'Yellowstone' producer gets sued for $1.5M; repays in a day
What's the story
David Glasser, a Hollywood producer and CEO of 101 Studios, was sued by his former collaborator Bob Yari for nearly $1 million. The lawsuit claimed that Glasser, who backed the hit show Yellowstone, failed to repay a personal loan of $1.5 million taken in January 2022. However, after Variety inquired about the matter on Tuesday night, Glasser reportedly paid off the debt on Wednesday morning.
Legal proceedings
'The matter has been resolved'
Yari's lawyer, Behzad Nahai, confirmed that the full balance of the loan has been wired. "The matter has been resolved," he said on Wednesday afternoon. The lawsuit claimed that Glasser did not repay any part of the loan by April 2023 and owed $1.7 million at that time. A forbearance agreement was then reached between Glasser and Yari, which required Glasser to pay $2,50,000 immediately and $50,000 monthly for a year.
Payment issues
Glasser failed to make the final payment on maturity date
Glasser reportedly made the initial payments under the forbearance agreement, reducing the balance over a year. However, he failed to make the final payment on the maturity date and instead offered only another $50,000. The lawsuit states that after this payment, an outstanding principal sum of $9,52,144 remained due and was accruing interest at $264.48 per day.
Loan security
Yari started a new company called Magenta Light Studios
The original loan was supposed to be secured by Glasser's properties in Lake Arrowhead and Indio. However, he never signed the deeds of trust for these properties, leaving the loans unsecured. Meanwhile, Yari started a new company called Magenta Light Studios last year after leaving WonderHill Studios. The company recently released Bride Hard starring Rebel Wilson and announced a joint venture with Evoke Entertainment and Freefall Films to co-produce and co-distribute indie films.
Company statement
'This matter has been settled and paid in full'
A spokesperson for 101 Studios said in a statement, "This matter has been settled and paid in full and the fact that Mr. Yari wants to conduct business this way is very unfortunate." "He was there on day one of the company and we truly appreciate that. He lent money and now he wants to call on it. That's fine, we owe him nothing now and wish him all the best."