ARTINFO.com: If the producers of “Rebecca,” who are the victims of one of the most mystifying frauds in Broadway history, do not manage to open the epic musical on Broadway by the end of this year, they will be facing serious financial obligations to the tune of $7 million. “Securities law on theater investments state very clearly that they will have to pay back their investors if the show does not happen very shortly,” said a Broadway producer who wished to remain anonymous. “I can’t believe that they would have proceeded without the actual funds from this clown.”
9 comments:
This whole scandal is really quite insane. You would think that with all the money thrown at a broadway show that the producers would pay more attention to what is going on. I'm really curious as to how they are going to go about putting on the show now. With all most of the industry thinking that there is nothing left to selvage, they will have to either find some new way to finance they show or find a way to pay back all their backers, neither of which seems very likely right now. It's a little sad really. Rebecca is really quite a beautiful book so it's a shame that the musical will likely never get a chance to grow. At the same time I still can't help thinking that this is some scheme to drum up attention and provide a bigger audience when the show finally opens, but at this point I highly doubt it.
i dont remember where i got this idea, but i keep thinking for all these years that nine of ten Broadway musicals gonna lose money, only the best can make the investors a good payback..So it is not wired that this show may not be able to be on stage on time. well, everything happens on a broadway stage and being late is defintly one of those shit things. to look from a good way, is this made it and was on stage on time, this conflict now is no doubt a perfect ad for it.
I can't get enough of this story. even though every article I read about it says the same thing, I am undeniably fixated by it. I just find it fasinating that someone could be this crazy in real life as to think that their scheme could work. Don't get me wrong, I feel awful for the real producers, performers, and creative team, but come on, someone should make a movie out of this. I might even be satisfied if it was on Lifetime.
I am one of the skeptics who thinks theres no way it can get back on it's feet, as mch as I would love it to. What Jenni says is a great point though. This all could have been part of this crazy geniuses plan to make more money than ever imaginable by creating a floop and then flip flooping the floop into a hit. Ill be very interested to see how this plays out...also to see the movie.
If it doesn't play out, I suppose I'll settle for a Producers movie night.
In every comment i have made about this show i have talked about doing background checks into potential investors to do due diligence before you get scamed. I understand that they wanted this show to happen, so they made a risky investment. You just need to be careful. They could have a least googled this guy. The article mentions that Hotton was infact googleable and could of been found out before this scandel happened. I'm just wonderin if they can get what money they paid him back.
How can putting on the show be the answer or even an option? Which designers, actors, directors or producers are going to agree to continue to work on this production after this scandal? I don't even think that struggling new artists would want to get involved, especially knowing that any money that the production makes would have to go straight towards their huge debt and then towards paying the production team and the actors. The only way that this show/ the producers have a chance of an opening night anytime this year, is if a wealthy REAL investor or investors decide to back the show. However I don't think that's very likely seeing their current debt price tag.
I think this whole process seems rather crazy. I think that any type of business venture be it a typical investment or an artistic endeavor would follow the same procedure. Money is normally presented up front to show that the money is there. I think it was stupid on the producers part to give the person money without proof of the funds. I understand that producers are busy but this aspect is so important to any production it should receive priority. I feel that Hotton should receive consequences for his actions but at the same time the producers are to blame. Investing in a show on Broadway is a huge risk and I hope this event is not going to cause investors to stray away from investing in shows.
Reading this article makes me think of my business law class and everything we have been learning about contracts. I wonder how the producers could have better protected themselves in order to not be liable. Crooked business men are everywhere and the most important thing you have to do is protect yourself. I hope they are able to do so in a way where they are able to still put on the show without having to be in massive debt.
And the plot continues.... Its hard to believe they are still trying to put on the show, although I guess with the amount of money they owe, they kind of have no choice. It will be kind of sad, and maybe just a little entertaining, to watch this show if they can't get enough money to actually produce it. Unless this is some sort of complex publicity stunt but I think they have gone to far for that to be true. Can't wait to read more articles, and hopefully see the play version of this or the second producers, this is all so funny.
After reading this article, I once again realized that it is important to recheck with the producers about deadlines and final products before making any investment as backers. It is very unfortunate to see how these things happen in Broadway because I always thought that every thing is perfectly processing in Broadway shows. It is also sad because the more situations like this happen, the less investment the backers would want to put in for any of plays because they can not trust or feel risky of doing that. It sucks for both producers and investors because first of all, producers won't have any funds or supports anymore and secondly, they will lose fame or trust from the other investors.
Post a Comment