Entertainment Company Wins Lawsuit: FM Entertainment Inc.,...
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Entertainment Company Wins Lawsuit: FM Entertainment Inc., which went bankrupt after a planned stock offering fell through in 1987, won a $3.5-million jury verdict against Morgan Olmstead Kennedy & Gardner, an investment firm. A Santa Monica Superior Court jury ruled that Morgan Olmstead should pay the sum to FM, the company behind such films as “Witness” and “The Golden Child.” In its suit, FM maintained that Morgan Olmstead reneged on an oral agreement to handle the public offering in 1986. The investment company plans to appeal the verdict.
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