There are many tales of horror emanating from The Weinstein Co. This one is about 'Polaroid,' one of the movies bedeviled by the downfall of Harvey Weinstein's studio
, one of the movies bedeviled by the downfall of Harvey Weinstein's studio. The Lars Klevburg thriller was almost salvaged with a $3.3 million deal with Netflix, but these days, "almost" amounts to nothing but a legal headache.
from actors, directors and producers who insist they need to be taken care of financially before rights to a film like , First Republic Bank alleges that Spyglass never properly acquired title to the movie about a high school loner who discovers the dark secrets tied to a vintage camera. The bank put up about $5 million in financing for the flick, was owed money and thus held a security interest.
But at the end of October, First Republic sent out a cease and desist letter demanding that sales and distribution efforts be stopped. First Republic objected to Spyglass/Lantern holding itself out as owningSpyglass says this came out of nowhere and that it stopped Netflix negotiations. The upstart movie company also says it then sent the bank the movie's physical materials.
Now that the Netflix deal has collapsed, and First Republic finds itself unable to reach an agreement to sell distribution rights to, the bank is blaming Spyglass for a multi-million dollar loss. The bank accuses Spyglass of interfering with its property by taking possession of the film, preventing access and destroying the movie's value. Conversion and interference with a contractual relationship are among the claims being pursued in Los Angeles Superior Court.
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