Green-Light International has declared bankruptcy following a blistering arbitrators ruling that found that the foreign sales agent committed acts that bordered on criminal fraud.
The company was accused of pocketing $410,000 from distributors that should have gone to a collection account, and using the money for salaries and a lavish post-Cannes Film Festival vacation in the Italian Riviera.
The claim was brought by Raven Asset-Based Opportunity Fund, which extended loans totaling $9 million for production of two films, Imperium and Urge.
In his ruling, arbitrator Jeffrey G. Benz found that the companys principals had also repeatedly lied, sometimes under oath, and failed to produce bank statements. The ruling als…
Read the full article at: http://variety.com/2017/biz/news/green-light-international-raven-stole-400000-arbitration-award-1202491441/