Joel Silver Sues Goldman Sachs for $35M

LOS ANGELES (CN) - Joel Silver, producer of "Die Hard," "Lethal Weapon" and "The Matrix," claims Goldman Sachs stiffed him on $35 million in production deals. Silver claims Goldman never intended to pay and was using him to get $100 million from a Quebec investment firm with whom he had worked in the past.

Silver says Goldman Sachs approached him in 2007 about a multi-picture deal with his companies, Silver Pictures and Silver Slate. Silver would act as producer, while Goldman would provide funding, according to the Superior Court complaint.

Silver says he agreed to assign to Goldman "a significant share" of net profits from the movies in exchange for $35 million up front.

But that summer, Goldman told Silver it "urgently needed a financing partner to supply at least $50 million" to complete the deal, according to the complaint.

Silver says he introduced Goldman to Societe generale de financement du Quebec Bureau, which had financed his projects in the past.

Silver claims that Goldman assured him it would be able to close the deal if it had the extra funding.

Silver claims that Societe generale ended up contributing $100 million. But after Goldman got its money, Silver says, the firm told him it would have to wait until it arranged funding to pay Silver, and claimed it could only pay $30 million, rather than the original $35 million the parties had agreed upon.

Silver claims Goldman never intended to pay, and led him along to get an introduction to Societe generale.

Silver says Goldman refused to complete the original deal, but still promised to pay him $2 million for arranging financing from Society generale. But he says it failed to do that too.

Silver demands $37 million, alleging breach of contract and fraud.

He is represented by Robert Marshall with Greenberg Glusker Fields Claman & Machtinger. Named as defendants are The Goldman Sachs Group, Alliance Films and Momentum Pictures USA.

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