Valuewalk.com
0
All posts from Valuewalk.com
Valuewalk.com in Valuewalk.com,

Hollywood And Wall Street Elites Square Off Over Bankrupt Film Studio

In elite settings, there is often a hierarchy. It doesn’t matter if one is in Hollywood, Wall Street or in Washington D.C., there are often people and organizations considered more or less “untouchable.” What is most interesting, the makings of movie material, is when elite from one industry clash with the elite from another.

Such appears the case as “Paul Singer’s hedge fund powerhouse Elliott Management,” as the Hollywood Reporter recently described him, is now pitted against Hollywood A listers that could include Bradley Cooper, Tom Hanks, Angelina Jolie and Will Smith – a group Dealbreaker categorized as “Guys That Don’t Get F@cked by Studios.”

Paul Singer Hollywood
Both Paul Singer and Hollywood A list actors owed money in bankruptcy

It seems both Singer and Elliott’s Manchester Securities is owed nearly $131 million from now bankrupt film studio Relativity Media. Problem is, Relativity is accused of favoring paying the Hollywood version of “made men” before paying Singer’s group.

The Hollywood Reporter notes the tension among industry elites:

Manchester tells a bankruptcy judge that payment of residuals and profit participation from Relativity's films and television shows "might improperly elevate one group of prepetition creditors above...


More