Spider-Man Investor Files Lawsuit

News   Spider-Man Investor Files Lawsuit
 
Patricia Lambrecht, who agreed to put up $2.5 million in collateral so that the producers of Spider-Man Turn Off the Dark could license what is now called the Foxwoods Theatre, has filed a lawsuit, according to the Hollywood Reporter.

In order to begin construction in the Broadway house, producers needed to sign a Theater License Agreement, which states that the theatre would be returned to good condition following the run of the musical. Lambrecht's collateral, according to the industry paper, was a guarantee that "even if the show never opened, the theater would be paid for restoration costs."

Lambrecht's deal included a facility fee of $368,750; that fee was increased to $985,000 once the production began experiencing numerous delays.

Lambrecht says, to date, she's only received payment of $360,000 from producers and is currently owed $625,000 as well as seven months of interest.

Today’s Most Popular News: