In 1990, Giancarlo Parretti, the owner of The Cannon Group, bought MGM/UA for $1.2 billion. He then merged Cannon with MGM and named it MGM-Pathé Communications. In 1991 there were a number of lawsuits and he defaulted to Crédit Lyonnais, his financial backer. Parretti also faced securities fraud charges in the United States and Europe. The company name was changed back to Metro-Goldwin-Mayer Inc. US bankruptcy laws forced Crédit Lyonnais to sell MGM. It was acquired again by Kerkorian for $1.3 billion.