fight had paralyzed the production of Bond films.
The dispute was related to a takeover of MGM by financier Giancarlo Parretti. Here’s an excerpt from a UPI story about the settlement.
The companies said the agreement settles the suit Danjaq filed in February 1991 against MGM and its former parent company, Pathe Communications Corp. Danjaq claimed in the suit that then-MGM owner Parretti had breached contracts with it by selling the rights to the Bond films to help finance his $1.4 billion purchase of the studio in late 1990 from Kirk Kerkorian.
This is how Albert R. Broccoli, the co-founder of Danjaq and Eon, described the situation leading up to the lawsuit in his autobiography When the Snow Melts.
We learned that our sixteen James Bond pictures were being sold off as part of Parretti’s cash-raising in order to clinch the purchase of MGM/UA. Moreover, it was clear — to us least — that these pictures were to be sold off at bargain-basement prices in a number of foreign TV and video licensing deals. The longer we looked at the fine print, the more our attorneys, Michael (G. Wilson) and me were convinced that not only an alleged breach of contract was involved. This was becoming a question of the virtual survival of James Bond…Our action was a matter of simple prudence…During the protracted lawsuits that arose from this situation we were forced to put James Bond on hold and carry on with our lives.
The legal settlement changed that. Much work would remain to relaunch the film series, such as hiring a director and writers. Still, the conclusion of the legal fight more than 30 years ago was a significant milestone.
Filed under: James Bond Films | Tagged: Albert R. Broccoli, Danjaq LLC, Eon Productions, Giancarlo Parretti, Metro-Goldwyn-Mayer, Michael G. Wilson |
The Spy Command 
That was a good play on Cubby’s part. Kerkorian and Paretti sold off the entire MGM film library to Ted Turner/TCM, and even the studio buildings and land in LA, ensuring that MGM ceased being an actual movie studio, and merely a film distributor (and, somehow, a casino operator). Kerkorian and Paretti were (and still are) vultures, picking the company carcasses clean. Glenn in Brooklyn, NY.