You will be redirected back to your article in seconds

Basinger files Chapter 11

Kim Basinger has filed for Chapter 11 bankruptcy, declaring that she does not have the financial assets to collateralize a multimillion-dollar breach of contract judgment that she’s been ordered to pay Main Line Pictures.

The actress, currently in the midst of filming “The Getaway,” would have had to post a bond by 1 p.m. Wednesday in order to secure a $ 7.4 million award in the “Boxing Helena” breach-of-contract trial (Daily Variety, May 20).

The judgment was handed down by a Los Angeles jury last March after it found that the actress had breached an oral agreement with Main Line Pictures to star in “Boxing Helena.”

Bonding companies usually request that people be able to show collateral for one and a half to two times the actual judgment, which in Basinger’s case would have amounted to between $ 11 million and $ 14.8 million, approximately.

Instead, Basinger — listed on the bankruptcy petition as Kimila Ann Basinger — paid $ 600 this week to file for Chapter 11.

Staving off payment

By filing for bankruptcy, she has effectively stayed paying any monies to Main Line, at least for the time being. Now her attorneys will have to petition the bankruptcy court to pursue an appeal.

“She just didn’t have the assets to satisfy this kind of outrageous award,” said her lawyer, Howard Weitzman, of Katten, Muchin, Zavis & Weitzman. “As of today (Wednesday), her estate is now frozen.”

Last March, on the final day of trial, it was disclosed by Basinger’s attorneys that the actress’ net worth was $ 5,387,382.19.

“What’s going to happen now is that we have to find out if this is an appropriate matter for the bankruptcy courts,” noted Main Line attorney Patricia Glaser, of Christensen, White, Miller, Fink & Jacobs.

In other words, Basinger’s financial assets will be thoroughly combed over during the next several weeks.

‘Admission of defeat’

“I would say from Kim’s standpoint, this move is sort of a shame. The whole bankruptcy proceeding is such an invasive process. You open yourself to every possible financial inquest,” Glaser said. “It’s an admission of defeat.”

The bankruptcy filing is not good news for Main Line prexy Carl Mazzocone, either. Now he will have to hire bankruptcy attorneys to pursue his award.

“Obviously it means more expenditure of money for Mr. Mazzocone,” Glaser said. “But he will be vindicated. It’s just going to take a little longer.”

Glaser said if it’s determined that the actress wrongfully filed for bankruptcy, the next legal step would be to move to have the bankruptcy dismissed.

Another option, if the bankruptcy is appropriate, would be to negotiate a settlement.

Meanwhile, Weitzman reiterated that Basinger was pushed to this move because the “Boxing Helena” jury was allowed to run amok.

“We believe Judge Judith Chirlin is directly responsible for what took place because she did not reduce the award to a potential net profit of the film,” he said. “You can only recover net profits, not gross.”

It has been Weitzman’s contention that the jury’s award, which was originally $ 8.92 million and later reduced to $ 7.4 million (not including $ 713,522 in legal fees for Mazzocone’s attorneys) was based on the possible gross potential for “Boxing Helena.”

Now it will be up to a bankruptcy judge to decide how Basinger’s assets are to be divided up, pending the outcome of an appeal.

Lengthy process

The first bankruptcy hearing will take place within 30 to 50 days. An appeal will probably take another year and a half to two years.

As for “Boxing Helena,” written and directed by Jennifer Lynch, Orion recently picked up North American distribution rights. It’s tentatively skedded for a Sept. 3 release.

More Film

  • Rooftop Films Announces Filmmakers Fund Grant

    Rooftop Films Announces Filmmakers Fund Grant Winners

    Swedish documentary filmmaker Anastasia Kirillova and “Negative Space” co-directors Ru Kuwahata and Max Porter are among the filmmakers who will receive grants from Rooftop Films to help complete their upcoming projects. Kirilova will be awarded $20,000 to finish her film, “In the Shadows of Love,” while collaborators Kuwahata and Porter will receive $10,000 for “Dandelion [...]

  • Jim Gianopulos

    Paramount Chief Jim Gianopulos Unveils Diversity Initiative

    Paramount Pictures chairman and CEO Jim Gianopulos has announced that all studio productions will be required to complete a plan to enhance diversity. Wednesday’s reveal follows Paramount’s commitment to participating in Time’s Up and Annenberg Inclusion Initiative’s 4% Challenge. The name is derived from women having directed only 4% of the country’s top grossing movies [...]

  • Leave No Trace

    Oscar Analysts Are Sincere -- but Often Totally Wrong

    With Oscars arriving Feb. 24, we can expect multiple “who will win/who should win” columns. There will also be a flurry of post-show analyses about the Academy of Motion Picture Arts & Sciences and why members voted the way they did. Since AMPAS never releases polls or voting tallies, these pundits will never be contradicted [...]

  • Oscar OScars Placeholder

    On Eve of Oscars, Variety’s Film Experts Answer Three Pressing Questions

    We continue to live in a divided world, with the current political landscape in the United States a seemingly endless hotbed of tumult and acrimony. Issues of racism, bigotry, diversity and gender equality drive the creative players as well, with Oscar-nominated films parlaying said themes into compelling, thought-provoking cinema. To analyze 2018 in big-screen entertainment, [...]

  • Karl Lagerfeld'Lagerfeld Confidential' Photocall at the

    Karl Lagerfeld Remembered at Costume Designers Guild Awards

    The death of fashion and costume designer Karl Lagerfeld cast somewhat of a shadow over the usually jubilant Costume Designers Guild Awards — the only award show where clothes literally steal the spotlight away from actors — which was held at the Beverly Hilton on Tuesday night. Here it was obvious that Lagerfeld’s impact on [...]

  • 'Captain Marvel' First Reactions: Early Reviews

    'Captain Marvel' First Reactions: 'The MCU Feels More Complete'

    “Captain Marvel” is soaring following advanced press screenings on Tuesday. Reactions from early showings have hit Twitter, and audiences are keen on Marvel’s first female-led standalone movie. Critics are praising Brie Larson’s performance as Carol Danvers, the nostalgic ’90s setting, and the cosmic sci-fi elements. Goose, Danvers’ cat, is also getting a lot of attention from [...]

  • Hiccup (Jay Baruchel) and Astrid (America

    Box Office: 'How to Train Your Dragon 3' Flying to $40 Million-Plus Debut

    Universal and DreamWorks’ “How to Train Your Dragon: The Hidden World” will soar to the top of the domestic box office when it debuts this weekend in over 4,000 North American theaters. The studio anticipates an opening around $40 million, which would fall just short of the debut of its predecessors, 2010’s “How to Train [...]

More From Our Brands

Access exclusive content