Intertainment loses $6.7 mil in 2008

Rights group has litigation ongoing against Comerica Bank

COLOGNE, 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.
comments powered by Disqus