April 24, 2012 11:21am PT by Alex Ben Block
Miramax Owner Settles David Bergstein Lawsuit
Filmyard Holdings LLC, the group that acquired Miramax from Disney, has reached an out-of-court settlement with David Bergstein that ends the suit he filed April 9 in Los Angeles Superior Court.
Bergstein had sought a payment of $6 million he said he was owed and 3.3 percent of the equity in Miramax he said he was promised, which would be worth more than $20 million. Terms of the settlement were not disclosed.
One source says Bergstein was being offered about $4.5 million to settle but another source claims the ultimate settlement number was lower. It appears Bergstein will not have an ongoing interest in Miramax’s ownership.
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“I am pleased that I was able to sit down with my counterparties in this suit, discuss our differences and resolve them," Bergstein said. "I fully retract the claims made in the lawsuit against Filmyard, Miramax, Colony Capital, Richard Nanula and Josh Grode. I’d like to thank everyone involved for their understanding and cooperation.”
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Richard Nanula, a principal at Colony Capital, one of the owners of Filmyard, said: “We want to recognize the contributions David made that ultimately led to Filmyard’s ownership of Miramax. Without his efforts, this very successful transaction wouldn’t have happened.”