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Sheppard Mullin's Suit Over Buyer's Deposit to Acquire Bankrupt Film Co.
A suit filed by the law firm Sheppard Mullin as plaintiffs reveals Chapter 11 acquisition talks fell through between the firm's client Cecchi Gori Pictures and a potential buyer comprising a trio of film producers. In the complaint, filed in California's federal Northern District Bankruptcy Court, Sheppard Mullin requests declaratory judgment over a $100,000 deposit in connection with the Chapter 11 bankruptcy of Cecchi Gori, which is an Italian production company behind Oscar-winning foreign film Il Postino (The Postman). Sheppard Mullin Richter & Hampton LLP v. Cecchi Gori Pictures, 5:22-ap-05005.
Documents show after Cecchi Gori Pictures filed for bankruptcy in December 2016, the studio entered into a term sheet agreement last May in which NTJ Venture LLC would acquire Cecchi Gori Pictures and Cecchi Gori USA Inc. for $1 million. Upon agreement of the term sheet, NTJ Venture then wired the $100,000 deposit to Sheppard Mullin, as the general bankruptcy counsel for Cecchi Gori Pictures.
But after Cecchi Gori filed its proposed bankruptcy plan in June, NTJ Venture told Cecchi Gori in July that it would not proceed with the transaction at the proposed price of $1 million, instead requesting a significantly reduced price. Cecchi Gori then withdrew its bankruptcy plan and NTJ Venture counsel Sean Burstyn, of Miami, FL-based Burstyn Law, demanded in August that Sheppard Mullin return its initial deposit of $100,000.
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