Miramax and its library of more than 700 films is up for sale again, with Thomas Barrack’s Colony Capital and Qatar Holding meeting with bankers to handle the transaction, an individual with knowledge of the situation told The Wrap on Friday. Colony Capital, Qatar Holding and billionaire Ron Tutor purchased Miramax from Disney for $660 million in 2010 before Qatar Holding bought out Tutor’s stake, though the new owners have done little to grow the value of the company despite investments in several new films. While Miramax just released Bill Condon’s Sherlock Holmes movie “Mr. Holmes” starring Ian McKellen and has two.
- 7/18/2015
- by Jeff Sneider
- The Wrap
The release of Jake Gyllenhaal and Jessica Biel's new movie "Nailed" has been thrown into doubt after the director quit the film just before scheduled re-shoots were due to take place. David O. Russell has walked away from the troubled project, about a woman who fights for better health care in the U.S. after getting shot in the head.
The movie has been plagued by difficulties since filming began in 2008 - shoots were halted several times due to unpaid fees to crew and acting guild members. It came as producer David Bergstein had to fight off creditors after failing to properly bankroll the movie. A new financier, Ronald Tutor, has since come on board - but Russell feels unable to continue working on the film.
He tells The Hollywood Reporter, "This has been a painful process for me. The multiple production delays and stoppages, which were caused by...
The movie has been plagued by difficulties since filming began in 2008 - shoots were halted several times due to unpaid fees to crew and acting guild members. It came as producer David Bergstein had to fight off creditors after failing to properly bankroll the movie. A new financier, Ronald Tutor, has since come on board - but Russell feels unable to continue working on the film.
He tells The Hollywood Reporter, "This has been a painful process for me. The multiple production delays and stoppages, which were caused by...
- 7/15/2010
- by AceShowbiz.com
- Aceshowbiz
Filmmaker David O. Russell has officially withdrawn from "Nailed", his troubled political satire/romantic comedy says The Hollywood Reporter.
The $26 million indie follows a socially awkward small-town receptionist (Jessica Biel) who has a nail accidentally shot into her head by a clumsy workman, eliciting wild sexual urges. Going on a crusade to Washington to fight for the rights of the bizarrely injured, she meets an immoral congressman (Jake Gyllenhaal) who takes advantage of her sex drive and her career plans.
The film suffered many problems, mostly financing issues which lead to numerous production shutdowns. At the time it finished, a few crucial scenes were yet to be filmed including the absolutely necessary one involving Biel's character getting the nail in her head. As a result it has essentially sat on a shelf since late 2008.
Financier Ronald Tutor mad Pangea Media Group CEO David Bergstein control the rights to the film.
The $26 million indie follows a socially awkward small-town receptionist (Jessica Biel) who has a nail accidentally shot into her head by a clumsy workman, eliciting wild sexual urges. Going on a crusade to Washington to fight for the rights of the bizarrely injured, she meets an immoral congressman (Jake Gyllenhaal) who takes advantage of her sex drive and her career plans.
The film suffered many problems, mostly financing issues which lead to numerous production shutdowns. At the time it finished, a few crucial scenes were yet to be filmed including the absolutely necessary one involving Biel's character getting the nail in her head. As a result it has essentially sat on a shelf since late 2008.
Financier Ronald Tutor mad Pangea Media Group CEO David Bergstein control the rights to the film.
- 7/14/2010
- by Garth Franklin
- Dark Horizons
The political satire Nailed wrapped production in South Carolina near the end of 2008, but not under the best of circumstances-- the production was shut down when the production company ran out of money. The film was never finished but director David O. Russell stood by it as financiers Ronald Tutor and David Bergstein worked to pull the money together. But now the relationship between the three has broken down, and as THR reports, Russell has walked away from the film entirely. "I, unfortunately, am no longer involved in the project and cannot call it 'my' film," Russell told the Reporter. "The multiple production delays and stoppages, which were caused by David Bergstein and preceded Ron Tutor's direct involvement with me, have now spanned two years, and the circumstances under which the film would now be completed are much different on several fundamental levels than when we embarked several years ago.
- 7/14/2010
- cinemablend.com
Production began on this film over two years ago and still nobody’s seen it. David O. Russell’s Nailed, written by Al Gore’s daughter Kristen, has been through the financial ringer and been ‘nailed’ well and truly. The film stars Jessica Biel, James Marsden, Jake Gyllenhaal and Catherine Keener and is a comedy about a young lady who undergoes a personality change after being shot in the head by a nail gun. Nice.
The movie, which has shot in fits and starts, currently remains without a director after Russell walked away, telling Hollywood Reporter:
“The multiple production delays and stoppages, which were caused by David Bergstein and preceded Ron Tutor’s direct involvement with me, have now spanned two years, and the circumstances under which the film would now be completed are much different on several fundamental levels than when we embarked several years ago. I, unfortunately, am...
The movie, which has shot in fits and starts, currently remains without a director after Russell walked away, telling Hollywood Reporter:
“The multiple production delays and stoppages, which were caused by David Bergstein and preceded Ron Tutor’s direct involvement with me, have now spanned two years, and the circumstances under which the film would now be completed are much different on several fundamental levels than when we embarked several years ago. I, unfortunately, am...
- 7/14/2010
- by Martyn Conterio
- FilmShaft.com
Add another nail in the coffin of the long-delayed political satire/romantic comedy "Nailed," starring Jessica Biel and Jake Gyllenhaal, which THR has learned exclusively will be finished without the involvement of writer-director David O. Russell.
Russell has withdrawn from the $26 million production after one-on-one negotiations with financier Ronald Tutor, who controls rights to the movie with Pangea Media Group CEO David Bergstein, broke down.
Neither Tutor nor Russell would go into detail about why they could not come to an agreement, but THR has learned that Russell apparently was not happy that producers Doug Wick and Lucy Fisher of Red Wagon Prods. were being squeezed to cut their fees in half.
In a statement to THR, the producers characterized the concessions as "unfair" and "unprofessional."
But the tussle over "Nailed" is not only about a movie in jeopardy; it's a worrying sign that a potential new player in town,...
Russell has withdrawn from the $26 million production after one-on-one negotiations with financier Ronald Tutor, who controls rights to the movie with Pangea Media Group CEO David Bergstein, broke down.
Neither Tutor nor Russell would go into detail about why they could not come to an agreement, but THR has learned that Russell apparently was not happy that producers Doug Wick and Lucy Fisher of Red Wagon Prods. were being squeezed to cut their fees in half.
In a statement to THR, the producers characterized the concessions as "unfair" and "unprofessional."
But the tussle over "Nailed" is not only about a movie in jeopardy; it's a worrying sign that a potential new player in town,...
- 7/13/2010
- by By Alex Ben Block and Kim Masters
- The Hollywood Reporter - Movie News
Back on July 7th and again on July 8th, I was first to report that the notorious film financier David Bergstein "was being pushed aside" and would have no role in Miramax once it was purchased from Disney by construction magnate Ron Tutor and Santa Monica-based Colony Capital. (I wrote: "As for the notorious film financier David Bergstein, I've learned his role is over as soon as the deal is finished. 'He gets paid for packaging the deal and consulting on the transaction. Then that's it,' an insider tells me.") On Sunday, Tutor confirmed my reporting in an interview with [...]...
- 7/13/2010
- by Nikki Finke
- Deadline Hollywood
Last we shared, it looked like Rob Lowe wanted in on the seemingly never-ending series of negotiations for Miramax. But last week, the studio found itself flipping into another twist as reports revealed that executive Ron Tutor (along with Colony Capital) was closing in on the company, with a price tag that might just hit $700 million. This, in turn, angered Harvey Weinstein, a friend of Cc president Tom Barrack.
With such a big price tag, you'd think Tutor must have had a change of heart about the movie industry after the fall-out with ex-partner David Bergstein ... but not quite. It seems this is purely about the money. Tutor could care less about cinema.
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With such a big price tag, you'd think Tutor must have had a change of heart about the movie industry after the fall-out with ex-partner David Bergstein ... but not quite. It seems this is purely about the money. Tutor could care less about cinema.
Filed under: Deals, Executive shifts, Miramax
Continue reading Making Sense Out of the Miramax Mess
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- 7/13/2010
- by Monika Bartyzel
- Cinematical
Harvey Weinstein, earlier this year. Courtesy of Patrick McMullan. Miramax, former magic kingdom of the indie film world and now red-headed step-child of the real magic kingdom, Disney, may soon find itself with new parents—but it won't be Bob and Harvey Weinstein, who founded the company in 1979 and have been fighting to reclaim their baby. Last week, the WaxWord came down the pipeline that Disney was "95 percent" close to selling Miramax for $675 million to L.A. construction billionaire Ron Tutor (the man behind the city's shiny new police station) and his partners Colony Capital and James Robinson, whom you may remember as the cranky grandpa who put Lindsay Lohan in her place for partying too hard on the set of Georgia Rule. Also in the mix is Hollywood black sheep and disgraced chief of bankrupt ThinkFilms, David Bergstein, though Tutor has pulled a Mission: Impossible-style disavowal that Bergstein...
- 7/12/2010
- Vanity Fair
Back towards the beginning of the year, we got the sad news that Miramax, the indie distributor based out of Disney, was officially closing its doors after 31 years of working in the motion picture business. Since then there's been failed talks about the company's founding members, Bob & Harvey Weinstein, buying back the company, and most recently heavily disliked executive David Bergstein was said to be teaming with construction magnate Ron Tutor to purchase the studio. Well, word on the street is Tutor is still involved, but apparently the team he's bringing into the deal has changed a bit, and the deal is "95% just about done." Tutor has been leading the pack on the deal, but Bergstein seems to be out as Colony Capitol, a private international investment firm, has been brought in to provide $300 million in equity (towards what will be around a $700 million purchase). Also ...
- 7/9/2010
- by Ethan Anderton
- firstshowing.net
There are still a few more contract details to be worked out, but right now it looks as if Disney has finally-- finally!-- found someone to take Miramax off their hands. According to Deadline Hollywood the lucky winner is actually three parties-- Ron Tutor, Colony Capital and James Robinson are all teaming up to buy the former indie powerhouse. Construction magnate Tutor has offered up several hundred million as equity, with Colony Capital matching that amount and Robinson, the head of the Morgan Creek production company, tossing in another $50 million in exchange for a spot on the board. That $50 million will probably turn out to make a big difference, though, since the offer of $675 or more is much closer to Disney's $700 million asking price than the $625-650 million the Weinsteins had been offering a few months back. And while these are the guys putting the money together, none of...
- 7/9/2010
- cinemablend.com
Looks like the long saga of the sale of Miramax is about to come to a close. Disney has found and approved a buyer in the form of Ron Tutor and Colony Capital, a privately held institutional investment firm. THR reports the basics: Tutor and Capital will put $300m into the deal, with the balance of the $650m purchase price coming from minority partners like James Robinson from Morgan Creek Productions and "an unspecified Middle Eastern investment group." None of the investors seem to be Rob Lowe, despite a very silly rumor that surfaced yesterday. There are a couple of notable players that aren't involved in this deal. First are the Weinstein brothers, Bob and Harvey, who were trying to get their own deal together to buy Miramax with financier Ron Burkle. They're totally out of the game now. Also reportedly out of the game is David Bergstein, the embattled and,...
- 7/9/2010
- by Russ Fischer
- Slash Film
Updates Former Disney CFO Richard Nanula Now Leading Ron Tutor's Miramax Negotiations; Deal Could Close In A Week I couldn't agree more with a Disney insider who just told me, "We could all have a nice vacation in Tahiti if there was a dollar for every time this deal was reported as done." So here's what I know about how close this deal actually is between Disney and the Ron Tutor/Colony Capital/James Robinson partnership. It's "95% just about done," an insider tells me. "A couple of deal terms and timing issues remain. Like when does the deal actually close? When do all of the [...]...
- 7/9/2010
- by Nikki Finke
- Deadline Hollywood
One of the most personally disappointing stories of the year so far hit the blogosphere back in March, and pretty much sounded the death knell. The news detailed the decline of Miramax, which had been a limping creature since Disney’s acquisition of the Weinstein’s studio back as far back as 2005, and it prompted me to write this eulogy over at ObsessedWithFilm. With that news, I was convinced that Miramax would be no more- a fact no exactly helped by a mooted take-over by Lionsgate, which would surely have spelled the end of anything close to the studio’s original spirit. And then even the Lionsgate rumour died when they pulled out, and the future remained less than clear for one of the industry’s genuine former greats.
Hope had recently been glimpsed when the Weinsteins rode back in alongside supermarket mogul Ron Burkle and entered into an exclusive negotiating window earlier this year.
Hope had recently been glimpsed when the Weinsteins rode back in alongside supermarket mogul Ron Burkle and entered into an exclusive negotiating window earlier this year.
- 7/8/2010
- by Simon Gallagher
- HeyUGuys.co.uk
Rob Lowe, media mogul? That is a bit of an exaggeration, considering today’s rumors that the veteran actor is out to acquire Miramax from Disney. What is true is Lowe is involved in the aggressive bid for the indie label that construction magnate Ron Tutor has launched, but his involvement comes primarily on the creative side. Tutor has partnered with Tom Barrack’s Colony Capital to buy Miramax for around $700 million. (Deadline first reported the update to the negotiations this morning.) Sources confirm that Barrack’s colleague for the past few years, 12-year Disney veteran Richard Nanula is managing the day-to-day negotiations and,...
- 7/7/2010
- by Nicole Sperling
- EW - Inside Movies
Exclusive - Updated From 8:30 Am: Forget the bizarre involvement of David Bergstein, and Morgan Creek's James Robinson, and even Rob Lowe. (I know, I know... I've learned Lowe may pull in Arnold Schwarzenegger post-November.) More on them in a minute. But they're just the side show. Instead, I can report that, 5 days ago, Santa Monica-based Colony Capital, the private international investment firm which currently has $30 billion of assets under its management, was brought in by construction magnate Ron Tutor to help him buy Miramax from Disney. The reason? Because two years ago, Colony Capital president Tom Barrack hired [...]...
- 7/7/2010
- by Nikki Finke
- Deadline Hollywood
TMZ has learned ... Rob Lowe and mogul Tom Barrack have set their sights on their first big acquisition as a team -- Miramax Films . We're told the deal is being put together quickly and could close as early as today. TMZ broke the story ... Lowe and Barrack have teamed up with Flavio Briatore (a major Formula One player) and Giuseppe Cipriani (owner of the famed restaurant) to create "a multi-platform media company, similar to DreamWorks.
- 7/7/2010
- by TMZ Staff
- TMZ
Bob and Harvey Weinstein's quest to re-acquire Miramax -- the studio they founded 31 years ago -- has been a long and arduous process. Things looked bleak a few weeks ago, when issues involving co-investor Ron Burkle had everyone convinced the deal was dead. The doom and gloom vibe was then exacerbated by the fact that Disney had opened up negotiations with David Bergstein and Ron Tutor. However, just like the script of your standard Hollywood blockbuster, the down-and-out Weinsteins appear poised to make a last ditch effort to come up with a happy ending.
Sources close to the negotiations report the brothers are seriously contemplating making a new -- and substantially more lucrative -- bid for the company. Their initial offer was $625 million, but was later dropped to $500 million after a due diligence search on the investors' part concluded the company was worth less. There's no word yet on...
Sources close to the negotiations report the brothers are seriously contemplating making a new -- and substantially more lucrative -- bid for the company. Their initial offer was $625 million, but was later dropped to $500 million after a due diligence search on the investors' part concluded the company was worth less. There's no word yet on...
- 6/14/2010
- by Alison Nastasi
- Cinematical
Disney does want to sell Miramax--but only at the right price. If the studio doesn't get what it's looking for, it will hang on to the library. After all, Disney boasts the smallest library of the major studios. And new studio chief Rich Ross has said that he is proceeding with plans to release the outstanding Miramax titles, including Julie Taymor's The Tempest, which is not for sale and is one of two Helen Mirren Miramax vehicles; the other is John Madden's The Debt, co-starring Sam Worthington. Also on the block is the Jennifer Anniston baby-baster comedy The Switch, which is currently set for August 20 release. It's likely that Disney is going through the motions of an exclusive negotiation with financeers Ron Tutor and the ...
- 6/14/2010
- Thompson on Hollywood
Ron Tutor has returned fire at federal bankruptcy court trustee David Durkin who wants him to talk about his role in five companies run by his sometime business partner David Bergstein which are the subject of an involuntary bankruptcy action.
Tutor, in a legal filing, says he sold his interest in R2D2, the one company in the action which he did own at one time, more than 15 months before the bankruptcy action; and that he is now merely a lender to several of the affected entities.
Tutor says the court can and should get everything from Bergstein, who in the bankruptcy filing is described "in detail as that the sole owner and manager" of the companies in the action.
Tutor essentially says it is not his problem if Bergstein doesn't want to talk, and that they should leave him out of it.
Tutor also says that since the court...
Tutor, in a legal filing, says he sold his interest in R2D2, the one company in the action which he did own at one time, more than 15 months before the bankruptcy action; and that he is now merely a lender to several of the affected entities.
Tutor says the court can and should get everything from Bergstein, who in the bankruptcy filing is described "in detail as that the sole owner and manager" of the companies in the action.
Tutor essentially says it is not his problem if Bergstein doesn't want to talk, and that they should leave him out of it.
Tutor also says that since the court...
- 6/11/2010
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
If you've been following Disney's attempts to sell of the Miramax name and library (and I'd understand if you haven't; it's inside baseball stuff, to some extent) then you, like me, may have been shocked a week ago when Ron Tutor and embattled, disgraced financier/exec David Bergstein were said to have an exclusive window to purchase Miramax. Having destroyed ThinkFilm and Capitol Films, Bergstein seems like the worst of the Miramax bidders to end up with control of the label and library. Now several Hollywood guilds may help save the day and stave off the sale to Bergstein and Tutor. The New York Times says that "Representatives of Hollywood’s principal guilds have told the Walt Disney Company that they have serious concerns about the possible sale of its Miramax Films unit to an investor group organized by David Bergstein." Why? Because Bergstein owes them money. A lot of it.
- 6/11/2010
- by Russ Fischer
- Slash Film
Looks like the Weinsteins won't end up gaining control of Miramax after all. The La Times published an intriguing update today on the Miramax auction, saying that two unexpected bigwigs have now entered into "exclusive negotiations" with Disney this weekend and are awaiting approval from lawyers before making it all official this Monday. Los Angeles construction magnate Ron Tutor and "his embattled film financier partner" David Bergstein are the two that will likely officially acquire Miramax early next week. Bergstein is the same disliked exec who ran both ThinkFilm and Capitol Films into the ground over the last few years. So who are these guys and why is Bergstein so heavily disliked in the industry? Well, first of all, they're the highest bidders at around $700 million which beats out the $600 million that the Weinsteins were going to pay. Bergstein is described as a "dark horse" by Disney execs because ...
- 6/5/2010
- by Alex Billington
- firstshowing.net
You have got to be shitting me. Ok, quick recap on the attempt by Disney to sell off the Miramax name and catalog. Early in the game there were three major sets of bidders: Ron Burkle and the Weinsteins; the cash-rich Gores Brothers; and investor Ron Tutor and his advisor partner David Bergstein. That's the same David Bergstein who ran ThinkFilms and Capitol Films into the ground, stranded David O. Russell's film Nailed (and other films, like Taylor Hackford's Love Ranch) and is currently facing down bankruptcy proceedings and other legal troubles. There's also the accusation that he owed a million bucks to Mandalay Bay Casino in Vegas. Now he and Tutor have an exclusive window in which to write and conclude a deal to purchase Miramax. The La Times spoke to Tutor, who said that beginning Monday he and Bergstein "have the right to exclusively negotiate and conclude a deal.
- 6/4/2010
- by Russ Fischer
- Slash Film
By Sharon Waxman
The Walt Disney Company has entered into exclusive negotiations with David Bergstein and his financial partners to sell their arthouse division Miramax, TheWrap has learned.
Disney’s negotiations with the Weinstein Company and Ron Burkle broke down over a week ago.
Since then, Disney has been negotiating actively with billionaire brothers Alec and Tom Gores and with Bergstein, who is backed by L.A. construction billionaire Ron Tutor and two other unnamed individuals.
Bergstein had previously raised his bid from $650 million for the studio.
In an inter...
The Walt Disney Company has entered into exclusive negotiations with David Bergstein and his financial partners to sell their arthouse division Miramax, TheWrap has learned.
Disney’s negotiations with the Weinstein Company and Ron Burkle broke down over a week ago.
Since then, Disney has been negotiating actively with billionaire brothers Alec and Tom Gores and with Bergstein, who is backed by L.A. construction billionaire Ron Tutor and two other unnamed individuals.
Bergstein had previously raised his bid from $650 million for the studio.
In an inter...
- 6/4/2010
- by Lew Harris
- The Wrap
Tonight's party thrown by Paul Allen on his yacht M.Y. Octopus puts the focus on the ships off the Croisette, and makes some wonder just who is doing business from these luxury vessels? I'm told that among the seafarers is troubled film financier David Bergstein. When that bench warrant over unpaid casino markers was rescinded, it enabled Bergstein to travel to the festival, and word is he's working from Ron Tutor's yacht. Some feel he won't venture ashore, because it would be uncomfortable running into so many who got stiffed by his troubled labels Capitol Films, ThinkFilm and others which [...]...
- 5/17/2010
- by MIKE FLEMING
- Deadline
Film producer and Miramax Films co-founder Harvey Weinstein arrives with his with wife, Georgina Chapman,... Enlarge Photo Film producer and Miramax Films co-founder Harvey Weinstein arrives with his with wife, Georgina Chapman,... Slideshow: World in pictures: April21Film moguls Bob and Harvey Weinstein and backer billionaire Ron Burkle continued talks for the purchase of Walt Disney Co's Miramax Films on Wednesday and a deal could be reached within days, said one source familiar with the discussions.The source said a deal was expected within the next "24 to 48 hours."Three other sources with knowledge of the Miramax talks said on Wednesday that an exclusive negotiating window between Disney and the team comprising the Weinsteins and financial backer Burkle's Yucaipa Cos had been extended beyond its original five day timeframe.A dispute between Weinstein Co shareholder Mark Cuban and the Weinsteins also came to light on Wednesday, but a source...
- 4/21/2010
- Filmicafe
In 2008, Ray director Taylor Hackford made a film called Love Ranch. Starring Helen Mirren and the return of Joe Pesci, the film is based on the real story of Joe and Sally Conforte, who in 1971 founded famed brothel the Mustang Ranch. Had the film not ended up on the shelf, it would have been Pesci's first film since 2006's The Good Shepherd, and his first big role in a decade. But the film ended up mired in litigation, and has finally been freed for release. Love Ranch will hit theaters in a limited run this June, thanks to E1 Entertainment. THR has the gory details. The backstory involves David Bergstein and Capitol Films, the same financier and company behind the Mia David O. Russell film Nailed. Capitol Films financed the film and pre-sold it to foreign markets. Capitol was bought by David Bergstein and Ron Tutor, and in the spring...
- 4/6/2010
- by Russ Fischer
- Slash Film
After months on the shelf because of legal and financial issues, Taylor Hackford's "Love Ranch," starring his wife Helen Mirren and Joe Pesci, finally will feel the love of a limited U.S. release in June.
The drama will be distributed by Canadian company E1 Entertainment, which has an agreement in principle to partner on domestic marketing costs with Aramid Entertainment Fund. E1 also acquired rights for the U.K., Scandinavia, France, Australia and elsewhere, and it will sell other foreign rights next month at Cannes.
The June release is expected to be in a handful of theaters in seven to 10 North American cities, including New York and Los Angeles. If the movie gets positive reviews and does good business, the release would be expanded.
Hackford, Mirren and Pesci are expected to do promotional work for the film, which was inspired by the real-life story of Joe and Sally Conforte,...
The drama will be distributed by Canadian company E1 Entertainment, which has an agreement in principle to partner on domestic marketing costs with Aramid Entertainment Fund. E1 also acquired rights for the U.K., Scandinavia, France, Australia and elsewhere, and it will sell other foreign rights next month at Cannes.
The June release is expected to be in a handful of theaters in seven to 10 North American cities, including New York and Los Angeles. If the movie gets positive reviews and does good business, the release would be expanded.
Hackford, Mirren and Pesci are expected to do promotional work for the film, which was inspired by the real-life story of Joe and Sally Conforte,...
- 4/5/2010
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
In a rare legal action, a U.S. bankruptcy court judge Tuesday appointed an interim trustee to seize control of David Bergstein's Capitol, ThinkFilm and related entities after an attorney for the creditors repeatedly referenced the way the producer operated his global web of businesses as "the Enron of the entertainment world."
Creditors attorney David Neale of Levene, Neale detailed accusations including operating without proper accounting systems, use of company funds to cover personal gambling losses, failing to file tax returns or remit payroll taxes to the government, bouncing checks, defaulting on legal judgments, failing to pay talent participations and Bergstein denying his own execs information needed to do their jobs.
After listening to both sides for more than two hours in a courtroom crowded with creditors and their lawyers, veteran bankruptcy court Judge Barry Russell said that when the hearing began, he never would have thought he would...
Creditors attorney David Neale of Levene, Neale detailed accusations including operating without proper accounting systems, use of company funds to cover personal gambling losses, failing to file tax returns or remit payroll taxes to the government, bouncing checks, defaulting on legal judgments, failing to pay talent participations and Bergstein denying his own execs information needed to do their jobs.
After listening to both sides for more than two hours in a courtroom crowded with creditors and their lawyers, veteran bankruptcy court Judge Barry Russell said that when the hearing began, he never would have thought he would...
- 3/30/2010
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
Creditors suing David Bergstein, Ron Tutor and companies they control including Capitol and Thinkfilm said in their latest legal filing that "the appointment of an interim trustee is needed now more than ever in order to put a stop to the gross mismanagement ... that Bergstein has perpetrated for so long."
They were responding Friday to opposition to the suit and the appointment of a trustee to take control of Bergstein's businesses filed earlier this week in a case scheduled for a hearing Tuesday in U.S. Bankruptcy Court in Los Angeles.
The new filing by the creditors says Bergstein's opposition is based on only two points -- challenging the merits of the involuntary bankruptcy petition and charging that Bergstein's former attorney Susan Tregub is guilty of improperly disclosing privileged attorney-client communications, which made the bankruptcy action possible.
The creditors say they have a legal right to file the action and...
They were responding Friday to opposition to the suit and the appointment of a trustee to take control of Bergstein's businesses filed earlier this week in a case scheduled for a hearing Tuesday in U.S. Bankruptcy Court in Los Angeles.
The new filing by the creditors says Bergstein's opposition is based on only two points -- challenging the merits of the involuntary bankruptcy petition and charging that Bergstein's former attorney Susan Tregub is guilty of improperly disclosing privileged attorney-client communications, which made the bankruptcy action possible.
The creditors say they have a legal right to file the action and...
- 3/26/2010
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
Beleaguered film exec David Bergstein is blaming his former lawyer for getting him into hot water with creditors.
Bergstein, business associate Ron Tutor and related Bergstein entities have sued attorney Susan Tregub, claiming that she used knowledge she gained from repping Bergstein and his companies to embark on a campaign to hurt him, including allowing an unspecified lawsuit against Bergstein to go into default and contacting creditors to urge them to file involuntary bankruptcy proceedings against some of the entities.
Bergstein creditors filed bankruptcy papers on March 17 and successfully stopped a sale of rights to more than 800 movies that are part of the Capitol, ThinkFilm, Franchise and other film libraries. The federal bankruptcy court in Los Angeles has set March 30 for a hearing on whether to appoint a trustee to take over for Bergstein and current management as requested.
Bergstein and Co. now blame Tregub, a one-time right-hand woman for their various companies,...
Bergstein, business associate Ron Tutor and related Bergstein entities have sued attorney Susan Tregub, claiming that she used knowledge she gained from repping Bergstein and his companies to embark on a campaign to hurt him, including allowing an unspecified lawsuit against Bergstein to go into default and contacting creditors to urge them to file involuntary bankruptcy proceedings against some of the entities.
Bergstein creditors filed bankruptcy papers on March 17 and successfully stopped a sale of rights to more than 800 movies that are part of the Capitol, ThinkFilm, Franchise and other film libraries. The federal bankruptcy court in Los Angeles has set March 30 for a hearing on whether to appoint a trustee to take over for Bergstein and current management as requested.
Bergstein and Co. now blame Tregub, a one-time right-hand woman for their various companies,...
- 3/25/2010
- by By Matthew Belloni
- The Hollywood Reporter - Movie News
The planned sale of rights to more than 800 movies that are part of the Capitol, ThinkFilm, Franchise and other film libraries scheduled for Monday has been canceled in the wake of the involuntary bankruptcy filing by a group of creditors against David Bergstein and five of the companies he controls.
The federal bankruptcy court in Los Angeles has set March 30 for a hearing on whether to appoint a trustee to take over for Bergstein and current management as requested. The filing was first reported Thursday by THR.com.
The case has been assigned to Judge Barry Russell, who has been on the bench since 1974, making him the longest-serving bankruptcy court judge in California and the second-longest serving in the U.S. Russell also has served as the chief judge of the bankruptcy court for the Central District of California.
Russell oversaw a case involving Bergstein in the late 1990s when...
The federal bankruptcy court in Los Angeles has set March 30 for a hearing on whether to appoint a trustee to take over for Bergstein and current management as requested. The filing was first reported Thursday by THR.com.
The case has been assigned to Judge Barry Russell, who has been on the bench since 1974, making him the longest-serving bankruptcy court judge in California and the second-longest serving in the U.S. Russell also has served as the chief judge of the bankruptcy court for the Central District of California.
Russell oversaw a case involving Bergstein in the late 1990s when...
- 3/19/2010
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
A group of 13 creditors who together are owed millions of dollars by David Bergstein and some 75 corporate entities he controls worldwide, including Capitol Films and ThinkFilm, have filed lawsuits in federal court in Los Angeles to force an involuntary Chapter 11 bankruptcy and the immediate appointment of a trustee to take charge of whatever assets and businesses remain.
The creditors want an injunction to halt the planned auction of rights to more than 800 movies, including "Crouching Tiger, Hidden Dragon," "The Air I Breathe" and Woody Allen's "Sweet and Lowdown," scheduled for Monday by a company apparently controlled by Ron Tutor, a construction executive who has been Bergstein's longtime "silent" partner in the movie business.
"Because Bergstein has demonstrated repeatedly that he is unfit and incompetent, it is imperative that the court immediately appoint a trustee," the creditors say in the suits filed Thursday in U.S. Bankruptcy Court.
The creditors...
The creditors want an injunction to halt the planned auction of rights to more than 800 movies, including "Crouching Tiger, Hidden Dragon," "The Air I Breathe" and Woody Allen's "Sweet and Lowdown," scheduled for Monday by a company apparently controlled by Ron Tutor, a construction executive who has been Bergstein's longtime "silent" partner in the movie business.
"Because Bergstein has demonstrated repeatedly that he is unfit and incompetent, it is imperative that the court immediately appoint a trustee," the creditors say in the suits filed Thursday in U.S. Bankruptcy Court.
The creditors...
- 3/18/2010
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
The legal wrangling over the crime drama "Black Water Transit" has taken another turn, with indie producer-distributor David Bergstein quietly settling a $3.1 million lawsuit brought by a producer on the eve of trial.
Ascendant Pictures and principal Chris Roberts filed suit in February 2008 against Bergstein's Capitol Films and other entities for breach of contract, claiming Bergstein kicked him off the project without paying agreed-upon producers' fees.
"Ascendant got cut off at the knees and wasn't able to do anything," said Glen Rothstein, the company's attorney. "They basically told us to take our ball and go home."
A trial in the case had been scheduled to begin Monday, but Bergstein personally negotiated a settlement with Ascendant lawyers during the holidays, and a request for dismissal of the case was filed Thursday in Los Angeles Superior Court.
Bergstein, whose banner is now Pangea Media Group, did not respond to requests for comment.
Ascendant Pictures and principal Chris Roberts filed suit in February 2008 against Bergstein's Capitol Films and other entities for breach of contract, claiming Bergstein kicked him off the project without paying agreed-upon producers' fees.
"Ascendant got cut off at the knees and wasn't able to do anything," said Glen Rothstein, the company's attorney. "They basically told us to take our ball and go home."
A trial in the case had been scheduled to begin Monday, but Bergstein personally negotiated a settlement with Ascendant lawyers during the holidays, and a request for dismissal of the case was filed Thursday in Los Angeles Superior Court.
Bergstein, whose banner is now Pangea Media Group, did not respond to requests for comment.
- 1/4/2010
- by By Matthew Belloni
- The Hollywood Reporter - Movie News
By the Hollywood Reporter
Even as producer David Bergstein plows ahead in the movie business, the lawsuits and judgments continue to pile on.
The latest to come to light are a lawsuit for alleged failure to properly distribute a movie, a judgment by a Las Vegas casino against Bergstein personally and a Canadian court order taking away ownership of the ThinkFilm name.
This comes only days after Bergstein and his silent partner Ron Tutor were sued by a New York hedge fund for $120 million -- even as their Capitol Films unit was selling international rights to movies at Afm under its new name, the Pangea ...
Even as producer David Bergstein plows ahead in the movie business, the lawsuits and judgments continue to pile on.
The latest to come to light are a lawsuit for alleged failure to properly distribute a movie, a judgment by a Las Vegas casino against Bergstein personally and a Canadian court order taking away ownership of the ThinkFilm name.
This comes only days after Bergstein and his silent partner Ron Tutor were sued by a New York hedge fund for $120 million -- even as their Capitol Films unit was selling international rights to movies at Afm under its new name, the Pangea ...
- 11/18/2009
- by Dylan Stableford
- The Wrap
Even as producer David Bergstein plows ahead in the movie business, the lawsuits and judgments continue to pile on.
The latest to come to light are a lawsuit for alleged failure to properly distribute a movie, a judgment by a Las Vegas casino against Bergstein personally and a Canadian court order taking away ownership of the ThinkFilm name.
This comes only days after Bergstein and his silent partner Ron Tutor were sued by a New York hedge fund for $120 million — even as their Capitol Films unit was selling international rights to movies at Afm under its new name, the Pangea Media Group.
Capitol Film and ThinkFilm were sued Oct. 22 by Solar Filmworks of South Carolina for $10 million in Los Angeles Superior Court alleging fraud, breach of contract, false promises and negligent misrepresentation.
Solar claims that in January 2007, ThinkFilm acquired distribution rights to its feature film “The Last Confederate, the True...
The latest to come to light are a lawsuit for alleged failure to properly distribute a movie, a judgment by a Las Vegas casino against Bergstein personally and a Canadian court order taking away ownership of the ThinkFilm name.
This comes only days after Bergstein and his silent partner Ron Tutor were sued by a New York hedge fund for $120 million — even as their Capitol Films unit was selling international rights to movies at Afm under its new name, the Pangea Media Group.
Capitol Film and ThinkFilm were sued Oct. 22 by Solar Filmworks of South Carolina for $10 million in Los Angeles Superior Court alleging fraud, breach of contract, false promises and negligent misrepresentation.
Solar claims that in January 2007, ThinkFilm acquired distribution rights to its feature film “The Last Confederate, the True...
- 11/17/2009
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
By the Hollywood Reporter
Even as Capitol Films pursues international sales for a slate of movies at Afm this week, legal battles for the men who head the company are heating up.
In the latest salvo, executives behind defunct New York hedge fund D.B. Zwirn, which provided most of the money to David Bergstein and his partner Ron Tutor to make and sell movies, filed suit Monday for reimbursement of about $120 million. That money was used by the pair to acquire Capitol for $30 million and ThinkFilm for $25 million as well as to operate a series of companies and produce movies involving high-profile directors and...
Even as Capitol Films pursues international sales for a slate of movies at Afm this week, legal battles for the men who head the company are heating up.
In the latest salvo, executives behind defunct New York hedge fund D.B. Zwirn, which provided most of the money to David Bergstein and his partner Ron Tutor to make and sell movies, filed suit Monday for reimbursement of about $120 million. That money was used by the pair to acquire Capitol for $30 million and ThinkFilm for $25 million as well as to operate a series of companies and produce movies involving high-profile directors and...
- 11/5/2009
- by Dylan Stableford
- The Wrap
Even as Capitol Films pursues international sales for a slate of movies at Afm this week, legal battles for the men who head the company are heating up.
In the latest salvo, executives behind defunct New York hedge fund D.B. Zwirn, which provided most of the money to David Bergstein and his partner Ron Tutor to make and sell movies, filed suit Monday for reimbursement of about $120 million. That money was used by the pair to acquire Capitol for $30 million and ThinkFilm for $25 million as well as to operate a series of companies and produce movies involving high-profile directors and stars.
Bergstein, whose banner now is Pangea Media Group, and Tutor, the Los Angeles-based millionaire behind Tutor-Saliba, one of the largest U.S. construction firms, provided personal guarantees on the loans that appear to put them on the hook for more than $65 million. That's according to...
In the latest salvo, executives behind defunct New York hedge fund D.B. Zwirn, which provided most of the money to David Bergstein and his partner Ron Tutor to make and sell movies, filed suit Monday for reimbursement of about $120 million. That money was used by the pair to acquire Capitol for $30 million and ThinkFilm for $25 million as well as to operate a series of companies and produce movies involving high-profile directors and stars.
Bergstein, whose banner now is Pangea Media Group, and Tutor, the Los Angeles-based millionaire behind Tutor-Saliba, one of the largest U.S. construction firms, provided personal guarantees on the loans that appear to put them on the hook for more than $65 million. That's according to...
- 11/4/2009
- by By Alex Ben Block
- The Hollywood Reporter - Movie News
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