‘Rocky’ exec producer Kirkwood files Chapter 7

Gene Kirkwood, best known as executive producer of the original “Rocky” movie , filed for personal bankruptcy in Los Angeles two weeks ago. He currently has two pix in development at Warner Bros.

Kirkwood, also known as Eugene Stein, reported in Chapter 7 documents filed with U.S. Bankruptcy Court total liabilities of $ 1,188,753, assets of $ 56,207 and negative income of $ 12,550.

Of the 14 claims listed, the biggest creditors are Uncle Sam and the state of California, with a combined total of $ 594,400 owed in priority and unsecured claims.

The second-biggest creditor is Kirkwood’s ex-wife, owed $ 200,000, followed by New York law firm Loeb & Loeb, due $ 136,615.

City National Bank of Beverly Hills is owed $ 102,137 in unsecured claims, while the New York State Dept. of Taxation & Finance, Metropolitan District, claims $ 75,689 of unsecured debt.

Kirkwood also owes the New York City Dept. of Transportation $ 2,723 and the Mark $ 4,912. Other unsecured claims include: American Express for $ 37,399 and Citizens Fidelity Bank & Trust, Louisville, Ky., for $ 3,680. Secured claims include Classic Leasing Co. of Santa Monica, $ 8,000, and Executive Car Leasing of L.A., $ 23,194.

Kirkwood reported income of $ 91,127 this year; last year, $ 131,678; and in 1990, $ 65,751.

His revenues included $ 80,000 from the sale of his profit participation in the “Rocky” films to his business associate Monty Shadow, whose biz address is in Italy.

“What Makes Sammy Run?” and “A Face in the Crowd” are the two films Kirkwood has in development at WB. A studio source said the projects are owned by WB and would not be affected by Kirkwood’s bankruptcy.

Bankruptcy Judge Berry Russell has appointed Samuel Biggs as trustee to steer Kirkwood’s liquidation proceedings. A hearing with creditors is set for 10 a.m. Oct. 23 before Biggs and the U.S. Trustee’s office.

Kirkwood also was the executive producer of “Ironweed,” and co-produced “The Pope of Greenwich Village,”” Gorky Park” and “The Idolmaker.”

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Film News from Variety

Loading