Prexy sez co. 'unable to fulfill its obligations'

German entertainment group In-Motion clarified details of its exit from Los Angeles-based Myriad Pictures on Friday as it reshapes its film and TV division.

It will no longer have any input in the company it took over in 2000; it was first understood In-Motion was keeping a 30% stake.

Back in 2000 In-Motion offered $4 million for Myriad but never completed the acquisition, according to Myriad prexy and founder Kirk D’Amico, who has an approximate 70% stake in the company.

“When the Neuer Markt crashed, and for a variety of reasons, In-Motion was unable to fulfill its obligations. We were in recent talks to try to continue working together on some level, but it did not work out.”

An In-Motion spokesperson confirmed that no money changed hands. D’Amico said Myriad has operated independently of In-Motion for 18 months with other sources of financing, most notably the $100 million revolving credit line with Imperial Entertainment Group.

Myriad is in production on the epic drama “Imagining Argentina,” starring Antonio Banderas and Emma Thompson, and has recently wrapped “Jeepers Creepers 2,” a co-production with American Zoetrope that Myriad is co-financing with United Artists.

Company is also casting “10th Victim” to be directed by Josef Rusnak from a David Klass script co-financed and co-produced with Babelsberg Studios.

It has sold all French rights for its dark comedy “The Good Girl” to Hachette Filipacchi Films, formerly known as Film Office.

Pic had its international premiere at the Deauville Festival of American Film, which wrapped Sunday. In France, film will be theatrically distributed by Mars Film, with video being handled by HFF through its video distribution agreement with Paramount.

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