A look inside Hollywood and the movies incorporating Outtakes, Cinefile and Production Chart. : HOLLYWOOD OVERHEARD : Sometimes You Hear the Most Intriguing Things Listening In on the Lunch Bunch

The word around Hollywood lunches this week was that ex-Paramount Chairman and CEO Frank Mancuso, who claims he was fired after Stanley Jaffe was appointed president and chief operating officer of parent Paramount Communications, is rounding up a group of investors to buy beleaguered Orion Pictures.

A perfect fit, in the eyes of Hollywood. Orion needs bolstering in marketing and distribution, which is Mancuso’s forte. And Mancuso, whom insiders describe as the archetypal corporate executive (not a guy likely to start up the Mancuso Co.), has experience galore with no place to go. Michael Gendler, a lawyer with Irell and Manella, which is representing Mancuso, says the firm prefers not to comment on the rumor.

People are also buzzing about the $45 million Mancuso is seeking in his lawsuit against Paramount. They say it’s too low. “Most people would have asked for a lot more,” said one studio higher-up. “Not only for violation of his contract, but for mental anguish and harm to his career. But, then, Frank has always been somewhat non-confrontational.”

And Mancuso’s replacement?

According to one source, Jaffe is maintaining that he plans to sidestep the usual suspects--which would seem to rule out Paramount veteran/independent producer Ned Tanen, Jaffe’s former partner Sherry Lansing, struggling MGM-Pathe’s Alan Ladd Jr. and Paramount TV chief Mel Harris. One theory has Jaffe opting for an agent, or at least someone skilled in talent relations, an area in which the studio has recently been weak.