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Sheppard Mullin's Suit Over Buyer's Deposit to Acquire Bankrupt Film Co.
A suit filed by the law firm Sheppard Mullin as plaintiffs reveals Chapter 11 acquisition talks fell through between the firm's client Cecchi Gori Pictures and a potential buyer comprising a trio of film producers. In the complaint, filed in California's federal Northern District Bankruptcy Court, Sheppard Mullin requests declaratory judgment over a $100,000 deposit in connection with the Chapter 11 bankruptcy of Cecchi Gori, which is an Italian production company behind Oscar-winning foreign film Il Postino (The Postman). Sheppard Mullin Richter & Hampton LLP v. Cecchi Gori Pictures, 5:22-ap-05005.
Documents show after Cecchi Gori Pictures filed for bankruptcy in December 2016, the studio entered into a term sheet agreement last May in which NTJ Venture LLC would acquire Cecchi Gori Pictures and Cecchi Gori USA Inc. for $1 million. Upon agreement of the term sheet, NTJ Venture then wired the $100,000 deposit to Sheppard Mullin, as the general bankruptcy counsel for Cecchi Gori Pictures.
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