Redline (2007 film)

Last updated
Redline
RedlineMoviePoster.jpg
Theatrical release poster
Directed by Andy Cheng
Screenplay by
  • Robert Foreman
  • Daniel Sadek
Produced byDaniel Sadek
Starring
Cinematography Bill Butler
Edited byDallas Puett
Music by
Distributed byChicago Pictures
Release date
  • April 13, 2007 (2007-04-13)
Running time
95 minutes
CountryUnited States
LanguageEnglish
Budget$26 million
Box office$8.3 million

Redline is a 2007 American independent racing action-thriller film. The film's plot is centered on a street racing circle funded by a group of multimillionaires who wager millions of dollars over their high-powered sports cars. It was written and produced by Daniel Sadek, who also used his own automobile collection in the film. [1] The film title was borrowed from the original working title of the 2001 film, The Fast and the Furious . A critical and financial failure at the box office, the film is most notable for being funded by subprime loans issued by Sadek's company, Quick Loan Funding, which closed its doors in the wake of the subprime mortgage crisis. It was featured on the CNBC special House of Cards as an example of the excess of the pre-meltdown mortgage market in the United States. [2]

Contents

Redline was released in North America on April 13, 2007.

Plot

Natasha Martin is a beautiful auto mechanic and aspiring musician who is invited to join music producer Infamous aboard his private jet en route to Las Vegas in appreciation of her services on his Ford GT. She is also a highly skilled race car driver, but is haunted by memories of her father's death at a NASCAR race many years ago. Meanwhile, on another side of town, USAF veteran Carlo, returning from a tour of duty in Iraq, meets up with his brother Jason before heading to Vegas themselves. Carlo is not happy that Jason is living with their mob boss uncle Michael D'Orazio, whom he blames for their family's destruction. They are unaware that Michael has been running an unsuccessful counterfeiting ring and owes millions of dollars to another syndicate led by the "Godfather".

On the outskirts of Vegas, a high-stakes race event is being held, with Michael, Infamous, Hollywood producer Jerry Brecken and Chinese businessman Marcus Cheng placing their bets over who has the better car. When Infamous' driver fakes an ankle injury, Natasha becomes Infamous' driver in exchange for $300,000 and a recording contract. However, she is unaware that Infamous has to place her on his wager, as Michael - who has been obsessed with her since watching her band perform on stage earlier - has placed four platinum bars at stake. At the same time, Brecken wagers his brand-new Enzo on Natasha.

Natasha (driving a Mercedes-Benz SLR McLaren) takes on Jason (driving a Lamborghini Diablo). As they approach the finish line, Natasha is several car lengths ahead of Jason, but he quickly zips past her by engaging the onboard nitrous system. Unfortunately, because of the excessive speed, the Diablo loses downforce, flies off the ground and flips in mid-air before crashing upside down at the finish line. Attempting to avoid the falling Diablo, Natasha crashes on a barrier and is knocked unconscious. Before Carlo can reach Jason to rescue him, the Diablo bursts into flames, killing his brother instantly. Michael's henchmen, dressed as paramedics, place Natasha in an ambulance and speed off.

Natasha wakes up in Michael's mansion, realizing that she is now his property. Meanwhile, Carlo meets up with an old military friend and picks up some ammunition and gear before riding a Ducati 999, to Michael's mansion, intending to kill him. Instead, he rescues Natasha and evades Michael's guards. Michael and Natasha hide out in a motel, where Nat calls her mother, to assure her she’s safe. Natasha finds Carlo in a bar sulking, and both bond due to their similar losses of close relatives. They share a gentle dance together before presumably making love in their motel room. Meanwhile, Michael has his guards kidnap Natasha’s mother to blackmail her into driving for him at the next race at Red Rock Canyon in Nevada. After receiving an ultimatum by the Godfather to pay him $80 million following a botched attempt at giving him counterfeit bills, Michael raises his funds for the upcoming race by borrowing money from the banks using his mansion as collateral.

In the final race, Michael, Brecken, Infamous and Cheng place their bets for a combined purse of $100 million. Infamous and Cheng are eliminated from the race after their cars (an SLR and a Porsche Carrera GT, respectively) are involved in separate crashes. During the race, Natasha (driving Michael's Enzo) receives a phone call from Carlo notifying her that he has rescued her mother. While she is several car lengths ahead of Brecken's Saleen S7 Twin Turbo, she stops the Enzo an inch away from the finish line and gives the S7 the win, costing Michael the race.

With no money left, Michael is given a last ride from the Godfather's henchmen. To repay Natasha for handing his driver the victory, Brecken gives her a recording contract (which shortly gives her a gold record and lands her on the cover of Variety ), an Enzo and a Koenigsegg CCX. The film ends with Natasha (in the Koenigsegg) and Carlo (in the Enzo), now in a relationship, racing each other before being chased by the police on the freeway.

Cast

Daniel Sadek, the film's producer, makes a cameo appearance as a poker player, alongside professional players Gus Hansen and David Williams.

Background

Daniel Sadek, a third-grade dropout from Lebanon, [3] migrated to the United States, where he worked at gas stations and car dealerships. After seeing many mortgage brokers buy cars from the Mercedes-Benz dealership he worked at, Sadek entered the real estate business and set up the subprime lending firm Quick Loan Funding in 2002. [3] [4] By 2007, Quick Loan Funding had approved US$4 billion in subprime mortgages, with Sadek's take-home earnings reaching US$5 million a month. [5] He used his earnings to buy several homes in Southern California and Las Vegas, build his collection of expensive supercars and feed his insatiable appetite for gambling. [3] [4]

During this time, Sadek was engaged to soap opera actress Nadia Bjorlin. [3] Using his subprime lending firm as his source of funding, [6] he produced the film Redline to show off his car collection and help Bjorlin break out of the soap opera scene. [4]

Enzo crash incident

In March 2007, Eddie Griffin participated in a charity race at Irwindale Speedway to promote the film, using an Enzo owned by Sadek. During a practice run, Griffin lost control of the Enzo and crashed into a concrete barrier. He walked away unharmed, but the US$1.5 million supercar was badly damaged. [7] Griffin went on to lash at reporters who claimed the crash was a publicity stunt. [8]

Box office and reception

Redline was both a box-office bomb and a critical failure. The film opened at #11 at the U.S. box office, grossing US$3.9 million in 1,607 theaters in its opening weekend. [9] The budget of the film was US$26 million and after six weeks in theaters, the film grossed US$6.8 million in North America. [10] Furthermore, Cartoon Network sued Sadek for failing to pay the US$845,000 advertising fee. [3]

The film was not screened for critics before it opened, but critical reviews after its premiere were unanimously unfavorable. As of June 2020, the film holds a 0% approval rating on Rotten Tomatoes, based on 27 reviews with an average rating of 2.04/10. The website's critics consensus reads: "Redline has plenty of bad acting, laughable dialogue, and luxury cars." [11] On Metacritic, the film had an average score of 24 out of 100, based on 12 reviews, indicating "generally unfavorable reviews". [12] Jalopnik ranked the film number one on their list of The 12 Worst Car Movies of All Time. [13]

Home media

Redline was released on DVD by The Weinstein Company on August 21, 2007. [14] Christopher Monfette of IGN gave the DVD an overall rating of 5 out of 10, citing that it gives "more of the same; none of the new." [15] The film has also been released on Blu-ray outside the U.S. [16]

Legacy

In the CNBC special House of Cards, the crashing of two US$500,000 cars for a single scene is cited as a direct example of the excess of the pre-crash subprime loan market in the mid-2000s. [2] Quick Loan Funding had long since crumbled following the film's release, and the expected profits from the film were heavily borrowed against. The film's failure further worsened the situation. [17] Following the demise of his company, Sadek lost his escrow and lending licenses over issues of him withdrawing millions from his corporate accounts to gamble in Vegas. [3] Aside from over a dozen cases revolving Quick Loan Funding, he was sued by Bellagio and Wells Fargo over unpaid debts and repeated cash advances done at gambling resorts worldwide. [3] He declared bankruptcy in 2009. [3]

Vanity Fair listed Sadek at number 86 in their "100 to Blame" for the economic crisis, dubbing him "Predator Zero in the subprime-mortgage game." [5]

See also

Related Research Articles

<span class="mw-page-title-main">Federal Housing Administration</span> U.S. government agency responsible for mortgage insurance

The Federal Housing Administration (FHA), also known as the Office of Housing within the Department of Housing and Urban Development (HUD), is a United States government agency founded by President Franklin Delano Roosevelt, established in part by the National Housing Act of 1934. Its primary function is to provide insurance for mortgages originated by private lenders for various types of properties, including single-family homes, multifamily rental properties, hospitals, and residential care facilities. FHA mortgage insurance serves to safeguard these private lenders from financial losses. In the event that a property owner defaults on their mortgage, FHA steps in to compensate the lender for the outstanding principal balance.

<span class="mw-page-title-main">Redlining</span> Systemic denial of services to some areas

Redlining is a discriminatory practice in which financial services are withheld from neighborhoods that have significant numbers of racial and ethnic minorities. Redlining has been most prominent in the United States, and has mostly been directed against African-Americans. The most common examples involve denial of credit and insurance, denial of healthcare, and the development of food deserts in minority neighborhoods.

Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination.

<span class="mw-page-title-main">Bear Stearns</span> American investment bank

The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2007–2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chase. The company's main business areas before its failure were capital markets, investment banking, wealth management, and global clearing services, and it was heavily involved in the subprime mortgage crisis.

<span class="mw-page-title-main">Eddie Griffin</span> American actor and comedian (born 1968)

Edward Rubin Griffin is an American stand-up comedian and actor. He is best known for portraying Eddie Sherman in the sitcom Malcolm & Eddie, the title character in the 2002 comedy film Undercover Brother, and Tiberius Jefferson "T.J." Hicks in Deuce Bigalow: Male Gigolo (1999) and Deuce Bigalow: European Gigolo (2005). He also portrayed Lester Matthews in John Q. (2002), Orpheus in Scary Movie 3 (2003), Pope Sweet Jesus in Norbit (2007), and voiced Richard Pryor on Black Dynamite (2012–2015). Griffin was ranked at number 62 on Comedy Central's list of the 100 Greatest Stand-ups of All Time.

A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS). Like other private label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO collects from the pool of bonds or other assets it owns. Distinctively, CDO credit risk is typically assessed based on a probability of default (PD) derived from ratings on those bonds or assets.

<span class="mw-page-title-main">Nadia Bjorlin</span> American actress, singer, and model

Nadia Alexandra Bjorlin is an American actress, singer, and model.

<span class="mw-page-title-main">2000s United States housing bubble</span> Economic bubble

The 2000s United States housing bubble or house price boom or 2000shousing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported the largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States.

ACC Capital Holdings (ACCCH) was a national mortgage lender based in Orange, California. The company is the largest privately held retail mortgage lender in the United States and the largest subprime lender by volume. ACCCH was founded by Roland Arnall.

<span class="mw-page-title-main">Ameriquest Mortgage</span> American subprime mortgage lender

Ameriquest was one of the largest United States sub-prime mortgage lenders until its dissolution in September 2007. Among the first mortgage companies employing computers to solicit prospective borrowers and hasten the loan application process, Ameriquest was accused of predatory lending practices by United States banking regulators. The company was notable for its promotion of the stated income loan, whereby potential borrowers were allowed to claim income without verification of employment. The proliferation of lending to customers with marginal creditworthiness proved to be not only a key factor leading to the 2007 subprime mortgage financial crisis, but also a catalyst to Ameriquest's own demise.

Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.

In finance, subprime lending is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subprime borrowers were defined as having FICO scores below 600, although this threshold has varied over time.

<span class="mw-page-title-main">Subprime mortgage crisis</span> 2007 mortgage crisis in the United States

The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).

United States housing prices experienced a major market correction after the housing bubble that peaked in early 2006. Prices of real estate then adjusted downwards in late 2006, causing a loss of market liquidity and subprime defaults.

The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble, the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see 2007–2008 financial crisis.

<span class="mw-page-title-main">Causes of the 2000s United States housing bubble</span>

Observers and analysts have attributed the reasons for the 2001–2006 housing bubble and its 2007–10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates, relaxed standards for mortgage loans, and irrational exuberance" Politicians in both the Democratic and Republican political parties have been cited for "pushing to keep derivatives unregulated" and "with rare exceptions" giving Fannie Mae and Freddie Mac "unwavering support".

Michael James Burry is an American investor and hedge fund manager. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best known for being among the first investors to predict and profit from the subprime mortgage crisis that occurred between 2007 and 2010.

Richard Bitner is an American author and publisher in the mortgage loan industry. He is the publisher of HousingWire magazine, a real estate publication.

<span class="mw-page-title-main">2007–2008 financial crisis</span> Worldwide economic crisis

The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression. Causes of the crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble, excessive risk-taking by global financial institutions, and lack of regulatory oversight, which culminated in a "perfect storm" that triggered the Great Recession, which lasted from late 2007 to mid-2009. The financial crisis began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis.

<i>The Big Short</i> (film) 2015 American biographical drama film directed by Adam McKay

The Big Short is a 2015 American biographical crime comedy-drama film directed by Adam McKay and co-written by McKay and Charles Randolph. The film is based on the 2010 book The Big Short: Inside the Doomsday Machine by Michael Lewis, and shows how the 2007–2008 financial crisis was triggered by the United States housing bubble. The film stars Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt, with John Magaro, Finn Wittrock, Hamish Linklater, Rafe Spall, Jeremy Strong, and Marisa Tomei in supporting roles.

References

  1. "Redline plays Fast and Furious with exotics". Autoblog. 6 January 2007. Archived from the original on 5 October 2023. Retrieved 4 March 2007.
  2. 1 2 Wert, Ray (2009-02-24). "How Eddie Griffin Destroyed the Economy by Crashing a Ferrari Enzo". Jalopnik. Archived from the original on 2018-08-07. Retrieved 2013-01-11.
  3. 1 2 3 4 5 6 7 8 Cassidy, Jon (2009-12-09). "Armed men invade subprime lenders home". The Orange County Register . Retrieved 2013-01-11.
  4. 1 2 3 Ivry, Bob (2007-12-18). "'Deal With Devil' Funded Carrera Crash Before Bust (Update3)". Bloomberg L.P. Archived from the original on 2015-09-24. Retrieved 2013-01-08.
  5. 1 2 Fierstein, Bruce (2009-09-28). "100 to Blame: Sex and the City, the Super Bowl, and More". Vanity Fair . Archived from the original on 2013-01-13. Retrieved 2013-01-08.
  6. Gittelsohn, John; Campbell, Ronald (2007-05-20). "High Roller of Home Loans". The Orange County Register . Archived from the original on 2017-03-09. Retrieved 2010-05-04.
  7. People Magazine (2007-03-27). "Eddie Griffin Crashes $1.5 Million Ferrari". Archived from the original on 2009-06-02. Retrieved 2009-04-29.
  8. Hollywood.com (2007-03-29). "Angry Eddie Griffin: "Ferrari Crash Was No Stunt"". Archived from the original on 2012-09-21. Retrieved 2016-04-05.
  9. "Redline (2007) - Weekend Box Office". Box Office Mojo . Archived from the original on 2007-10-12. Retrieved 2007-09-23.
  10. "Redline (2007)". Box Office Mojo . Archived from the original on 2007-10-12. Retrieved 2007-09-23.
  11. "Redline (2007)". Archived from the original on 27 May 2024. Retrieved 18 June 2020 via www.rottentomatoes.com.
  12. "Redline (2007): Reviews". Metacritic . Archived from the original on 2007-08-22. Retrieved 2007-09-23.
  13. Hardigree, Matt (2009-08-05). "The 12 Worst Car Movies of All Time". Jalopnik. Archived from the original on 2016-08-26. Retrieved 2016-08-22.
  14. "CDUniverse - Redline DVD". Archived from the original on 2018-04-18. Retrieved 2013-01-08.
  15. Monfette, Christopher (2007-08-17). "Redline DVD Review". IGN . Archived from the original on 2012-02-08. Retrieved 2013-01-08.
  16. "Redline (2007)". Blu-ray.com. Archived from the original on 2018-08-16. Retrieved 2018-08-16.
  17. "Quick Loan Funding". The Mortgage Lender Implode-O-Meter. 2007-08-16. Archived from the original on 2010-06-05. Retrieved 2010-05-04.