Schuermann tenure ends at Intermedia
EmptyCOLOGNE, Germany -- Martin Schuermann has resigned from L.A.-based financing group Intermedia Film Equities, breaking his last remaining tie to Intermedia parent IM Internationalmedia, a company he ran from 2005 until his resignation as CEO this summer.
In making the announcement, Intermedia stressed that Shuermann was not terminated nor did the company plan to take legal action toward him, a rumor that had been widely circulated in the German media.
While Schuermann cited "personal reasons" for his decision, it comes as Internationalmedia is struggling to survive following the collapse of its Jan de Bont action film "Stopping Power." The production, a kidnapping thriller starring John Cusack, ground to a halt earlier this year after the picture's main backer pulled out.
On Wednesday, IM released third-quarter figures that showed the company booked a net loss of 12.8 million euros ($18.7 million) in the first nine months of 2007, an amount equal to the company's total revenue over the same period.
The company, which produced such films as "Terminator 3: Rise of the Machines" (2003), "Alexander" (2004) and the comedy "RV" (2006), is now looking for outside investors.