You will be redirected back to your article in seconds

Creditors seek Cannon trustee

The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods.

The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently acquired Cannon, is a convicted felon with a history of stripping companies.

The exec, Gilbert Federbush, did not return a call Friday. Cannon execs also did not return calls.

The filing said Federbush has been involved in at least six failed businesses and quoted a judge who presided over the bankruptcy of one of those ventures, calling the exec’s actions a “wholesale plunder … of remaining cash assets.”

VMI announced that it acquired a controlling stake in Cannon earlier this month. A regulatory filing said the company paid roughly$ 1 million for 51% of the company owned by former prexy/CEO Christopher Pearce and agreed to repay another $ 200,000 loan made to Pearce by ING Bank.

Additionally, VMI agreed to make a $ 2 million “capital contribution” to Cannon that will be specifically earmarked to pay off Cannon’s debt to Melrose Entertainment. Melrose is owned by former Cannon topper Yoram Globus. The filing said nothing about repaying other creditors.

The motion will be heard today.

More Film

  • Call Her Ganda

    Tribeca Film Review: 'Call Her Ganda'

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

  • Lou Pearlman Dead

    Documentary on Disgraced Boy-Band Producer Lou Pearlman Ordered by YouTube Red

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

  • Joss Whedon'Avengers: Infinity War' film premiere,

    Joss Whedon Defends His Controversial 'Wonder Woman' Script

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

  • Robert Downey Jr'Avengers: Infinity War' film

    'Avengers: Infinity War' Premiere Draws Largest Contingent of Marvel Superheroes

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

  • 'You Shall Not Sleep' Review

    Tribeca Film Review: 'You Shall Not Sleep'

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

  • Mid Adult Man Eating Salad

    Deadpool Endorses a Tequila Brand, Tweaks Ryan Reynolds for Buying a Gin Company

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

  • Netflix Stock All Time High

    Netflix Might Soon Be Worth More Than Disney

    The group of creditors that sued last week to put Cannon Pictures Inc. in involuntary bankruptcy proceedings filed an emergency motion to appoint a trustee to run the company. The creditors include Charles Bronson’s Zuleika Farms Prods. The motion, filed late Friday, said that a principal in VMI Acquisitions Inc. , the company that recently […]

More From Our Brands

Access exclusive content