Bar forms group to study bankruptcies in showbiz
The task force, headed by attorney Thomsen Young, will study provisions of the Copyright Reform Act of 1993 regarding motion pic financing as well as issues recently raised in the well-publicized Kim Basinger bankruptcy.
"A lot of the bankruptcies have been involved with that issue," Young said Thursday of the copyright act.
He said more than 20 companies had gone bankrupt in the last few years, most of them indie production and distrib firms.
A partner in the firm Pachulski, Stang, Ziehl & Young, he has been involved in a number of industry bankruptcies. His most recent case involved settling litigation against the French Bank, Credit du Nord, for $ 5.9 million on behalf of creditors of MCEG, a motion pic producer and distribbery that filed for bankruptcy in 1991.
The task force's initial meeting will be at the ABA's spring conference in Washington.
