president of the studio for a brief period of time. In 1990, Parretti reorganized Cannon Pictures, Inc. as the low-budget distribution arm of Pathé. Veteran Italian film producer Ovidio G. Assonitis served as chairman and CEO of the new Cannon Pictures from 1990 to 1991. After the MGM-Pathé merger, Cannon Pictures spun off from Pathé, and was later run by former Cannon Group production head Christopher Pearce, who served as chairman and CEO from 1991 to 1994. Cannon Pictures continued to release films, including A Man Called Sarge, American Ninja 4: The Annihilation and No Place to Hide. Parretti was pushed out of management control of Metro-Goldwyn-Mayer in 1991 by Crédit Lyonnais, after he defaulted on loan payments. Parretti was later convicted of perjury and evidence tampering in a Delaware court for statements he made in a 1991 civil case, brought by Credit Lyonnais to validate their removal of Parretti, to the effect that a document he claimed allowed him to retain control of MGM was authentic; he fled the country for Italy before he could be sentenced or extradited to France, where he was wanted on criminal charges related to his use of MGM's French assets. In 1994, Cannon Pictures released its last film, Hellbound. In 1997, the California Superior Court in Los Angeles entered a final judgement in a separate civil suit against Parretti, ordering him to pay $1.48 billion to Credit Lyonnais. After Federal prosecutors unsealed an indictment against Parretti and Florio Fiorini accusing them of fraud in 1999, Italian authorities arrested both men and held them for extradition to the United States. Parretti was released by the court of appeal in Perugia shortly thereafter, ordered to remain in his home town of Orvieto and report to the police three times a week, even though authorities in Rome had requested he be held pending a decision on the extradition. 1997–2014: Golan-Afineevsky era After the bankruptcy of the 21st Century Film Corporation in 1996, Golan's interest focused on multiple television films after he founded his new film production company, New Cannon, Inc. with Evgeny Afineevsky from the late 1990s to the early 2010s. Some of their films included Lima: Breaking the Silence (1998), Death Game (2001), Crime and Punishment (2002), Marriage Agreement (2008) and Oy Vey! My Son Is Gay!! (2009). The company changed its name to New Generation Films in 2002. Afineevsky remains co-chairman of the Board.