Dominic Patten contributed to this report
4TH UPDATE, THURSDAY 11:00 AM The court has given Legendary the go-ahead to infuse Rhythm & Hues with another $4.9M to finish Seventh Son. Law firm Venable LLP repped the studio, which sought the court’s approval to pump additional payments into the ailing effects house after receiving only 25% of their commissioned 225 VFX shots last December.
3RD UPDATE, WEDNESDAY AM: Legendary Pictures has officially filed a motion to be allowed to give Rhythm & Hues an additional $4,961,751 to complete VFX work on their October release Seventh Son, according to a change order filed yesterday (read it here).
2ND UPDATE, FRIDAY PM: In a preliminary ruling, Judge Neil Bason has approved $11 million of the loan. A first disbursement of $6 million is expected immediately, with $5 million to follow on February 19. On March 12, Bason will offer final judgement on the loan and, pending no legal hurdles or objections, allow the remaining $5.5 million to be given to Rhythm & Hues.
UPDATE, 12:40 PM: Legendary Pictures has asked the court if it can write a check to Rhythm & Hues outside the DIP loan being offered by Universal and Fox. The production company said if the “change order” is not approved it could mean a $9 million hit, and that even though it’s already paid for the work it’s willing to “pay twice” to get its movie finished. That could be a reference to Guillermo del Toro’s Pacific Rim, which already has set a July 12 release date via Warner Bros. (UPDATE: Nope. Legendary lawyers say it’s the Jeff Bridges-starrer Seventh Son, which has an October 18 release date via Warner Bros. A hearing date has been set for February 21.) (more…)