Michael Douglas Owes Him $1M, Pal Says
Areas of Focus | 2008/04/29 15:57
Actor-producer Howard Zuker says Michael Douglas forced him out of the company the two men co-founded, American Entertainment Holding Co., owing him a promised $1 million bonus. Zuker appeared under the name Zach Norman in "Romancing the Stone," "Night Moves," "Hard Times," and other movies.

In his Superior Court lawsuit, Zuker says Douglas has been AEHC's main financial backer since it began. Zuker says he and Douglas became friends in 1976, after meeting at the Cannes Film Festival. He claims that in 1998, he suggested that Douglas and he buy the American Play Company, which held rights to what the complaint calls "a massive library of thousands of owned or managed intellectual property rights."

He claims Douglas eventually agreed to finance Zuker's purchase of APC. But AEHC had trouble getting off the ground, Zuker says. Despite multiple funding injections from Douglas, AEHC was never able to raise enough money to meet its operating budget.

Zuker blames this on Douglas' repeated vetoes of potential investors, and on investment banker Christopher Baker, who invested $2.5 million in AEHC, but allegedly blocked further investments for nearly two years by failing to complete a Private Placement Memorandum to define the terms for potential investors.

Eventually, Zuker claims, Baker drafted a memorandum that "relegated AEHC from the centerpiece of the deal to a bit player."

Baker also is a defendant in this case.

Zuker says the new deal called for AEHC to give up its rights to the film library. The memorandum cut out AEHC financially and replaced it with Granite-Glass, Douglas's and Baker's joint company, as manager of the company's "Film Fund." It allegedly earmarked $7 million in profits for Douglas's and his wife, Catherine Zeta-Jones's, production companies.

The new plan was "directly contrary to the parties' prior understanding and conversations, and a blatant attempt to co-opt AEHC's valuable business opportunity," according to the complaint.


[PREV] [1] ..[2747][2748][2749][2750][2751][2752][2753][2754][2755].. [2844] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Former Georgia insurance commissi..
Spanish court grants bail to Dani..
A Supreme Court ruling in a socia..
Prosecutors seek from 40 to 50 ye..
Trump wants N.Y. hush money trial..
Sen. Bob Menendez enters not guil..
Hong Kong court affirms landmark ..
Prosecutors Drop Charges During ..
Supreme Court temporarily blocks ..
Prince Harry loses a court challe..
Witness at trial recounts fatal s..
Court rejects appeal from 3 GOP H..
Ex-Illinois lawmaker abruptly ple..
North Carolina voter ID trial res..
Republicans urge state Supreme Co..
Nevada Supreme Court sides with A..
Court says GOP lawmakers who stag..
Donald Trump must pay an addition..
Supreme Court could overturn Okla..
Illinois high court hands lawmake..




St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
Bar Association Website Design
Bar Association Member Management
www.lawpromo.com
Sunnyvale, CA truck accident Attorney
www.esrajunglaw.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Web Design For Korean American Lawyers
Korean American Lawyer Website Design
romeoproduction.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Family Lawyer Rockville Maryland
Rockville Divorce lawyer
familylawyersmd.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved.The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

A LawPromo Web Design