Avesco falls after Disney appeals ruling

2nd Jan 2013 14:16

Corporate services provider Avesco saw its shares slide after the Walt Disney company said it would keep fighting a case over hidden profits.Avesco is waiting to see if it will finally profit from a multi-million pound case again Disney, brought by British production company Celador.Celador, the company behind 'Who Wants to Be a Millionaire?', has been awarded $319m by US Federal Courts over claims that Disney used creative accounting to hide the success of its show in the US.Avesco said that if the fine is paid in full, the group's interest in the award - after costs but including pre-judgement interest - is estimated at around $60m.In December a court upheld the ruling for the second time, however, Disney has now filed a petition to seek leave for a re-hearing 'en banc' with the Ninth Circuit court.The filing of the petition is the next stage in the appeal process and stays the enforcement of the judgement until the appeal process is complete.Celador has now been fighting the case since 2004.Avesco shares were down 5% at 1415.