EXCLUSIVE: It’s round two in the legal ring between Ryan Kavanaugh and RKA Film Financing today with two new lawsuits filed. As rumors swirl about the state of Relativity and if Kavanaugh’s company is going to hit the mat soon, the mini-studio hit back Friday with a $200 million lawsuit against RKA. The counter complaint (read it here) comes as the second lawsuit in just over a week from RKA was also filed today in the NY state courts. This latest RKA lawsuit is for $90 million (read it here). Needless to say, accusations are flying like fists in the ring

“As predicted RKA filed a malicious, patently false lawsuit against Ryan Kavanaugh which was conveniently timed to try to interfere with a transaction highly beneficial to Relativity,” said Kavanauhs’s company today in a statement after it filed its expected countersuit “RKA has been engaged in an underhanded scheme to extract money from Kavanaugh, the company and its lenders all of whom have refused to submit to RKA’s outrageous demands.  Relativity has filed a $200 million complaint this morning against RKA for its unlawful interference and for a declatory judgment that all funds were used properly.”

As to be expected, the other side sees things very differently.

Calling Kavanaugh a “con-man,” the new complaint from RKA alleges that the company invested $75 million in Relativity movies for exclusive use on P&A. RKA say, as they had in their July 15 lawsuit, that the money went elsewhere. Alleging “a scheme to defraud investors and convert and misappropriate their funds,” the 31-page compliant says that Relativity “induced their victims to invest hundreds of millions of dollars to prop up a failing entertainment company.”

“To further their scheme, Kavanaugh and the Relativity Defendants listed RKA’s P&A Funds on Relativity’s balance sheet to create the appearance of financial stability for their otherwise cash-strapped entertainment company,” RKA’s new legal salvo claims. “Inso doing, they hid the breadth and depth of their fraud from their current and future investors, and used the P&A Funds as their own personal piggy bank.”

In what is already turning into a filing brawl, RKA Film Financing are represented by again by Benjamin Naftalis, Christopher Clark, Matthew Salerno and Eric Taffet of the NYC offices of Latham & Watkins LLP. Thomas Cullen and Todd Germia of NYC’s Jones Day are representing Relativity Media in their countersuit.