11:46 AM EST - Movie Distribution Income Fund : reports that American investment bank Goldman Sachs has offered what the trust regards as low-ball proposals to acquire its stake in the Motion Picture Distribution Limited Partnership.The talks arose after Movie Distribution Income Fund went to court to protect its interests following the Jan. 10 announcement that Alliance Atlantis Communications Inc. (TSX:AAC.B), the other partner in the Motion Picture Distribution LP, had agreed to sell itself for $2.3 billion to CanWest Global Communications Corp. (TSX:CGS) and Goldman Sachs. The sale arrangement contemplates that the Alliance Atlantis 51 per cent interest in Motion Picture Distribution LP, a major Canadian cinema distributor, would be controlled by a Canadian partner of Goldman Sachs. Goldman Sachs has since expressed an interest in acquiring the 49 per cent owned by the trust. But the trust said that so far these proposals indicate a price below what Goldman Sachs will pay for the Alliance Atlantis interest, and also "less than expressions of interest previously received from third parties." The proposals are also described as highly conditional. "In the event that Goldman Sachs and its Canadian partner make a bona fide proposal, the trustees will carefully examine and evaluate such proposal," the income fund stated. Movie Distribution Income Fund
units FLM.UN:CA are trading down twenty five cents at $8.90.
