IN AND FOR NEW CASTLE COUNTY
`:
BONNIE: FALKENBERG,
Plaintiff,
-against- CLASS ACTION
ICOMPLAINT
PLANET HOLLYWOOD INTERNATIONAL, ,.
INC., ROBERT EARL, THOMAS AVALLONE,
Cl-AUDIO GONZALEZ, MICHAEL TARNOPOL,
ONG BENG SENG, MARK MCCORMACK and
MICHAEL MONTAGUE, .
" r
Defendants.
Plaintiff alleges upon information and belief, except as to paragraph 1 ,which
plaintiff alleges upon knowledge, as follows:
1. Plaintiff is a stockholder of defendant Planet Hollywood International,
Inc. ("Planet" or the "Company") and has been at all times material hereto.
2. Planet is a corporation duly organized and existing under the laws
of the state of Delaware. As of February 28, 1999, there were approximately 97 rnillion
shares of the Company's Class A voting common stock outstanding and 11.7 million
shares of the Company's Class B non-voting stock outstanding. Planet purports to be
a creator and worldwide developer of consumer brands that transcend international
barriers and capitalize on the universal appeal of movies, sports and other
entertainment-based themes. The Company has promoted its brands primarily through
the operation of theme restaurants, most notably Planet Hollywood and the Official All
Star Cafe. The Company had revenues of approximately $387 million and a loss of
SNIPPETS:
Plaintiff alleges upon information and belief, except as to paragraph 1,which
Plaintiff is a stockholder of defendant Planet Hollywood International,
Inc. ("Planet" or the "Company") and has been at all times material hereto.
Executive Officer, positions he has held at all times pertinent to this action.
party to an employment agreement with the Company providing for his employment as
Thomas is a party to an employment agreement,with the Company providing
for his employment as Executive Vice President and Chief Financial Officer through
and salary increases to be determined by the Board of Directors.
Tarnopol is a Senior Managing Director and Chairman of the Investment Banking
Division!of Bear, Stearns & Co., Inc..
which fees consisted primarily of fees associated with the Company's March
Defendant Ong Beng Seng is a director of the Company,
The Company is a party to a license agreement with Planet Hollywood (Asia) Pte.
of the outstanding common stock of the Company.
Defendant Claudio Gonzalez has been a director of the Company
shareholder of ECE.
Defendants Mark McCormack and Michael Montague are the
remaining members of the board of Planet.
obligations of good faith, loyalty, fair dealing, due care and candor.
common stockholders of Planet or their successors in interest,
termination of its revolving credit facility raise substantial doubt about its ability to
The Company has not made the $12.5 million payment which was
Subordinated Notes agreement, which was due April 1, 1999.
representatives of the bondholders in connection with the $15 million interest payment
faithful representation to which the public shareholders are entitled to
Plaintiff and the other members of the Class have no adequate
New York, New York 10016
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