CL sues Kodiak, owner over loan

Credit Lyonnais Bank Nederland N.V. has sued Kodiak Films and its owner, Wolf Schmidt, for failing to pay a loan balance of about $ 15.45 million.

The bank, in a suit filed in Los Angeles Superior Court, also said Kodiak improperly retained distribution proceeds of about $ 2.5 million that, under an agreement with the bank, should have gone to pay off the debt.

The loans, dating back to August 1986, were used for overhead and to finance the films “The Fourth War,””Riding the Edge,””Foxhunt,””Night Warrior” and “In Gold We Trust.”

Per the suit, Kodiak made a “direct assignment” of distribution funds to the bank and was not supposed to keep any of it or pay Schmidt until the loans were repaid.

The suit seeks the balance due plus interest, an accounting and unspecified punitive damages.

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