Former Walt Disney Studios Chairman Seeks Film Venture Financing
Dick Cook, former chairman of Walt Disney Studios, is seeking to raise $625 million in equity financing to make and distribute family oriented films, according to a banker briefed on the effort.
Cook and his advisors are soliciting investors, including private-equity firms, hedge funds and wealthy individuals, said the banker, who wouldn't discuss the matter publicly.
Cook is seeking to return to film-making after resigning from Burbank-based Walt Disney Co. in 2009. Chief Executive Officer Robert Iger engineered Disney's purchase of Marvel Entertainment for $4 billion that year and agreed to distribute movies for Steven Spielberg's DreamWorks Studios SKG.
A former baseball player at the University of Southern California, Cook is also executive producer of a film based on the life of Jackie Robinson, the first black player in Major League Baseball, Legendary Pictures, which is producing the film, said in a June 1 statement.
Other terms of the offering, including the percentage of the company that will be sold, weren't available.
Cook's lawyer Peter Dekom, reached at the Cook Co. offices, declined to comment. In the past year, some investors have become more receptive to film finance.
Legendary, the co-producer of films including "Inception" and the "Hangover" movies, will raise $220.5 million for a Hong Kong venture through Paul Y. Engineering Group Ltd., according to an announcement this month.
Summit Entertainment LLC, producer of the "Twilight" vampire films, raised $750 million in debt in February. New owners of Miramax, producer of Oscar-winning pictures including "Shakespeare in Love," borrowed $325 million in December to complete the acquisition from Disney.
In his 38 years at Disney, Cook oversaw creation of films including the "Pirates of the Caribbean'' franchise, a series that has generated $3.72 billion in worldwide ticket sales, according to Boxofficemojo.com.
Cook started at the company as an operator of the steam train and monorail rides at the Disneyland park in Anaheim, California, according to a statement issued at the time of his resignation. He was replaced by Richard Ross, previously president of Disney Channel Inc.
- Bloomberg News
Madoff Trustee To Dismiss Some Claims Against Maxam Capital
Irving Picard, the trustee liquidating Bernard L. Madoff's money-management firm, said he will dismiss common-law claims against Maxam Capital Management LLC and its founder Sandra Manzke.
Picard sued Maxam, some of its funds and Manzke in December, demanding return of so-called fraudulent transfers out of the Ponzi scheme and accusing them of unjust enrichment and constructive trust. Maxam got the case removed to district court, where it asked Judge Jed Rakoff to dismiss the common-law claims, basing its request on the judge's July ruling that threw out almost $9 billion in damages Picard demanded from HSBC Holdings Plc and feeder funds using common claims.
"The parties wish to avoid the expense and time of additional resources in connection with defendants' motion to dismiss the common law claims," Picard said in a filing in U.S. District Court in Manhattan yesterday.
Picard sought $100 million in transfers from Maxam, plus $5.8 million in fees from Manzke, in addition to her $1.8 million Pound Ridge, New York house and $500,000 she took out of the Maxam fund in 2008. Picard said the bankruptcy-law claims would remain.
The common-law claims may be renewed if another court "determines that the trustee is permitted to advance common law claims," Picard said.
A constructive trust would transfer assets back to the Madoff estate, according to Picard's lawsuit.
Picard last week appealed Rakoff's ruling on the HSBC claims.
The case is Picard v. Maxam, 11-cv-03261, U.S. District Court, Southern District (Manhattan.
- Bloomberg News
On The Move
BNY Mellon Hires Advisor In Boston
BNY Mellon has hired Joshua Miller to the newly created position of vice president in its wealth management business, which offers individuals, families and organizations private banking, wealth, tax and estate planning services.
Miller, a practicing attorney for seven years, joined BNY Mellon from the law firm of Holland & Knight, where he advised clients on estate and gift planning, estate and trust administration, business planning, charitable giving and other matters.
Raymond James Recruits Three Former AG Edwards Advisors
Raymond James recently hired financial advisors Gary McGovern, John Flaherty and Frank McDonnell, all senior vice presidents, investments, for a new Raymond James branch in Hingham, Mass.
The team offers comprehensive portfolio, financial and retirement planning for individuals, families and businesses. Prior to joining Raymond James, McGovern, Flaherty and McDonnell worked together at A.G. Edwards before its acquisition by Wachovia/Wells Fargo.
- Kathy Lynch