“Polaroid” is among a handful of unreleased films that have been stuck in limbo since the Weinstein Co. began its spiral into bankruptcy a year ago.
The film may soon see the light of day, as Lantern Entertainment — which acquired the company’s assets in July for $289 million — is seeking distribution. The film is screening on Wednesday for international buyers at the American Film Market.
But not so fast. First Republic Bank, which put up the financing for the film, is seeking to block Lantern from selling it. In a motion in Delaware bankruptcy court on Tuesday, the bank alleged that Lantern never actually acquired the rights to the film, and that proceeds from the sale should go to pay off the bank’s $5.3 million loan balance.
“Lantern is literally trying to sell First Republic’s collateral without owning it,” the bank’s lawyers allege.
Lantern did not immediately respond to a request for comment.
The film may soon see the light of day, as Lantern Entertainment — which acquired the company’s assets in July for $289 million — is seeking distribution. The film is screening on Wednesday for international buyers at the American Film Market.
But not so fast. First Republic Bank, which put up the financing for the film, is seeking to block Lantern from selling it. In a motion in Delaware bankruptcy court on Tuesday, the bank alleged that Lantern never actually acquired the rights to the film, and that proceeds from the sale should go to pay off the bank’s $5.3 million loan balance.
“Lantern is literally trying to sell First Republic’s collateral without owning it,” the bank’s lawyers allege.
Lantern did not immediately respond to a request for comment.
- 10/31/2018
- by Gene Maddaus
- Variety Film + TV
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