David Bergstein film financial siege and his partner Ron Tutor have reached a resolution, in principle, a further U.S. $ 108 million filed on behalf of the deceased DB Zwirn hedge fund in New York. Sources told THR that the deal is worth $ 70 million.
The case was filed in 2009 in Los Angeles Superior Court by attorneys working on behalf of Fortress Investment Group, the successor of Zwirn and related entities, including investors Bernard National Loan, the Cayman Islands. The settlement was apparently reached earlier this month in an arbitration hearing in camera. The two sides signed a confidentiality agreement on the terms and amount of the transaction.
On a night email attorney Jeffrey Garfinkle, who is tutor and others in federal involuntary bankruptcy, an attorney for the bankruptcy court trustee Ronald Durkin confirmed that the prosecution has been resolved Zwirn. But the amount of solution is presented to THR by other sources.
Lawyers representing BERGSTEIN and tutors did not respond to requests for comment. Through a spokesman, declined to comment on the pilot. Zwirn, lawyer Howard Rubinroit responded to a question by saying: "Some of the information is not correct." He refused to detail.
Zwirn, until it went bankrupt three years ago, was the first ally and mentor Bergstein interest in the film industry. The lawsuit says the duo Zwirn paid more than $ 200 million. The suit also seeks interest and attorneys' fees seen.
Zwirn offered $ 23200000 in 2006 to acquire Capitol Films Ltd and $ 24,500,000 for the 2006 acquisition of film ThinkStation. There were also loans for films, including Bordertown, Wendell Baker Story The Black Water Transit (never released) and Stop Power (never did). There were also 25 million U.S. dollars in loans as part of a music company in default, Sheridan Square Entertainment.
Tutor BERGSTEIN and signed personal guarantees for a number of loans that are made of business entities. These guarantees have been at the center of a controversy Zwirn.
According agree that all the money borrowed was used for real. There are more than 16 million U.S. dollars to produce the braking energy of the case, the money was used instead of payments for other films, which covers personal debt and over $ 1,000,000 went to the casino is said to mean " a personal gambling debts. "
BERGSTEIN, the director and several related companies sue against Zwirn, a fortress and the other in April 2010, charging that this was an example of "greed of the financial sector" and that had not responded to Zwirn promises to take borrowed about $ 250 million, which caused many problems. In addition, accumulation of Zwirn accused of loan fees and usurious interest rates. This counterclaim was finally abandoned.
Regulation of 70 million, if paid, will be over 45 and paid in 2009 by the tutor (through a fictitious company) of a $ 108 million this Zwirn million, said $ 180 million debt. This agreement was breached later this year, when the balance of 63 million was not paid by the tutor.
The $ 45 million was paid in 2009 was credited to a company the suit says is owned Asset Library Tutor called Acquisition Company (WVA), which was then put claims cinematheques ThinkStation films and other assets. WVA is now a creditor in the Federal Court case concerning the forced bankruptcy of five companies Bergstein-controlled, including Capitol Films and ThinkStation and R2D2, a holding company used by Bergstein and Tutor of film to keep the assets Tutor sold its stake in Bergstein $ 10 in 2009.
Tutor, who is also director of a major construction company and an investor in the new Miramax, is required to pay the money, even after the beginning of August. This is when it is expected that the final solution will be submitted to the Superior Court of LA for approval.
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