NAME: Jonathan Krane
STATUS: Started Management Co. Entertainment Group, produced “Look Who’s Talking”
LAST SEEN: Stopped talking after MCEG filed Chapter 11 in October
A classic case of the vanishing mogul. Not only did Jonathan Krane disappear after his company MCEG foundered, the two-picture deal he set up at Tri-Star also seems to have evaporated, along with a fat settlement Krane left the company with. Krane was a Rolls-driving, flamboyant and aggressive attorney who set up MCEG to manage talent such as John Travolta and Sally Kellerman (Krane’s wife), and make low-budget movies starring those and other clients. He raised $120 million on Wall Street but, 14 months later, the company was $100 million in debt, with few movies to its credit.
When Krane exited, a condition of a settlement between MCEG and Tri-Star was that he would get the two-pic deal, half fee and participation in “Look Who’s Talking Too,” plus $500,000. Before he could take possession of those things, MCEG went into Chapter 11, and the creditor’s committee and 9th Circuit Bankruptcy Court stepped in and put a stop to it. Instead of being liquidated, MCEG is currently being reorganized, with hopes of operating its way out of bankruptcy.
Still unclear is what will happen to the movies Krane left behind at MCEG. According to sources, a national distribution deal is about to be made for the best of the six unreleased films – “Sketches,” a buddy road trip comedy directed by Neal Israel, and starring Jason Bateman and Annie Potts.
Other missing films at MCEG are:
* “Chains Of Gold,” starring Travolta, directed by Rod Holcum
* “Boris And Natasha,” starring Kellerman and directed by Charles Martin Smith
* “Convicts,” starring Robert Duvall, directed by Peter Masterson
* “Fatal Charm,” starring James Remar, directed by Fritz Kiersch
* “Cold Heaven,” starring Theresa Russell, directed by Nicholas Roeg.