Hollywood Reporter Feature: “The Mother Of All Lawsuits”
Today, superstar Ryan Kavanaugh broke his longtime silence with a feature interview with The Hollywood Reporter – and he blames NY PR Firm Rubenstein Public Relations for some of his problems, including the very-public proclamations of his failures in the media. In the article, Kavanaugh notes “Rubenstein has a very close connection to the New York Post and has basically just been feeding the Post the whole time. Like every negative thing they can.” (Editors Note: Rubenstein represents the NY Post & Murdoch Family.)
Billionaire Ryan Kavanaugh founded Relativity Media and has long been one of the most successful dealmakers in Hollywood. As Wikipedia notes, “he has financed more than 200 films representing more than $17 billion in revenue.” He was Variety’s 2011’s “Showman of the Year”, and #22 on the Fortune “40 Under 40” list.
Bankruptcy was declared as Relativity Media showed assets of $560 million but liabilities of $1.18 billion. One has to make enough money to spend it, right?
If one believes The Hollywood Reporter, Kavanaugh was betrayed by Colbeck Capital, who tried to “steal” the company from him through financial maneuvering.
Kavanaugh claims Colbeck was board members of his company, they owned some debt – yet betrayed their obligations as board members, not working to close deals for the company, but instead pitching their own deals.
Blaming Rubenstein, Kavanaugh says “ [Colbeck] hired [New York PR firm] Rubenstein quote, “together” [with Anchorage], so when you see in the press Colbeck/Anchorage, Colbeck’s trying to make itself seem important. [Anchorage did not respond to requests for comment.]
You’ve got Falcon [Investment], who holds the biggest B position. You’ve got Luxor [Capital], who holds a position bigger than Anchorage or Colbeck. They’re not mentioned anywhere. The point is that this is clearly being instrumented not by the lenders. Anchorage has [just] $25 million invested.
We know it was started by Colbeck and Anchorage, using Rubenstein to try and start implying that there was a rift between Ron and I and try and get the press to stir it up. “ Kavanaugh – no slouch – was quoted as saying, “..people with knowledge of the situation say I have, quote, “the mother of all lawsuits.” What I can also tell you is that during this process, they made up a lot of negative things. They were saying things to people like I was pulling money out of the company and making all this money off the company.”
Read the whole article here.