Hedge Fund Film Financing
Terminator Producers Sue Hedge Fund Over LoanThe producers of the sci-fi film, Terminator Salvation, have filed a lawsuit against its hedge fund financer and another against a single employee of the hedge fund. The two producers, Derek Anderson and Victor Kubicek, are struggling to repay the loan from Pacificor, a hedge fund in Santa Barbara.
Each lawsuit is for $30 million and comes after Pacificor filed a lien against a separate company owned by the producers. The lawsuit claims that the produces do not owe money on the loan after a settlement earlier this year and calls Pacificor's lien, "desperate and deliberate attempt to seize ownership and control of the Halcyon entities and of the ['Terminator'] franchise."
This is not the first time the duo has been in legal battles during their three year stint in Hollywood. The producers claim that they were pushed into financial ruin by Kurt Benjamin, former vice president of business development at Pacificor. If the producers do not prevail in court they're in for worse financial problems as it sounds like Benjamin will be counter-suing.
Benjamin commented, "The allegations in the Halcyon lawsuit are false and without merit. I intend to refute these claims through the legal process and will file suit against Halcyon, Dominion, Derek Anderson and Victor Kubicek."
The suit against Pacificor involves a dispute over a $5-million bridge loan that the hedge fund made to Halcyon in December 2007 after it had provided a $30-million loan in April of that year to buy the "Terminator" rights. This month, Pacificor filed a lien against a separate company owned by Anderson and Kubicek called Dominion Group, through which they were to be paid for their producing duties on "Salvation."
Pacificor's lien, the complaint states, has prevented the pair from borrowing against the money they are owed for their producing services on "Salvation," a payday estimated to be worth more than $7.5 million, according to the lawsuit against Kurt Benjamin, a former vice president of business development at Pacificor who helped facilitate the loans.
"We haven't seen the lawsuit. However, we do not believe we have done anything wrong," said Andrew Mitchell, chief executive of Pacificor. "We believe we have the right to put a lien on the Dominion assets." Source
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