Business Irish

Monday 5 December 2016

AIB secures judgment for $1.2m against 'Edge of Love' film makers

Published 25/01/2010 | 05:00

ALLIED Irish Bank (AIB) has secured a $1.2m (€854,000) judgment in a Californian court against the company behind a 2008 movie called 'The Edge of Love' that stars Keira Knightley and Cillian Murphy.

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AIB had filed the case last year against movie firm R2D2, which owns Capitol Films, claiming it was owed outstanding fees in relation to the production of the film.

In 2006, AIB had agreed to make $90m available to Capitol Films in order to finance movie productions.

In 2007, Capitol requested AIB extend a loan under that facility for $8.4m to fund the making of 'The Edge of Love', a film that fictionalised events in the life of Welsh poet Dylan Thomas.

Obligations

'The New York Times' described the movie's material as "banal".

Capitol had agreed to repay the money on or before October 1, 2008, but by November 2008, AIB was still owed nearly $1.7m of the loan it had advanced to Capitol.

It wrote to R2D2, which had guaranteed the loan to Capitol, informing it that Capitol had failed to discharge its repayment obligations and demanding that R2D2 repay the outstanding amount within a week.

By late December, R2D2 had not responded to AIB's request, claimed the bank, although R2D2 later maintained in court that it had.

Early last month, AIB and R2D2 asked the US court to postpone a trial date set for December 8 to after the end of this month pending settlement negotiations, which were recently filed.

Irish Independent

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