You will be redirected back to your article in seconds

Miracle off Wall Street

Prod'n house gives equity to stars, producers

Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company.

That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and financing company.

Actor/producer Jean-Claude Van Damme’s Long Road Films just inked a three-year, first-look deal with First Miracle Group, under which Van Damme gets shares in the company and joins its board of directors.

In exchange, First Miracle gets 50% of Long Road’s interest in three completed Van Damme films, as well as a first right of refusal on other projects now in development at Long Road.

The completed films are “Universal Soldier, the Return” which Sony Pictures will release in September; “Inferno”; and the direct-to-video release “Legionnaire.”

First Miracle also has a first-look deal with Emmett/Furla Films, under which the producers get a stake in the company in lieu of salaries.

Equity investment

“People respond better if they have equity,” said Cataldo, a self-acknowledged neophyte in the entertainment field. The former president of Internet Systems was brought into the company because of his track record at turning around publicly traded companies.

First Miracle co-founders Yoram Globus and Menahem Golan have left the company, although Golan will serve as a consultant going forward.

Cataldo said First Miracle had recently acquired rights to a number of literary properties that it planned to develop, including Stanford Whitmore’s spec “Alicia’s Book.”

More Film

  • 'Incident in a Ghostland' Review

    Film Review: 'Incident in a Ghostland'

    Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company. That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and […]

  • Gretchen Carlson

    Gretchen Carlson on How Her Roger Ailes Lawsuit Affected the Cosby Case

    Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company. That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and […]

  • 'Hotel Transylvania 3: Summer Vacation' Tracks

    'Hotel Transylvania 3: Summer Vacation' on Track for $40 Million-Plus Opening

    Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company. That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and […]

  • Actor Johnny Depp poses for photographers

    Johnny Depp: Rolling Stone Profile Latest Sign Actor Is PR Liability

    Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company. That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and […]

  • Film review: Budapest Noir

    Film Review: 'Budapest Noir'

    Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company. That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and […]

  • Johnny Depp

    The Most Shocking Revelations From Johnny Depp's Rolling Stone Interview

    Stars and filmmakers who go into business with the newly restructured First Miracle Group don’t just share in the profits of pics they make, they get a stake in the company. That’s part of a strategy unveiled by the Wall Street veteran Tony Cataldo, who recently took over as president of the indie production and […]

More From Our Brands

Access exclusive content