IATSE shutters production over financial troubles
Capitol Films hopes to ink a deal with lenders Tuesday after IATSE for a second time shuttered production on David O. Russell's politically charged romantic comedy "Nailed" over financial squabbles.
The company's head of business affairs, Ray Reyes, said a high-profile commercial bank and bond company were on board Friday, working "feverishly" to close the deal.
Last week's work stoppage in South Carolina was at least the third time a union has stopped production on the film, which stars Jake Gyllenhaal and Jessica Biel, over payroll issues. IATSE and SAG previously suspended work on the indie film this month until both unions were assured financing was in place.
Production is expected to resume Thursday.
Reyes said the financial problems are a result of a financing deal that fell through. He declined to say who those parties were because Capitol could file claims against the company for the "falling out on deals and leaving us out in a lurch.
"Obviously, five weeks into production was not how we planned to do this," he said. "Things didn't work out as originally planned with what we were doing and we had to fall back on a contingency plan. The whole chapter will come to a close, thank goodness, when we close our loan."
Despite the setbacks, Reyes said the project has only lost a few days and while a shutdown was not expected, he said it comes at a time where the producers were rearranging the production schedule anyway.
A source close to the production said it already was planned to start a Thursday-Monday production schedule -- rather than Monday-Friday -- following the Memorial Day holiday because many of the scenes being filmed are in public buildings, including the state capital.
The film's stars have not been part of the financial woes. Capitol fully escrowed their salaries.
See Also
