Hollywood Docket: Watch the Hilarious 'SNL' Spider-Man Law Firm Commercial

Law buzz this morning...

• Regent Entertainment Group is facing a $90 million lawsuit from Merrill Lynch and Bank of America over the alleged use of phony movie license and distribution agreements to get loans. The lawsuit puts about 100 library titles and unreleased acquisitions in question, and raises the specter of an involuntary bankruptcy that could jeopardize the release of some award-winning films. [CNS / IndieWire]

• As popular digital music service Pandora prepares an IPO, the company has released great details on its financial situation. Most intriguing is more than $100 million in royalties paid to publishers since 2007. Content licensing took up more than half of its revenues last year. [Digital Music News]

• Universal Music Group has upped Jeffrey Harleston to be its new general counsel. He will be responsible for overseeing business and legal affairs for UMG's North American operations. [Press Release]

• More proof as if it was needed that the video game industry has made it -- The Video Game Bar Association has launched for lawyers who practice in the arena. [AmLaw]

• Andrew Breitbart is being sued for defamation by Shirley Sherrod, the former Agriculture Department employee who lost her job last year over a video that was posted online and then carried by cable news networks. [NYT] We offered our quick take already on why Sherrod's lawsuit is a mistake.

• In case you missed it, Saturday Night Live carried a parody of a law firm specializing in winning settlements for audience members who have been injured in "Spider-Man: Turn off the Dark." Here it is...