KWIKA partners Greg Korn and Jeremiah Reynolds have filed a lawsuit on behalf of Silver Reel Partners and LKL Productions alleging that the exclusive option rights they hold to the screenplay Get It While You Can, a biopic about singer Janis Joplin, have been breached by the parties that granted the option.
The problem arose when Silver Reel and LKL discovered that one of the obligations of the option agreement they signed was impossible to fulfill. They were required to renegotiate several loans totaling $1.7 million that had been made by a third party to the screenwriter for the story, Ron Terry, when he was undergoing cancer treatments. As a result, the complaint alleges that Terry was under duress and agreed to terms that were “usurious, illegal, unconscionable and unenforceable.” When the plaintiffs approached the third party lender to discuss restructuring the loans, the lender refused to negotiate.
Apparently Terry and his affiliates are losing patience with plaintiffs’ inability to pull a rabbit out of a hat on the loans, so they are continuing to shop the screenplay to producers and talent in violation of the option, allege Silver Reel and LKL.