A hedge fund investor is doubling down on his claim that Ryan Kavanaugh defrauded him into investing into Relativity Media, the twice-bankrupt mini-studio.
Carey Metz filed an amended lawsuit in Los Angeles Superior Court on Thursday, accusing Kavanaugh, the founder and CEO, of conning him into making a $10 million investment in the company in 2013. Metz had earlier alleged that Kavanaugh duped him into making a $2.5 million investment in the company as it verged on bankruptcy in 2015.
The amended complaint comes two weeks after a New York bankruptcy judge dismissed portions of Metz’s original complaint alleging breach of oral contract, unjust enrichment, and other torts. Judge Michael Wiles held that Metz’s claims were barred by a release that accompanied Relativity’s initial plan of reorganization in 2016.
Relativity first recently declared bankruptcy for a second time, having failed to raise $100 million in new equity since first emerging from bankruptcy two years ago.
Carey Metz filed an amended lawsuit in Los Angeles Superior Court on Thursday, accusing Kavanaugh, the founder and CEO, of conning him into making a $10 million investment in the company in 2013. Metz had earlier alleged that Kavanaugh duped him into making a $2.5 million investment in the company as it verged on bankruptcy in 2015.
The amended complaint comes two weeks after a New York bankruptcy judge dismissed portions of Metz’s original complaint alleging breach of oral contract, unjust enrichment, and other torts. Judge Michael Wiles held that Metz’s claims were barred by a release that accompanied Relativity’s initial plan of reorganization in 2016.
Relativity first recently declared bankruptcy for a second time, having failed to raise $100 million in new equity since first emerging from bankruptcy two years ago.
- 6/22/2018
- by Gene Maddaus
- Variety Film + TV
Relativity Media has faded from the headlines after the mini-major studio declared bankruptcy nearly three years ago, emerged from bankruptcy two years ago, then receded into the background when several of its newer films performed poorly. But the legal mess isn't quite over as hedge fund investor Carey Metz pursues fraud claims against Relativity chief Ryan Kavanaugh over a $2.5 million loan.
Kavanaugh is looking to a bankruptcy judge to stop the lawsuit. He argues in a motion that the approval of Relativity's plan of reorganization bars Metz's claims.
On Wednesday, Metz's attorneys Matthew Stein and Ronald Rossi at...
Kavanaugh is looking to a bankruptcy judge to stop the lawsuit. He argues in a motion that the approval of Relativity's plan of reorganization bars Metz's claims.
On Wednesday, Metz's attorneys Matthew Stein and Ronald Rossi at...
- 4/11/2018
- by Eriq Gardner
- The Hollywood Reporter - Movie News
Relativity Media has faded from the headlines after the mini-major studio declared bankruptcy nearly three years ago, <a href="https://www.hollywoodreporter.com/thr-esq/relativity-emerges-bankruptcy-876727" target="_blank">emerged from bankruptcy</a> two years ago, then receded into the background when several of its newer films performed poorly. But the legal mess isn't quite over as hedge fund investor Carey Metz <a href="https://www.hollywoodreporter.com/thr-esq/ryan-kavanaugh-hit-fraud-suit-hedge-fund-investor-1030782" target="_blank">pursues fraud claims</a> against Relativity chief Ryan Kavanaugh over a $2.5 million loan.
Kavanaugh is looking to a bankruptcy judge to stop the lawsuit. He argues in a motion that the approval of Relativity's plan of reorganization bars Metz's claims.
On Wednesday, Metz's attorneys Matthew Stein ...
Kavanaugh is looking to a bankruptcy judge to stop the lawsuit. He argues in a motion that the approval of Relativity's plan of reorganization bars Metz's claims.
On Wednesday, Metz's attorneys Matthew Stein ...
- 4/11/2018
- The Hollywood Reporter - Film + TV
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