Hm, whatever happened to Platinum and their 5000 comic book properties? It’s been a while since we checked in, but luckily, Van Jensen has just taken a look at Platinum Studios’ year end report — available free right here — and the picture is…not good. Right off the bat, the company is $20 million in debt, but the problems go on and on. For instance, the company has had a hard time paying their rent:
Our offices … consist of approximately 12,400 square feet. We entered into a five year lease for our offices which requires payments of $31,857 per month or minimum annual payments of $127,429 in 2006, $387,383 in 2007, $402,878 in 2008, $418,993 in 2009, $435,753 in 2010 and $298,147 in 2011. Our lease expires on August 31, 2011. We are currently in arrears in our rent but the landlord has been willing in the past to work with the Company to enter into a payment plan that allows the Company to bring payments up to date while remaining in our space; however there can be no guarantee that the landlord will continue to allow the Company to work out a payment plan.
But there is good news!
On Feb. 26, 2009 the Company and Hyde Park Entertainment commenced production on “DEAD OF NIGHT”. This film is based on the best-selling Italian comic book series, ‘Dylan Dog’, created by Tiziano Sclavi and published by Italy’s Sergio Bonelli Editore. The comic book series has sold more than 56 million units worldwide and has been translated into 17 languages since its debut in 1986. Principal photography is taking place in New Orleans, Louisiana.
DYLAN DOG — a long-running European comics hit and just published in a sweet omnibus edition here by Dark Horse — that sounds good. But in a long list of lawsuits, one also finds this:
Harrison Kordestani v. Platinum. Harrison Kordestani was a principal of Arclight Films, with whom the Company had entered into a film slate agreement. One of the properties that had been subject to the slate agreement was “Dead of Night.” Arclight fired Mr. Kordestani and subsequently released Dead of Night from the slate agreement. In late January 2009, Mr. Krodestani had an attorney contact the Company as well as its new partners who were on the verge of closing the financing for the “Dead of Night.” Mr. Kordestani, through his counsel, claimed he was entitled to reimbursement for certain monies invested in the film while it had been subject to the Arclight slate agreement. Mr. Krodestani’s cliam was wholly without merit and an attempt to force an unwarranted settlement because he knew we were about to close a deal. We responded immediately through outside counsel and asserted that he was engaging in extortion and the company would pursue him vigorously if he continued to try and interfere with our deal. The company has not heard anything further from Mr. Kordestani but will vigorously defend any suit that Mr. Kordestani attempts to bring.
There are also lawsuits with their printer, Transcontinental, online ad service DoubleClick, and and several former employees.
Seriously, if you have some free time this afternoon, and a hot or cold beverage, depending on where you live, you will enjoy this trip down Platinum Lane.
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