Lots of buzzing about the uncertain financial state of indie film distributor THINKFilm. In the wake of a number of stories chronicling the troubles facing Capitol Films (you may have read about them having to shut down production on the Jake Gyllenhaal film NAILED due to lack of money), the spotlight has now been focused on Capitol's sister company THINKFilm, both owned by parent CapCo, headed by David Bergstein.
On Monday, Variety reported that THINK's own financial difficulties may not be new:
"American distrib THINKFilm is known to owe substantial amounts to media outlets, among others. The company was going to announce the acquisition from Senator Entertainment of WHITE MALE HEART this week, but then canceled its press meetings.
Further problems emerged last week when THINKFilm execs suddenly discovered there was no money for Friday newspaper ads for Helen Hunt’s much-hyped Toronto pickup THEN SHE FOUND ME."
Stu at Defamer notes a separate Variety article that says Oscar winner Alex Gibney threatened to take THINK into bankruptcy "after the company failed to pay him his fees" on TAXI TO THE DARK SIDE.
Over a month ago, a filmmaker (and THINK alum) told me that their (extremely well known indie film) lawyer was about to sue THINK for payments, not just on their documentary film but on a slate of THINK titles and filmmakers that were owed money.
Tuesday night, another filmmaker told me that the company is behind on paying many of their filmmakers and have concealed their financial situation from filmmakers and vendors. They said that some are owed money in the six figures range.
THINK cut back on its documentary acquisitions this year after loading up in 2007 on a number of titles that underperformed at the box office. However, they have two high profile releases planned for summer - Werner Herzog's ENCOUNTERS AT THE END OF THE WORLD and Marina Zenovich's ROMAN POLANSKI: WANTED AND DESIRED, which the company is to release immediately after it's premiere on HBO.
The news about THINK comes after a week of tumultuous developments in the nonfiction and indie film worlds, including the shuttering of Picturehouse, Warner Independent and Discovery Films and the purchase of the Sundance Channel by Cablevision (parent of Sundance competitor IFC TV).
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