|re: One of the few upcoming Broadway shows I was looking forward to|
|Posted by: NewtonUK 01:12 pm EDT 03/16/23|
|In reply to: re: One of the few upcoming Broadway shows I was looking forward to - ryhog 11:45 am EDT 03/16/23|
|Yes and no. The three producers quoted in the press release, Hunter Arnold, Sam Julyan, and James Yeoborn are the only producers currently listed anywhere on IBDB- I couldn't check Theatrical Index as they have already removed the show from their site... So either one of them has pulled out, or they had invited in a 4th who pulled out, or they are talking about a co-producer. In any event - except for some rare front money agreements I have seen, you cannot withdraw your money from a production once you have invested, and your papers signed and your check cleared the bank.
So - rather than pontificating - I was saying that they didn't have the money in the bank. A producer or co-producer might have signed papers for or otherwise committed to X Dollars. But until the money is in the bank, that investment does not exist. I may be incorrect (I hope I am!), but I don't know of an instance where an investor has signed papers, and then undecided against investing - where they have been pursued or sued. You cant force someone to invest if they change their mind.
Broadway is indeed tough. I was producing a show, and we had a great investor event - three regular Broadway players, between them, looked us in the eyes, shook hands with us after our presentation and committed to a total of $2.25 million. Volunteered the amounts. We weren't asking anyone to commit that night. Not a penny of the $2.25 million materialized. We raised it other places.
So unless the producers voluntarily returned an investment - which would have huge legal ramifications from other investors who DID invest - then they did not have the money. We all learn the hard way - and this seems a very hard way - that if its not in the bank, then it doesnt exist. Perhaps we will learn more details, publicly or otherwise. And I readily admit that there may be a path I have never heard of for withdrawing money that has already gone into the production bank account. At the moment I dont know what this could be. If you do, Ryhog, I would genuinely appreciate knowing what it is.
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