Film Co. Spyglass Scores Win In Bank's Contract Suit

Law360, New York (November 21, 2011, 2:49 PM EST) -- A California judge on Thursday shut down First California Bank's suit alleging borrower Spyglass Entertainment Funding LLC breached a contract by failing to abide by the terms of a lending agreement.

Judge Rita Miller granted Spyglass' motion for summary judgment, saying that though Spyglass failed to reimburse the bank for write-downs associated with the production company's depreciating film library assets, and failed to make prepayments against the principal of its loan, the production company didn't violate the terms of its contract.

FCB “is not entitled to...
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