Developer Maguire may re-enter DreamWorks deal.DreamWorks SKG SKG Stichting Kwaliteit Gevelbouw (Dutch) SKG Spielberg, Katzenberg,and Geffen (DreamWorks Studios) SKG Thessaloniki, Greece - Thessaloniki (Airport Code) SKG Smith and Kraus Global was close to finalizing its long-awaited deal to develop a new entertainment studio at Playa playa or pan or flat or dry lake Flat-bottomed depression that is periodically covered by water. Playas occur in interior desert basins and adjacent to coasts in arid and semiarid regions. Vista late last week, but developer Robert Maguire Robert A. Maguire (August 3, 1921 - February 26, 2005), or R. A. Maguire, was a twentieth century American illustrator and fine artist. Known primarily for his crime noir paperback cover art, he has produced artwork for over 600 covers since 1950. may be angling to act as spoiler spoiler: see airplane. 1. spoiler - A remark which reveals important plot elements from books or movies, thus denying the reader (of the article) the proper suspense when reading the book or watching the movie. 2. again. A Maguire spokeswoman, Peggy Morretti, said the developer had received a May 20 letter from Peter Denniston, president of Playa Capital Co. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the partnership that owns Playa Vista. It gave Maguire until June 19 to submit an offer to purchase commercially zoned portions of the 1,087-acre site. That letter was required under the deal struck in October 1997, which granted Maguire a "right of first offer" to purchase certain commercial portions that Playa Capital intended to sell, according to several sources. With DreamWorks apparently on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of cutting a deal with Playa Capital, Maguire contends that his right of fast offer extends to the DreamWorks site - a point that Playa Capital is expected to contest. If Maguire's contention is true, Playa Capital would have to first offer him the DreamWorks site - and he intends to buy it, said a source close to the deal. "It's causing no end of trouble because Rob feels he can block DreamWorks," said a source close to the talks. If Maguire submits a bid, Playa Capital could only sell to DreamWorks if the movie company agreed to pay at least 95 percent of Maguire's hid price. "We've made some progress; how close we are to a deal is anyone's guess," said Andy Spahn, DreamsWorks' head of corporate affairs and lead official in the Playa Vista negotiations. "Whatever internal issues (Playa Capital) has with Rob Maguire, they clearly have to have their house in order to make a deal with us." Playa Capital officials declined comment. If DreamWorks decides not to outbid out·bid tr.v. out·bid, out·bid·den or out·bid, out·bid·ding, out·bids To bid higher than: We outbid our rivals at the auction. Maguire for the Playa Vista site, or Playa Capital opts to sell to Maguire, the developer plans to construct the movie studio "on spec," without any particular occupant commitment, said a knowledgeable source. Maguire, who has had ongoing financial problems, says he has secured independent financing to develop a studio without DreamWorks, according to a source. Long before such a project could break ground, the entire matter would undoubtedly wind up either in arbitration or litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , several sources agreed. The new twists in the long-running Playa Vista-DreamWorks saga reprise re·prise n. 1. Music a. A repetition of a phrase or verse. b. A return to an original theme. 2. A recurrence or resumption of an action. tr.v. old themes of earlier feuds and maneuverings involving Maguire, DreamWorks and Playa Capital. Last year, Playa Capital took majority ownership of Playa Vista away from Maguire, who was in default on about $150 million of mortgage debt. Under that deal, Maguire retained 11 percent ownership in the project, along with the right to develop all commercial portions of Playa Vista, except the DreamWorks site. Maguire was originally to have developed that studio as well, but he and DreamWorks principal Jeffrey Katzenberg reportedly locked horns over lack of progress in moving the project forward. When the dust had settled, Maguire had lost control of Playa Vista to Playa Capital. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion