Friday, December 01, 2006

Remember "The English Patient"?


Producer Saul Zaentz on Thursday filed a $20 million lawsuit against Walt Disney Co. and its Miramax Films unit, accusing them of failing to share profits from his 1996 best picture Oscar winner "The English Patient."

"Like Enron, Tyco and WorldCom, Miramax has used fraudulent and unfair accounting and business practices to deprive (Saul Zaentz Co.) of its

profit participation," according to the suit, which was filed in Los Angeles Superior Court.
Zaentz created a joint venture with Miramax to co-finance the picture and share in its profits, the suit states. Using inappropriate accounting practices, Miramax has attempted to show that it has yet to recoup costs associated with the acquisition, distribution and marketing of the film, it alleges.

Among the practices cited, the suit claims that Miramax listed as theatrical marketing expenses $34 million in marketing costs, even though "a significant portion" of those outlays actually were associated with a home video campaign for the title.

The suit sets production costs of "The English Patient" at $35 million and worldwide receipts at $100 million.

Source

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