Although never officially announced, Netflix acquired Dimension Films’ Polaroid from Lantern Entertainment, the company who purchased The Weinstein Company and most of their assets. Now, an article on Variety reports that the film’s financier is attempting to block its sale.
First Republic Bank, which put up the financing for the film, is seeking to block Lantern from selling it. In a motion in Delaware bankruptcy court on Tuesday, the bank alleged that Lantern never actually acquired the rights to the film, and that proceeds from the sale should go to pay off the bank’s $5.3 million loan balance.
“Lantern is literally trying to sell First Republic’s collateral without owning it,” the bank’s lawyers allege.
You can read all the details here. First Republic wants a hearing on the matter on Nov. 6.
The Lars Klevberg-directed Polaroid follows high school loner Bird Fitcher, who has no idea what dark secrets are tied to the mysterious vintage Polaroid camera she stumbles upon. But it doesn’t take long to discover that those who have their picture taken meet a tragic end.
The pic was written by Blair Butler (Hell Fest) and stars Kathryn Prescott, Tyler Young, Grace Zabriskie and Mitch Pileggi.
Roy Lee produces through his Vertigo Entertainment label with Chris Bender also producing.
Originally, TWC dated this film for a Thanksgiving launch last year on Oct. 4, the day before the New York Times expose ran on Harvey Weinstein. Theatrical marketing materials were literally made for Polaroid with posters showing up in theater lobbies. By Oct. 31, TWC had pulled the film off the schedule indefinitely.
