Most of the time, Hollywood is complaining about Joel Silver. Now the producer is complaining about Wall Street. Matthew Belloni scooped about the breach of contract and fraud lawsuit filed today in LA Superior Court by Silver against Goldman Sachs. It claims the investment bank stiffed him on more than $30 million from a share of revenue from his Dark Castle films. To put the lawsuit in context, the relationship began in those financially flush days of 2007 when Wall Street was eager to invest in the movie biz. Now it’s 2010, and Silver’s crappy Dark Castle is a bad joke.
(Hey, there’s a sucker born every minute — and the rich ones usually find their way to Hollywood.) [UPDATE: According to Silver, his 11 Dark Castle have made $1+ billion all in.] ”Despite their vast wealth and resources,” the Goldman defendants “have repudiated and breached their contractual obligations to pay the Silver Parties at least $30 million, made fraudulent misrepresentations to benefit themselves by over $100 million, and refused to pay substantial amounts due for the valuable services of Silver,” the complaint says. None other than pitbull Bert Fields is litigating the case for Silver. The defendants are Goldman Sachs, the Toronto-based TV/film producer and distributor Alliance, and Momentum Pictures USA.
Editor-in-Chief Nikki Finke - tip her here.


Its called IRR. Hollywood lives in a cash world that does not understand time value of money. Hey you got your money back good for you. No that is a loss. No doubt the terms had a hurdle rate that was never met but cash on cash was positive.
Calling for the closure of Dark Castle, one of the few horror buyers in the market, is ludicrous. Granted their film selections as of late haven’t been stellar but everyone has a rough patch in the business. If doors were closed based on failures, we wouldn’t even have an entertainment business.
Amen…..and by the way, ORPHAN did fairly well considering the budget and splice looks intriguing..
Nikki, you never miss a chance to toss out the “sucker born every minute” line. Please stop. No movies; no us…(and no Niki by the way — don’t think there’d be a much of a demand for your very distinct reportage in any old sucker-free industry).
People can invest in films and find it rewarding, not only financially but in the relationships they build and what they help to bring into the world — unless you hate ALL movies, and film producers, N.F. Like anything else, investors need to practice due diligence, appreciate and respect the work being done (be smart, stay on top of things, protect yourself, and don’t made a piece of crap).
Pitbull Bert Fields? Ha. That’s a laugh. Goldman-Sachs stiffed connected German Landsbanks, Royal Bank of Scotland, and a whole bunch of other connected clients who have German Chancellors or British PMs on speed dial. Like they care about Fields or Silver. They’ve got literally armies of litigators who will simply bury these folks in discovery.
Commenter JC above is correct. But also note, Wall Street is not investing in Hollywood anymore. Money’s gone. Not coming back. How’s Hollywood going to finance $225 Robin Hood movies? Or $500 or so AVATARs? Answer: Private Equity, which takes bigger and bigger shares the more the risk goes up. Even that’s dicey — everyone around the world is looking to tax private equity and Hedge Funds to make up budget deficits and regulate risk.
No one wants to tell financial regulators “Sure I invested in a Wachowski film about a gay love affair between a US Soldier and a jihadi! It was a sure thing! Didn’t you see Speed Racer?”
I agree with Jesus Christ. Who was wise enough to hire “pit bull” Bert Fields in his litigation against God (See : The Son Vs. The Father.) Here was Fields’ pitch to Silver : “Goldman Sachs has a lot of money. Goldman Sachs is in the news. I am dying to redeem myself to the cash-rich Hollywood community so I can feel like a face lifted macher again after I was proven to the country to be a degenerate wiretapper. What jury today is ever going to side with Goldman Sachs? The Office of Special Affairs at the Church of Scientlogy will watch our backs. Joel. What’s not to love? Barbara loves it. Mike loves it. It’s a win/win for everybody. Especially Tom Cruise, David Miscavige, and Barack Obama!”
Silver is making a terrible mistake getting in bed with this scumbag Fields. If he has a legitimate case he should find somebody else.
Get a clue, Bert has repped Silver for well over a decade, so any “mistake” is a rather old one.
By the time Silver sees his money Dark Castle will be Bright Castle. And Blankfien will have his great-great grand kids jumping on the beds. He turned out crap with their money isnt their fraud there? Good Luck Joel, Yippi Ki-ay Mother*ucker!!!!
Wow Silver, now you know what it feels like to be on the other end like all the cast and crew you and Warner try to screw our of what’s owed to them on a daily basis. Cry me a river.
I think if these people are ever in a room together to settle this thing the gravity of the sheer vile assholeness will cause the room to collapse and disappear forever into a black hole…
Nikki – Keep your opinions to yourself and just report on facts. The staff at Dark Castle is made up of some really great people. Not every movie for any production company is going to be a hit….but you don’t have to be so biased.
The fact is that Joel it a total dick! He has been screaming and bulling his entire staff with his huge belly! Frankly, Joel it is about time that you learn what it feels like to be on the other side. We all know he was almost broke before the Matrix Trilogy. If he keeps making movie like The Losers he may be broke again. This will make the Gods smile on Hollywood.
Its a shame too because his staff, in fact, is made up of some of the most hard-working people in Hollywood. Meyer, Erwin and Finegan are class acts and as smart as they come.
um, j, you obviously don’t know what a blog is. opinions are not only acceptable; they’re a necessary component. you want facts? then read the l.a. times or some such. keep up the great work, nikki.