‘Twilight’ Financier Sues Summit Over Millions in Profits

'Twilight' Financier Sues Summit Over Millions

A financier for the original “Twilight” movie is claiming that it is owed millions of dollars plus interest from Summit Distribution because of “erroneous, deceptive and improper accounting practices.”

Goldcrest Film Distribution, in a lawsuit filed in Los Angeles Superior Court on Wednesday, said that it entered into an agreement with Summit in March 2008 in which it bought certain distribution rights to “Twilight” in a pre-sale and paid Summit $10 million to help cover the cost of making the movie and three other films. Goldcrest claims that it’s entitled to a portion of the worldwide net revenues from the films.

But Goldcrest claims that Summit understated the “Twilight” revenues and overstated its costs. It claims that Summit “improperly included” $6 million in retroactive bonuses to stars Kristen Stewart and Robert Pattinson as charges against the production, misrepresenting them as third-party participations. The suit alleges that the bonuses were charged to “Twilight” as Summit was trying to get a commitment from them to participate in the sequel, “New Moon.”

Goldcrest also claims that Summit charged a 47% distribution fee on merchandising and withheld millions of dollars in homevideo and video subdistribution revenues.

The suit claims breach of contract and declaratory relief and seeks unspecified damages and restitution.

The movie cost $40 million to make and generated $392 million in worldwide box office revenue, the suit states.

Goldcrest is represented by Mark Holscher of Kirkland & Ellis.

A spokesman for Summit said they had no immediate comment.

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  1. J.Hardcastle says:

    iN 2007 WE WOULD ALL LIKE TO HAVE A CRYSTAL BALL. Robert who? Kristin what? Funny how a housewife with a dream can change there worlds.

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