‘Yellowstone’ producer David Glasser has sued more than $ 1 million debt
David Glasser, an experienced producer who is once known as the ‘third Weinstein brother’, has had a lively career in the post-Weinstein, with his 101 studios that harden ‘Yellowstone’ and various spin-offs.
But Glasser has not completely escaped financial unrest.
Bob Yari, the producer of ‘Crash’ who has been working with Glasser for a long time, sued him on Tuesday for almost $ 1 million – the balance of an unpaid personal debt.
After Variety Asked about it on Tuesday evening, Glasser paid off the debt on Wednesday.
“The case has been resolved,” said Yari’s lawyer, Behzad Nahai, on Wednesday afternoon. “The full balance is connected.”
According to the court case, Yari agreed to borrow $ 1.5 million in January 2022, at an annual rate of 6%. The original agreement called for full reimbursement within a year.
That didn’t happen, according to the suit. By April 2024, Glasser had not paid anything back and $ 1.7 million owed.
Glasser and Yari then concluded a tolerance agreement, in which Glasser would immediately repay $ 250,000, plus $ 50,000 a month for a year, after which the full amount would appear. The interest rate was increased to 10%.
Glasser has made the first payments and reduced the balance the following year. But on the maturity date he did not get through with the payment, claims the suit, instead he only offers $ 50,000.
“After the application of such a payment of $ 50,000, the outstanding principal sum of $ 952,144 remains due and outstanding under the memorandum and the tolerance agreement, which amount interest is delivered for the amount per day of $ 264.48 per day,” the court case says.
Nahai said that the balance was actually lower, because the court case had no small partial payment.
The original loan was intended to be protected by the property of Glasser in Lake Arrowhead and Indio. However, Glasser has never signed the actions of trust and they are not registered, making the loans unsecured.
Yari was a new company last year, Magenta Light Studios, after leaving Wonderhill Studios.
The new company released ‘Bride Hard’ with Rebel Wilson last month. The company has also recently announced a joint venture with Evoke Entertainment and Freefall films to co-produce and co-distribute indignation films.
Glasser is CEO of 101 Studios, who has produced many shows with Taylor Sheridan, including “Yellowstone”, “Tulsa King” and “Landman.” Before launching the company, he was Chief Operating Officer of the Weinstein Co., who collapsed in bankruptcy in 2018.
“This issue is arranged and fully paid and the fact that Mr Yari wants to do business in this way is a great pity,” said a spokesperson for 101 Studios in a statement. “He was one of the company there in the day and we really appreciate that. He has borrowed money and now he wants to appeal. That is fine, we owe him nothing now and wish him the very best.”
