Wednesday, September 25, 2019 5:17:20 PM
Among several requirements, to protect guild members (actors, grips, etc) the producer(s) are require to post a bond/credit enhancement sufficient to cover expenses of guild members.
If they were stiffed, the guild will draw on the bond and pay those members.
Then the entity that posted the bond loses the collateral or go after the principal’s of the film.
It looks that happened with Riot Act as HHSE is still on the hook for $100k credit enhancement that matured earlier in 2019.
While a lot of focus is on the judgements, if one looks at the 2nd quarter OTCMARKETS disclosure, all of the listed loans are past due with exception of DSSM and the Failures personal loans, which both mature at year end.
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