David Bergstein

Last updated

David Bergstein
Born
David Rafael Bergstein

August 9, 1962 (1962-08-09) (age 62)
Brooklyn, New York City, US
Occupation(s) Film producer, investment banker
Years active1984 – present

David Rafael Bergstein (born 1962) is an American financier and film producer. He started his career in real estate development before opening a business advisory firm focused on distressed assets and high-growth companies. He also branched out into independent film production between 2003 and 2010.

Contents

Early life and education

Bergstein was born in Brooklyn, New York [1] and grew up with his father Leonard Bergstein, an engineering professor, inventor and Holocaust survivor. [2]

After graduating high school early, Bergstein went on to receive a BS with a concentration in pre-medicine and mathematics at Polytechnic Institute of New York University. He also later attended the Benjamin N. Cardozo School of Law. [2] During his time in law school, Bergstein went on to become a research analyst, first for Salomon Brothers and then for Bear Stearns, where he specialized in the analysis of troubled or undervalued companies. [2] [3]

Career

After relocating to Los Angeles in 1984, Bergstein made a career buying and selling real estate which later transferred into real estate development. By the 1990s, Bergstein shifted his business focus from real estate to focus on acquiring or advising on distressed operating companies and debt. [1] Bergstein later founded the Cyrano Group, a private equity and advisory firm, where he was CEO. [2]

In 2003, Bergstein and business partner Ron Tutor loaned money to Franchise Pictures, a film production company headed by Elie Samaha. When the company went bankrupt, Bergstein and Tutor became owners of dozens of Franchise's films. By 2006, they had also acquired Capitol Films and ThinkFilm, in the process becoming major players in the independent film sector. [1]

In March 2010, fourteen creditors attempting to force the five companies controlled by Bergstein and Tutor into Chapter 11 bankruptcy were granted an emergency motion by a court to have an interim trustee appointed to oversee the companies. [4] [5] Capitol Films and ThinkFilm were formally declared bankrupt by a Federal judge in October 2010, [6] [7] and Bergstein's remaining three companies—R2D2, CT-1 Holdings and Capco—in 2011. [7] [8] One of the creditors that had forced Bergstein's companies into bankruptcy, Aramid Entertainment Fund, had its claims against Bergstein's companies dismissed in 2012 — a judgment that was upheld by an appellate court in 2013. [9] In 2012 the former in-house counsel for Capitol Films who had left the company to work for Aramid, was successfully sued by Bergstein for breach of fiduciary trust and malpractice and ordered to pay $50 million in damages to Bergstein. [10] [11] [12] [13] In 2014, another creditor, Screen Capital International, had its claims rejected by a federal judge. Lawyers successfully argued that it was not a legitimate creditor because it had purchased the claims from another entity. [14] The U.S. District and Bankruptcy Courts dismissed the outstanding involuntary bankruptcy cases in 2016. [15]

Bergstein also took an advisory role in the sale of Miramax in 2010 to an investor group that included his partner, Ron Tutor. The purchase, for $660 million, included the rights to more than 700 library titles. [16] In 2012, Bergstein sued the owners of Miramax alleging they had reneged on paying him a $6.1 million fee and a 3.33 percent stake as compensation for his role in the acquisition; [17] the litigation ended two weeks later when Bergstein and Miramax reached a settlement. [18]

On November 9, 2016, Bergstein was arrested at his Hidden Hills, California home after being indicted for fraud, [19] and was convicted by a Federal jury on March 1, 2018 of defrauding investors out of $26 million. [20] In June 2018 Bergstein was sentenced to eight years in prison and ordered to pay a $250,000 fine. Bergstein cried as he requested leniency but United States federal judge P. Kevin Castel said his crimes needed to be "punished severely" to "send a message". [21]

Personal life

In 2011, Bergstein, along with his wife Sara, formally dedicated the Conejo Jewish Academy's adult education program to Bergstein's father, naming the program "Leonard Bergstein Jewish Academy." [22] Bergstein is on the board of the Sheriff's Youth Foundation, a youth program run by the Los Angeles County Sheriff's Department, and the board at the Grossman Burn Foundation, a nonprofit organization supporting burn survivors and their families. [2] [23] Bergstein is also a featured contributor for Huffington Post , the Times of Israel , the Algemeiner online newspaper, and other periodicals. [24]

Selected filmography

The films Bergstein has been involved in include: [25]

Related Research Articles

<span class="mw-page-title-main">Metro-Goldwyn-Mayer</span> American film and television company

Metro-Goldwyn-Mayer Studios Inc. is an American media company specializing in film and television production and distribution based in Beverly Hills, California. Metro-Goldwyn-Mayer was founded on April 17, 1924, and has been owned by the Amazon MGM Studios subsidiary of Amazon since 2022.

Miramax, LLC, formerly known as Miramax Films, is an American independent film and television production and distribution company founded on December 19, 1979, by Harvey and Bob Weinstein, and based in Los Angeles, California. Today, it is owned by beIN Media Group and Paramount Global.

Midway Games Inc. was an American video game company that existed from 1958 to 2010. Midway's franchises included Mortal Kombat, Rampage, Spy Hunter, NBA Jam, Cruis'n and NFL Blitz. Midway also acquired the rights to video games that were originally developed by WMS Industries and Atari Games, such as Defender, Joust, Robotron: 2084, Gauntlet and the Rush series.

<span class="mw-page-title-main">The Cannon Group, Inc.</span> Film studio

The Cannon Group, Inc. was an American group of companies, including Cannon Films, which produced films from 1967 to 1994. The extensive group also owned, amongst others, a large international cinema chain and a video film company that invested heavily in the video market, buying the international video rights to several classic film libraries. Some of their best known films include Joe (1970), Runaway Train (1985) and Street Smart (1987), all of which were Oscar-nominated.

<span class="mw-page-title-main">The Weinstein Company</span> Defunct American independent film studio

The Weinstein Company, LLC was an American independent film studio, founded in New York City by Bob and Harvey Weinstein on March 10, 2005. TWC was one of the largest mini-major film studios in North America as well as in the United States. However, the firing of Harvey Weinstein following allegations of sexual harassment and rape against him, as well as financial troubles that followed, led to the company's decline. The studio eventually declared bankruptcy in February 2018, with independent studio Lantern Entertainment acquiring a majority of its film library and assets. Co-founder and chief executive Bob Weinstein previously owned a small stake in the company.

DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, DigitalBridge has key offices in Los Angeles, New York, London, and Singapore.

ThinkFilm was an American film distribution company founded in September 2001. It had been a division of David Bergstein’s Capitol Films since 2006.

<span class="mw-page-title-main">Stan Lee Media</span> Defunct media company

Stan Lee Media, Inc. (SLM) was an Internet-based creation, production and marketing company that was founded in 1998, filed for Chapter 11 bankruptcy protection in 2000, and ultimately dismissed from bankruptcy in November 2006. In its early years, the company created Stan Lee branded super hero franchises for applications in all media including the standout series the 7th Portal. Its 165-man animation production studio was based in Los Angeles from 1998 to 2001. It won the 2000 Web Award for the best Entertainment Portal on the World Wide Web, but the company failed in the same year. Stan Lee himself cut ties with the company long before his death.

Lionsgate Films is a Canadian-American film production and distribution studio founded in Canada in 1962. It is now a division of Lionsgate Studios and headquartered in Santa Monica.

<span class="mw-page-title-main">MGM Holdings</span> Holding company of Metro-Goldwyn-Mayer (2005–2023)

MGM Holdings, Inc. was an American holding company based in Beverly Hills, California. It was launched on February 11, 2005, by a creditor-oriented consortium and the former parent company of Metro-Goldwyn-Mayer. Technology company Amazon acquired the company on March 17, 2022 and later merged it with its Amazon Studios subsidiary on October 3, 2023, forming Amazon MGM Studios.

<span class="mw-page-title-main">The Halcyon Company</span> American media development company

The Halcyon Company was an American media development company headed by Victor Kubicek and Derek Anderson. They were perhaps best known for acquiring the global rights to the Terminator franchise in 2007 and for producing Terminator Salvation, which was released worldwide in the summer of 2009.

Black Water Transit is an unreleased 2009 American crime drama film based on the novel of the same name by Carsten Stroud. It is directed by Tony Kaye and stars an ensemble cast including Laurence Fishburne and Karl Urban.

<span class="mw-page-title-main">Relativity Media</span> American media company

Relativity Media, LLC is an American independent media company founded in 2004 by Lynwood Spinks and Ryan Kavanaugh. The company brokered film finance deals and later branched into film production and other entertainment ventures. The company was commercially successful prior to bankruptcy.

<span class="mw-page-title-main">Capitol Films</span> British film production

Capitol Films was a British film production and distribution company, incorporated on 6 June 1989 and dissolved on 7 May 2013. In January 2006 it was sold to American Mobius Pictures, owned by entrepreneur and film producer David Bergstein, who placed it at the hub of his Pegasus Studios. In early 2010, David Bergstein's appointment as director for the British company was terminated and the company was placed in receivership. In October 2010 the US branch of the company was forced into bankruptcy, and in January 2012 a group of creditors filed a proposal with a federal bankruptcy court in Los Angeles to take over and liquidate five companies formerly controlled by David Bergstein, among them Capitol Films.

Ronald N. Tutor is an American businessman. He is chairman and chief executive officer (CEO) of Tutor Perini, and president of the Tutor-Saliba Corporation.

CBS Films Inc. was an American film production and distribution company founded in 2007 as a subsidiary of CBS Corporation and was considered a mini-major studio up until 2019.

<span class="mw-page-title-main">Ryan Kavanaugh</span> American film financier (born 1974)

Ryan Kavanaugh is an American film financier. He co-founded and was CEO of Relativity Media, where he brokered deals between Wall Street investors and major film studios. He credited his risk-assessment algorithm with Relativity Media's initial success. He stepped down as CEO after Relativity Media's second bankruptcy filing and later founded Proxima Media, which held a controlling stake in Triller from 2019 to 2022.

Open Road Films, LLC was an American independent film production and distribution company based in Los Angeles, California. It was founded by Tom Ortenberg on March 26, 2011, as a joint venture between the two largest American theatrical exhibitors, AMC Theatres and Regal Entertainment Group, which both owned the company until it was bought out by Tang Media Partners, a media company owned by Donald Tang, in August 2017.

<i>Accidental Love</i> 2015 American comedy film

Accidental Love is a 2015 American romantic comedy film directed by David O. Russell and written by Russell, Kristin Gore, Dave Jeser, and Matt Silverstein, based on Gore's 2004 novel Sammy's Hill. The film stars Jessica Biel and Jake Gyllenhaal, and includes Kirstie Alley in her final film role.

Reid Collins & Tsai LLP is a national trial law firm with offices in New York, Austin, Dallas, Wilmington, and Washington, D.C. The firm represents plaintiffs in complex commercial litigation on a mixed-fee or contingency-fee basis.

References

  1. 1 2 3 Eller, Claudia; Friedman, Josh (August 25, 2008). "A tough Hollywood debut". Los Angeles Times . Retrieved March 19, 2014.
  2. 1 2 3 4 5 "David Bergstein Huffington Post". The Huffington Post . Retrieved March 19, 2014.
  3. ↑ "Bloomberg | Company Overview of Cyrano Group, Inc. - Executive Profile of David Bergstein". Bloomberg News .
  4. ↑ Fritz, Ben (March 18, 2010). "Creditors attempting to force David Bergstein's companies into bankruptcy (updated)". Los Angeles Times . Retrieved March 25, 2014.
  5. ↑ Fritz, Ben (March 30, 2010). "Court appoints trustee to oversee Bergstein's companies". Los Angeles Times . Retrieved March 19, 2014.
  6. ↑ Lang, Brent (October 6, 2010). "Bergstein's ThinkFilm, Capitol Films Declared Bankrupt". The Wrap . Archived from the original on January 21, 2014. Retrieved March 25, 2014.
  7. 1 2 Fritz, Ben (February 9, 2011). "David Bergstein's three remaining companies forced into bankruptcy". Los Angeles Times . Retrieved March 19, 2014.
  8. ↑ Lang, Brent (February 9, 2011). "Bergstein's Remaining Companies Pushed into Bankruptcy". The Wrap . Retrieved March 25, 2014.
  9. ↑ Sundar, Sindhu (April 30, 2014). "Bergstein Beats Aramid's $190M Suit in NY Appeals Court". Law360 . Archived from the original on April 13, 2014. Retrieved April 10, 2014.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  10. ↑ Patten, Dominic (August 22, 2012). "Capitol's David Bergstein Awarded $50M+$500K In Lawsuit Against Ex-Counsel". Deadline Holywood. Retrieved April 23, 2014.
  11. ↑ Randles, Jonathan (August 21, 2012). "Bergstein Wins $49.5M From Atty For Forced Bankruptcies". Law360. Retrieved April 23, 2014.
  12. ↑ Winnick, Zach (August 13, 2012). "Ex-Bergstein Atty Admits Targeting Companies For Bankruptcy". Law360. Retrieved April 23, 2014.
  13. ↑ Randles, Jonathan (August 14, 2012). "Ex-Bergstein Atty Said She Would Destroy Docs, Jury Hears". Law360. Retrieved April 23, 2014.
  14. ↑ Chutchian, Maria (March 10, 2014). "Screen Capital's Claims Axed From Bergstein Bankruptcies". Law360 . Archived from the original on March 26, 2014. Retrieved March 25, 2014.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  15. ↑ Nicolai, Megan (March 28, 2016). "Federal Courts Approve Settlement and Dismissal of Involuntary Bankruptcy Cases Filed Against Noted Film Entrepreneur David Bergstein". PRWeb . Retrieved July 16, 2016.
  16. ↑ Schucker, Lauren A. E. (July 31, 2010). "Hollywood Outsiders to Buy Miramax". The Wall Street Journal . Archived from the original on December 21, 2013. Retrieved March 26, 2010.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  17. ↑ Fritz, Ben (April 9, 2012). "David Bergstein sues Miramax owners". Los Angeles Times . Retrieved March 26, 2014.
  18. ↑ Fritz, Ben (April 24, 2012). "Miramax and David Bergstein settle lawsuit". Los Angeles Times . Retrieved April 11, 2014.
  19. ↑ "Producer David Bergstein Arrested in $26M Fraud". The Hollywood Reporter . Associated Press. November 9, 2016. Retrieved June 27, 2018.
  20. ↑ Maddaus, Gene (March 2, 2018). "David Bergstein Convicted of Defrauding Investors Out of $26 Million". Variety . Retrieved June 27, 2018.
  21. ↑ "Producer David Bergstein Gets Eight Years in Prison for Fraud". Associated Press. June 27, 2018. Retrieved July 31, 2018.
  22. ↑ Conejo Jewish Academy: A project of Chabad of the Conejo—Dedicated in Memory of Leonard Bergstein
  23. ↑ "Three New Members Join Foundation Board". Sheriff's Youth Foundation of Los Angeles County. Retrieved March 19, 2014.
  24. ↑ "David Bernstein". The Algemeiner. Retrieved March 19, 2014.
  25. ↑ "I Variety Profile – David Bergstein". Variety, 2009. Archived from the original on April 13, 2010.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.