“The Crow” director Corin Hardy is in danger of flying the coop as a result of the Relativity Media bankruptcy, according to producer Edward R. Pressman, who on Tuesday filed an objection to the inclusion of the project among the studio’s assets as it prepares for a sale.
Relativity has invested “in excess of $7 million” in “The Crow” remake, including $2.5 million to exercise the options to acquire and maintain the property’s sequel, prequel and remake rights, according to the filing. Those rights revert back to Pressman if principal photography does not start within three years from when the deal was signed, which is now 18 months away.
Pressman filed the objection in U.S. Bankruptcy Court in New York because he claims the stalking-horse bidder for Relativity’s film and TV assets hasn’t demonstrated “adequate assurance of future performance” and he’s concerned that Relativity’s new owner won’t immediately have the resources to finance the film and release it on “no less than 1,000 screens” in North America, which requires an investment of “no less than $10 million to $12 million.”
“The Crow” is currently without a star, as Jack Huston exited the picture several months ago.
Now Pressman claims that he’s “in danger of losing the services of the director of the picture … who is widely regarded as a key creative element. Thus, the production of the picture is imploding even as the time to make the picture is running out under the Crow contract.”
Several studios and well-financed producers have expressed interest in “The Crow” rights and some have even tried to negotiate a deal, but Relativity has turned down every offer for what may be the most valuable asset in its depleted development stable.
Pressman doesn’t want Relativity to be able to include “The Crow” rights in the imminent Relativity sale unless the stalking-horse bidder, made up of the company’s senior lenders, guarantees it will finance the project and release the finished film in theaters, as the contract stipulates.
A remake of Alex Proyas‘ 1994 classic action movie starring Brandon Lee and based on the graphic novel by James O’Barr, “The Crow” has been dealt one setback after another, and Relativity’s bankruptcy was just the latest blow to the project’s hopes.
Relativity did not immediately respond to TheWrap’s requests for comment.