German International Finance Firm Goes Kaput! Which Means Not So Many Co-Financing Deals With the Fatherland
A German firm that wanted to create the cash flow that American companies thought they could eke out of Deutsche-speaking territories has gone belly up with some serious debtors looking for blood, including actor John Cusack
and director Jan De BontInternationalmedia declared bankruptcy in Germany on Tuesday, leaving a handful of angry debtors. The company, looking to save face, blamed its problems on the financial woes of financier David Bergstein.
Variety says: Internationalmedia was hit hard last year by the cancellation of Jan De Bontâ€™s “Stopping Power,” an action pic that was set to star John Cusack and shoot in Berlin but was abruptly shut down after financing fell through.
The production was taken over by L.A.-based R Media, another company linked to Bergstein.
In July, Cusack sued Internationalmedia for $5.6 million for unpaid wages; the company dismissed the claim, saying R Media was now liable for the entire production
Unfortunately, the entire episode was all too reminiscent of an earlier German meltdown in the hundreds of millions surrounding a company called Intermedia in the earliest parts of this century.