Debt seals Film Trustees fate

As expected, shareholders agreed Friday to put film financier Film Trustees into voluntary liquidation.

With debts of T4 million ($ 6.8 million) after funding Jeremy Thomas’ productions of “The Sheltering Sky,””Everybody Wins” and “Naked Lunch,” the company virtually had no alternative.

The shareholders, including Thomas, sales agent Terry Glinwood, Dutch bank Pierson, Heldring & Pierson and French distib AAA, appointed insolvency practioners Begbie Norton & Partners as liquidator.

The liquidator is expected to quickly put the company out of its misery by realizing whatever is left of the assets to pay the creditors, principally Pierson, Heldring & Pierson.

AAA is claiming that as Film Trustees had a contract to invest in Thomas’ films, it should have had the chance to co-fund and distribute his current picture, Bernardo Bertolucci’s “Little Buddha.” AAA is pressing that argument with the liquidator; Thomas could respond that as “Little Buddha” was fully underwritten by Francis Bouygues’ CIBY 2000, there was no such opportunity.

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