WHEATON, Ill. (CN) – A Santa Monica-based finance company says the owner of an independent film company borrowed $2.5 million, allegedly to make a movie starring Martin Lawrence and Zack Galifianakis, and used the money to repurchase his foreclosed home instead.
Neither actor is a party to the complaint, which misspells Galifianakis’ name as Gianfalakis.
Blue Rider Finance sued Cityscope Productions and David Odom, of Naperville, in DuPage County Court.
“Defendant David Odom is the managing member and registered agent of defendant Cityscope. Defendant David Odom has been a member of the Illinois Bar from which he has been suspended three (3) times,” according to the complaint.
Blue Rider says Odom claimed his loan would finance a $13 million film starring Lawrence and Gianfalakis, tentatively titled “Season Tickets.”
Blue Rider Finance is a subsidiary of Blue Rider Pictures, an independent movie production company based in Los Angeles.
Blue Rider says Odom told it Cityscope had $13 million in escrow to secure the $2.5 million short term loan. Cityscope and Odom, promised to repay the money within 45 days, Blue Rider says.
Blue Rider says Odom’s home went into foreclosure in 2009 and a year later his petition to file Chapter 13 Bankruptcy was dismissed.
David and his wife, co-defendant Kimberly Odom, used $820,000 of the Blue Rider loan to repurchase the home from Northern Trust in a sheriff’s sale in 2011, Blue Ridge says.
It doesn’t know what happened to the other $1.7 million.
“Approximately $2,000,000 of the bridge loan remains unaccounted for and defendant David Odom and CityScope refuse to account for the loan proceeds despite plaintiff’s attempt to contact defendants on several occasions,” the complaint states.
Blue Rider says it has sued CityScope in Los Angeles Superior Court, alleging breach of contract, fraud and conversion. It seeks imposition of a constructive trust on the Odoms’ assets in Illinois. It is represented by Terry Ekl with Ekl Williams of Lisle, Ill.