The messy enterprise divorce between Monika Bacardi and Andrea Iervolino has moved into recent territory following a shareholders assembly of their former joint firm ILBE (Iervolino and Girl Bacardi Leisure).
The assembly on Monday marked the primary official gathering of ILBE’s shareholders since Iervolino introduced in late September that he was stepping again from his function as its co-founder and CEO to launch his personal outfit The Andrea Iervolino Firm (TAIC).
Key resolutions agreed on the assembly included initiating authorized motion towards Iervolino and giving the mandate for preliminary and investigative actions to high Italian regulation agency Pedersoli Gattai.
The shareholders additionally resolved to alter the corporate’s identify to Girl Bacardi Media S.p.A. to be abbreviated as LBM S.p.A.
Iervolino’s transfer to strike off on his personal has sparked a bitter public dispute with Bacardi, with whom he produced movies comparable to Ferrari, To The Bone, Modi, In The Fireplace and Lamborghini below the joint ILBE banner they co-founded in 2011.
Bacardi has accused Iervolino of making an attempt to merge ILBE with the social media platform Tatatu, wherein he holds a 96% stake.
When this failed to come back to fruition, Bacardi holds that Iervolino began to rework the latter outfit right into a manufacturing firm, in a transfer she says was a battle of curiosity and represented unfair competitors.
The producer and rum empire heiress additionally says Iervolino doesn’t personal the IP to a number of the initiatives on the inaugural slate of his new firm. Iervolino says that not one of the initiatives on the TAIC slate are related to the chain of rights of any movies developed throughout his time at ILBE.
Bacardi has additionally instructed that monies raised through ILBE had been siphoned into Tatatu initiatives. Associated to this, the shareholders additionally agreed on Monday to provoke authorized motion aimed toward recovering the receivables accounted for and to be accounted for towards Tatatu, once more giving Pedersoli Gattai the mandate to supervise the process.
Additional selections detailed in a press launch despatched out by the corporate, included the dissolution of the present Board of Statutory Auditors and appointment of latest members.
A brand new Board of Administrators was additionally appointed with a time period operating to a minimum of December 31, 2026. It contains bankers Mauro Paoloni, Francesco Savelli, Francesco D’Intino, Mario Tornaghi, and Emily in Paris producer Stephen Joel Brown, who joined the board in August.
The assembly additionally accredited the delisting of ILBE’s shares from buying and selling on the Euronext Progress Paris market.
Iervolino has denied Bacardi’s accusations towards him and is urgent on along with his new firm, asserting a new biopic about Ettore Bugatti on Monday. Deadline has contacted the producer for touch upon ILBE’s transfer to provoke authorized motion.
