Intertainment loses $6.7 mil in 2008
Rights group has litigation ongoing against Comerica BankCOLOGNE, Germany -- Intertainment, the rights group controlled by ex-Kinowelt heads Michael and Rainer Kolmel, continues to bleed red ink.
According to preliminary figures released Monday, the operation lost €4.7 million ($6.7 million) in 2008 on virtually nonexistent revenue of less than $1 million.
Intertainment exists solely to pursue a series of legal actions linked to its 2004 fraud trial against Elie Samaha's Franchise Pictures.
While Intertainment was awarded $122 million in that case, it has collected only a small fraction of the cash. Intertainment has litigation ongoing against Comercia Bank, which approved Franchise's dodgy budgets, with the trial set to start in April next year.