Redstone Family Conflicts Continue

NEW YORK, November 21:
Michael Redstone, nephew of Viacom chairman Sumner Redstone, is suing both
Sumner Redstone and his own father, Edward Redstone, accusing them of denying
him and his sister, Ruth Ann, access to their rightful interests in the family
company, according to reports.

At stake is a sum of
about $4 billion dollars, representing the value of roughly a 50-percent
interest in Sumner Redstone’s National Amusements, the movie theater company
that owns controlling shares in Viacom, CBS and Midway Games. The lawsuit was
filed in Massachusetts Supreme Court.

The suit alleges that
Michael and his sister were cheated out of their interest in a complex series
of maneuvers starting in 1972. The allegations involve accusations of conflicts
of interest as well as the undervaluation of stock that was purchased at an
artificially depressed price.

It is the second suit
recently filed against Redstone by a family member. Sumner Redstone’s son Brent
filed a suit against his father earlier this year, claiming that he was entitled
to a one-sixth interest in National Amusements, valued at more than $1 billion.
No trial date has been set for that suit.