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Moonscoop sues American Greetings

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Moonscoop sues American Greetings

Postby Rho » Sun Aug 16, 2009 12:50 am

CLEVELAND -- The French entertainment company MoonScoop SAS has sued American Greetings Corp. over MoonScoop's attempt to buy two of the Brooklyn-based company's most recognizable brands.

In a lawsuit filed Tuesday, MoonScoop says American Greetings is attempting to back out of a deal to sell Strawberry Shortcake and Care Bears for $95 million.

Neither side would comment on pending litigation.

MoonScoop says American Greetings has not complied with a contract requiring it to sell the properties once it secured them free and clear from licensing rights held by a third company, Cookie Jar Entertainment Inc. of Toronto.

While American Greetings at first appeared to be working towards that goal, it began asserting in early June that it was not bound to a transaction with MoonScoop, the lawsuit in U.S. District Court for the Northern District of Ohio contends.

The suit follows earlier litigation over the highly valuable intellectual properties.

Cookie Jar in July 2008 agreed to pay $195 million in cash for rights to Shortcake and the Care Bears, plus Sushi Pack (four pieces of crime-fighting sushi and wasabi). The deal was supposed to close last September but fell through because Cookie Jar wasn't able to line up financing.

American Greetings has sued Cookie Jar, claiming that Cookie Jar had no intention of consummating the sale. Cookie Jar sued American Greetings, saying it was being squeezed out of the chance to buy the characters.

MoonScoop's complaint asks the court to declare that American Greetings take all reasonable steps to disentangle the properties from Cookie Jar license agreements and sell them, or pay MoonScoop unspecified damages and attorneys' fees.
"english isnt his first language, leave him alone. im more upset at people that have been speaking english their whole lives and cant write a readable sentence."
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