Jeremy Thomas, head of Recorded Picture Co, is expected to receive a multi-million payout after settling a two-year legal dispute with Canadian-UK tax financier Grosvenor Park out of court.

The bitter dispute, which was due to go to court this week (Screendaily Sep 6, 2001), saw Thomas and Chris Auty, formerly managing director of Recorded, sue Grosvenor Park for 35% of its ongoing business.

Thomas and Auty were directors at Grosvenor Park's first UK business, but Grosvenor Park chief Don Starr quickly decided to go it alone and set up a string of further Grosvenor Park companies without them. The company has become one of the leading players in the UK tax financing landscape, handling around $1 billion in tax financing over the last four years.