Stockholder lawsuits naming Sylvester Stallone and Carolco Pictures took another turn when the company behind the "Rambo" films said a block of shares will be placed in trust until the suits are settled.
The trust was announced after Superior Court Judge John Zebrowski ruled that 2.2 million shares of the common stock controlled by Carolco's chairman and controlling stockholder, Mario Kassar, be set aside.
The lawsuits challenge the board's decision to purchase 3.4 million of Kassar's shares for $45 million, or $13 a share. The lawsuits claim that the stock was trading for much less when the December 1989 transaction took place.
The shareholders ask that Kassar's $11.5 million profit on the deal be given to them. Other members of Carolco's board of directors, which includes Stallone, also were named as defendants.