Relativity's Ryan Kavanaugh Accuses Colbeck Capital of "Buyout Scheme"

Claiming he is the victim of a “malicious witch-hunt," Relativity Media chairman and CEO Ryan Kavanaugh issued a lengthy public statement on Thursday, laying out his efforts to solve his company’s current financial crisis and accusing Colbeck Capital and Tony Vinciquerra of taking part in a “buyout scheme” to purchase Relativity.
According to Kavanaugh, Relativity reached an agreement with the Toronto-based Catalyst Capital to purchase all of Relativity’s senior debt for $130 million and to provide an additional $170 million in working capital. However, after Catalyst wired the $130 million to Relativity, Kavanaugh said, the subordinated debt holders, lead by Anchorage Capital, exercised an option to buy out Catalyst’s stake.