“The Defendants agreed to guarantee any shortfall of the amounts incurred by Regency and to pay back to Regency and costs that were not recouped from the Picture’s revenues within a specified time period,” writes attorney Richard Kendall in the complaint filed Friday in Los Angeles County Superior Court.
Despite its star power, the $25 million film only grossed $3.9 million worldwide. “It was not a commercial success,” writes Kendall, adding that the distribution costs exceeded the receipts by more than $21 million.
To date, Regency claims, the defendants have refused to pay any of their guaranteed obligations.
Regency is suing Beatty’s Tatira and several other investors in the project for breach of contract and is seeking at least $18 million in damages.
– Article written by Ashley Cullins for The Hollywood Reporter. Full article found here.
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