HOW CAN DISNEY TAKE HIM SERIOUSLY? Bergstein's Miramax Bid Startles Creditors

This falls under the category of a giant, HUH? David Molner’s Screen Capital International is one of the lead creditors and primary catalysts for that bankruptcy court action against David Bergstein. But I was surprised to learn from Molner that Miramax subsidiary Bachi Corp actually sued Bergstein’s ThinkFilm to recover on a loan and guaranty, and won the case recently. No wonder Molner expressed astonishment that Disney would be taking Bergstein’s recent high bid for Miramax seriously. “I’ve had numerous baffled queries as to why Disney would possibly choose to be in business with Bergstein at any price,” Molner said. “It was only recently that Miramax sued Bergstein’s ThinkFilm.  More importantly, he has yet to explain to the bankruptcy court how this new entity ‘Pangea’  fits into the whole puzzle of companies that are the subject of the involuntary proceedings.  I suppose it could be a good day for us if some real assets were introduced into these estates.” The emergence of Bergstein and Pangea Media as the high bidder in Disney’s auction of Miramax Films was inconceivable given that creditors have so far successfully fought Bergstein’s attempt to liquidate the library of films he accumulated through Capitol Films, ThinkFilm and other troubled companies. Pleas by those creditors, who include all of the Hollywood talent and labor guilds, prompted a bankruptcy court judge last week to appoint an interim trustee to take control of the film library. So it’s offensive to the creditors that Bergstein is even vying for Miramax against the two other bidders: a Ron Burkle-backed bid made on behalf of Harvey and Bob Weinstein, and another made by Alec and Tom Gores.

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