CAROLCO PICTURES (Ticker Symbol: CRCO)
WEBSITE IS BACK LIVE!!!!
Carolco Pictures, Inc. was an American independent film production company that, within a decade, went from producing such blockbuster successes as Terminator 2: Judgment Day, Total Recall, and the first three films of the Rambo series to being bankrupted by box office bombs such as Cutthroat Island and Showgirls. The company's trademarks were purchased by another interest who renamed its established company under the Carolco name.
The company was founded through the partnership of two film investors, Mario Kassar and Andrew Vajna. The two were hailed by Newsweek as some of the most successful independent producers. Their goal was to focus on film sales; eventually it went into financing low-budget films. The name "Carolco" was purchased from a defunct company based in Panama, and according to Kassar, "it has no meaning."
Though Carolco made several successful films through the 1990s, including Total Recall, Terminator 2: Judgment Day (T2), and Basic Instinct, the studio was gradually losing money as the years went on. Carolco mixed blockbusters with small-budget arthouse films which were not profitable. In addition, the studio was criticized for overspending on films through reliance on star power and far-fetched deals (Schwarzenegger received then-unheard-of $10–14 million for his work on Recall and T2; Stallone also had similar treatment). Losses of partnerships also threatened the studio's stability and sent it teetering towards bankruptcy.
In November 1995, Carolco filed for Chapter 11 bankruptcy protection. Cutthroat Island was released that Christmas, and became a box-office disaster. Carolco agreed to sell its assets to 20th Century Fox for $50 million.But when Canal+ made a $58 million bid for the library in January 1996, Fox, which by then lowered their purchase price to $47.5 million, dropped their deal.
Film producer Alex Bafer purchased the Carolco name and logo years later. On January 20, 2015, Bafer renamed his production company Carolco Pictures, formerly known as Brick Top Productions. Bafer then recruited Mario Kassar as the chief development executive of the new Carolco. One of its first projects is a remake of the 1999 Japanese horror film Audition, which is being produced by Kassar. (note: Mario Kassar is no longer affiliated with Carolco in any capacity as of Feb 1, 2016)
NEW CEO - TAREK KIRSCHEN https://www.linkedin.com/in/glozal
Howie Mandel and Tarek Kirschen, CEO of https://twitter.com/CarolcoPictures
On January 1, 2016, Sam Lupowitz and other shareholders, collectively representing Carolco Pictures, Inc.’s controlling shareholders, (jointly, the “Seller”), entered into and closed separate and distinct Securities Purchase Agreements (the “Agreements”) with Tarek Kirschen whereby Tarek Kirschen (individually) purchased, in the aggregate, 5,000,000 shares of the Company’s Series A Preferred Shares and a total of 30,000,000 common shares of the Company’s common stock (the “Shares”). Each share of the Series A Preferred Stock has one thousand votes on all matters presented to the holders of Common Stock, resulting in Tarek Kirschen holding a majority of the issued and outstanding voting capital shares of the Company.
The rationale behind the execution of the overall transaction was to enhance shareholder value by bringing in a businessman with the skillset and energy level necessary for the task of turning the Company around and managing its day to day operations.
June 2002 – Present (13 years 8 months) Tarek Kirschen Founder & CEO of GLOZAL
GLOZAL GROUP is a holding company. Our main focus is re-developing residential and commercial space for highest and best use. Our portfolio includes residential rental properties, commercial office buildings, and vacant land for future development. We also own a social real estate network with members in over 90 countries see www.Glozal.net
NEW COO - JACQUELINE JOURNEY
LOS ANGELES , Jan. 11, 2015 /PRNewswire/ -- Carolco Pictures, Inc . (OTC Markets: CRCO) today announced that it engaged Jacqueline Journey to serve as the new Chief Operating Officer. Jacqueline Journey is an award-winning filmmaker and television producer who has created thousands of hours of original programming
that have been seen in all corners of the globe including Europe , Africa , Asia and The Pacific Rim , The Middle East , South America , and the United States . Several of these were award-winning live concerts, documentaries, series, and high profile interviews featuring Oscar winners, Grammy winners, legends, and celebrities including Matthew McConaughey , Dennis Quaid , Willie Nelson , Billy Bob Thornton , Juliette Lewis and Taylor Swift .
Ms. Journey has worked with three 24 hour music and entertainment networks
: Hit Video USA (bought out by Viacom International ), TMZ, The Music Zone (a partnership with TCI/Liberty) and most recently M*E Television (a partnership with Time Warner) where she was recruited as Vice President and Executive Producer.
In 2015, Ms. Journey completed her first feature film, Hidden
Assets, which she wrote, directed and stared in. Hidden Assets recently screened in Cannes and was awarded BEST FILM at Florida Supercon. In addition to her years of experience behind the camera, she is an accomplished, award-winning actress, portraying Karen Stark on NBC's Friday Night Lights , appearing in several independent films, and hosting
numerous popular music and entertainment series some of which have been internationally syndicated.
CAROLCO NEWS & FILINGS
Recent 8k Filing Timeline - Trying to put the pieces together:
October 9th: New investment group (Richard Waserstein, Hamba Revocable Trust, Lupowitz, LLC and Tarek Kirschen ) purchases the controlling interest. Appoints Sam Lupowitz who was principal at the time.
Mr. Bafer's rationale behind the execution of the overall transaction was to enhance shareholder value by bringing in an investor group which included a principal investor, Mr. Sam Lupowitz, and the business model developed by Mr. Lupowitz, a model designed to bring the "Carolco" brand - associated mainly with mega-successful motion picture franchises such as "Rambo" and "Terminator" - back to its former glory while attempting to offset much of the financial risk typically associated with production.
On November 6, 2015, Richard Waserstein resigned as a member of the Board of Directors of the Company. There were no disagreements with these former directors of the Company as to its operations, policies or practices.
On November 6, 2015, Joseph I. Emas was appointed as a member of the Board of Directors of the Company to serve until the next annual meeting of shareholders. His biography is as follows:
Joseph I. Emas. Mr. Emas is licensed to practice law in Florida, New Jersey and New York is serving as our outside securities counsel. Mr. Emas is the senior partner of Joseph I. Emas, P.A. Mr. Emas specializes in securities regulation, corporate finance, mergers and acquisitions and corporate law. Mr. Emas received his Honors BA at University of Toronto, Bachelor of Administrative Studies, with distinction, at York University in Toronto, his JD, cum laude from Nova Southeastern Shepard Broad Law School and his L.L.M. in Securities Regulation at Georgetown University Law Center. Mr. Emas was an Adjunct Professor of Law at Nova Southeastern Shepard Broad Law School. Mr. Emas received the William Smith Award, Pro Bono Advocate for Children in 2000 and the 2006 Child Advocacy Award in Florida and is the author of “Update of Juvenile Jurisdiction Florida Practice in Juvenile Law.” Mr. Emas was been a member of the Juvenile Court Rules Committee for the State of Florida from 1999 through 2006, and currently sits on the Florida Child Advocacy Committee.
On November 9, 2015, Sam Lupowitz, our Chief Executive Office and a member of the Board of Directors, was appointed a Chief Financial (Accounting) Officer to serve at the pleasure of the Board of Directors.
January 1st: Sam Lupowitz resigns and turns over operations to Tarek Kirschen. Yes Tarek is a big real estate guy and founder of Glozal Group. Also appears he has CEO experience in running a larger organization. Sounds like they are ready to move forward on original business plan that has been created ?????
FYI: Sam Lupowitz will continue to maintain a close relationship with the Company as an outside consultant and source of projects for co-production with the Company.
CRCO Security Details
Authorized Shares 5,000,000,000 a/o Apr 8, 2016
Outstanding Shares 251,090,044 a/o Apr 8, 2016
Float 198,650,086 a/o Apr 8, 2016