As a seasoned gamer and film enthusiast with a knack for uncovering hidden truths, I can’t help but feel a pang of unease when stories like this surface. Having spent countless hours immersed in the cinematic universes brought to life by companies like Productivity Media Inc., it’s disheartening to learn about the alleged financial mismanagement and unpaid fees affecting productions, particularly those with budgets under $10 million.
Productivity Media Inc., a firm handling movie financing and production, has temporarily stepped down its CEO due to an investigation into accusations of financial misconduct. The company disclosed this information to The Hollywood Reporter. They’ve also shared with investors that they’ve invited PricewaterhouseCoopers auditors to examine their financial records and scrutinize their loans.
A spokesperson has verified that a private, ongoing inquiry is taking place, and William Santor is presently away from work on temporary break.
Numerous reports indicate that some film producers working on PMI productions, which are typically independent films with budgets less than $10 million, have not received their full pay and fear that distribution may be compromised due to ongoing internal reviews. A representative from PMI declined to comment on these alleged contractual issues in a public setting, stating it’s the company’s policy to remain silent on such matters.
Santor, the creator of PMI, failed to provide a statement in response to our inquiry. For quite some time, he’s been managing Prosapia, a financial institution from Canada that caters to numerous family offices.
PMI has been a Hollywood lender for more than a decade. It provides financing secured against distribution rights as well as interim financing secured against tax credit rebates. Its best-known projects have included Aubrey Plaza’s indies The Little Hours and Black Bear.
During the pandemic period, several PMI projects have been filmed in the Cayman Islands, such as Ron Perlman’s action movie “The Baker” and Don Johnson’s thriller “Unit 234”. This is a result of a multi-production agreement made with the film commission of this self-governing British territory, which is typically recognized more for offshore banking than entertainment production. The government’s ambition to nurture a strong film industry and provide a secure environment for filming during challenging times has been expressed as very promising, according to Santor, who spoke with Screen Daily in 2021.
The highly anticipated black-and-white boxing drama, “Day of the Fight,” produced by PMI and directed by Jack Huston, who previously worked with Michael C. Pitt on “Boardwalk Empire,” has enlisted the services of consultants responsible for the successful 2020 Academy Award campaign for Best Picture winner, “Parasite.
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2024-09-13 20:54