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

  • Easy Money

    Netflix Orders 'Snabba Cash' Series Based on Hit Movie Franchise from SF Studios

    Netflix has ordered a six-part original series based on the hit Swedish crime franchise “Snabba Cash” from SF Studios. Based on Jens Lapidus’s bestselling novels, the series is set in Stockholm’s gritty criminal underground ten years after the events depicted in the “Snabba Cash” (“Easy Money,” pictured) movie trilogy. The society has become even more [...]

  • The Kings Man

    Film News Roundup: Disney Sets 'The King's Man' Spy Comedy for February

    In today’s film news roundup, “The King’s Man” and “A Kid From Coney Island” get release dates, and “Barry” star Anthony Carrigan joins “Bill & Ted Face the Music.” RELEASE DATE Disney has set its Fox spy comedy prequel “The King’s Man” for release on Feb. 14, 2020. Disney made the announcement Wednesday at its [...]

  • Shyrakshy: Guardian of the Light

    Shanghai Film Review: 'Shyrakshy: Guardian of the Light'

    The bombastic English title might sound like it describes some comic book sci-fi epic, but in “Shyrakshy: Guardian of the Light” our hero does not wear a cape but a weathered cap, and the light he guards is not an interstellar death ray but the flickering beam of a battered old movie projector. Prominent Kazakh [...]

  • Wanda Film's Zeng Maojun

    Shanghai: China's Once-Mighty Wanda Casts Itself in Role of Survivor

    The soundtrack for the introductory showreel at Wednesday evening’s Shanghai press event announcing Wanda Pictures’ annual line-up was aspirational and strangely defiant.  It began with Nina Simone crooning, “It’s a new dawn, it’s a new day, it’s a new life for me, and I’m feeling good,” and then continued with “Survivor” by Destiny’s Child. “You [...]

  • 'The Souvenir' Costume Designer Fashioned 1980s'

    'The Souvenir' Costume Designer Put a Decadent Twist on Opulent ’80s Style

    Set against the backdrop of London’s early-1980s cultural renaissance, British auteur Joanna Hogg’s exquisitely sculpted and critically acclaimed “The Souvenir,” which A24 has been widening in platform release for the past month, follows film student Julie (Honor Swinton Byrne) and her gradually destructive romance with the magnetic Anthony (Tom Burke). “We didn’t want a film [...]

  • Anne Hathaway

    Crew Member Stabbed on Set of Anne Hathaway's 'The Witches' in England

    A crew member has been stabbed in the neck on the set of Anne Hathaway’s “The Witches” remake, which is being shot at the Warner Bros. Studios stages in Leavesden, Hertfordshire. The Hertfordshire Constabulary said in a statement that the victim was hospitalized and his alleged attacker was arrested. The two men are believed to [...]

  • paranormal-activity-1

    Paramount, Blumhouse Announce Seventh 'Paranormal Activity' Movie

    Paramount Pictures and Jason Blum’s Blumhouse are teaming on a seventh “Paranormal Activity” movie. Paramount chief Jim Gianopulos announced the untitled project Wednesday during the studio’s CineEurope presentation in Barcelona. Plot details are also under wraps. The franchise was launched with 2007’s “Paranormal Activity,” a micro-budget film about a young couple who had who moved [...]

More From Our Brands

Access exclusive content