Relativity founder Ryan Kavanaugh paid himself $2.6 million after the company emerged from bankruptcy in 2016, even as the company failed to pay bankruptcy fees or file tax returns, according to the U.S. trustee’s office.
The trustee has raised objections to Relativity’s latest bankruptcy filing, which came last month. In court papers, the trustee’s office expressed concern that the bankruptcy is designed to benefit Kavanaugh and lender UltraV Holdings at the expense of other creditors.
“This is a case that cries out for a robust investigation of potential avoidance actions,” wrote Greg Zipes, an attorney for the trustee’s office in New York, arguing that some creditors may wish to nullify transfers to preferred parties.
UltraV is set to acquire the company through a bankruptcy sale, and has agreed to retain Kavanaugh as a consultant on a $10,000-a-month contract, which includes an equity incentive in the reorganized company.
The trustee has raised objections to Relativity’s latest bankruptcy filing, which came last month. In court papers, the trustee’s office expressed concern that the bankruptcy is designed to benefit Kavanaugh and lender UltraV Holdings at the expense of other creditors.
“This is a case that cries out for a robust investigation of potential avoidance actions,” wrote Greg Zipes, an attorney for the trustee’s office in New York, arguing that some creditors may wish to nullify transfers to preferred parties.
UltraV is set to acquire the company through a bankruptcy sale, and has agreed to retain Kavanaugh as a consultant on a $10,000-a-month contract, which includes an equity incentive in the reorganized company.
- 6/6/2018
- by Gene Maddaus
- Variety Film + TV
We return with another edition of the Indie Spotlight, highlighting recent independent horror news sent our way. Today’s feature includes casting news for the post-apocalyptic horror film, State of Desolation, a new clip from Crawlspace, release details for Worm, Devil’s Mile, Glorious Plague, and much more:
State of Desolation Casting Details: “Writer/Director Jim Towns (House of Bad), is at work again filming his next feature film, a post-apocalyptic horror called “State of Desolation”. The film takes us on the journey of an unusual relationship forged between an aging mercenary, played by Craig Stark (Django Unchained) and a young pampered suburbanite, played by Jamie Bernadette (Axeman), as they both try to survive the Apocalypse. Rounding out the cast are Daniel Buran (True Blood), Jessica Morris (Haunting of the Innocent), Maria Olsen (Paranormal Activity 3), and Victoria De Mare (Stripped). In the coming weeks, more roles will be filled and director Jim Towns states,...
State of Desolation Casting Details: “Writer/Director Jim Towns (House of Bad), is at work again filming his next feature film, a post-apocalyptic horror called “State of Desolation”. The film takes us on the journey of an unusual relationship forged between an aging mercenary, played by Craig Stark (Django Unchained) and a young pampered suburbanite, played by Jamie Bernadette (Axeman), as they both try to survive the Apocalypse. Rounding out the cast are Daniel Buran (True Blood), Jessica Morris (Haunting of the Innocent), Maria Olsen (Paranormal Activity 3), and Victoria De Mare (Stripped). In the coming weeks, more roles will be filled and director Jim Towns states,...
- 6/15/2014
- by Tamika Jones
- DailyDead
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