HOLLYWOOD: Is It a Wrap At Last?

Is It a Wrap At Last?

When aspiring movie mogul Giancarlo Parretti visited the White House Oval Office two weeks ago, he boasted to President Bush that he would soon complete the cliff-hanging takeover of MGM/UA Communications and would make "the lion roar as it did in its heyday." This time he may not eat his words. After months of legal and financial maneuvers, Parretti's Pathe Communications is expected this week to wrap up the $1.3 billion acquisition of MGM/UA from financier Kirk Kerkorian.

A onetime waiter who is appealing a conviction for fraudulent bankruptcy in his native Italy, Parretti raised cash for the deal by tapping...

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