A movie investor sued the former Weinstein Co. executive. David Glassertoday CEO of “Yellowstone” producer 101 Studios, alleging he failed to repay a personal loan despite repeated assurances.
Glasser is best known as producer of the hit Paramount Network drama series “Yellowstone,” starring Kevin Costner, and its spinoff. In 2009, he was head of international sales at Weinstein Co., when, according to the lawsuit, he persuaded Radenko Milakovic to lend him $531,288.
Milakovic was an investor in the Weinstein Co. movie “Escape From Planet Earth” and also invested in a project called “90 Days.” According to public records, he is an officer at Altima Partners LLP, UK, and resides in Portugal.
According to his complaint, Milakovic initially rejected Glasser’s loan request, fearing it would complicate his relationship with the studio. But, according to the lawsuit, Glasser insisted he needed the funds to prevent the foreclosure of his parents’ home.
Milakovic began to fear that if he refused the loan, Glasser could jeopardize his relationship with the company, according to the lawsuit.
“Plaintiff and his team had observed that Defendant Glasser often created conflict and chaos only to then step in to ‘fix’ it, when it suited him,” the lawsuit states. “The relationship with TWC had become increasingly difficult, so Plaintiff felt he had to protect this business investment. Based on Defendant Glasser’s past conduct, and his position and authority at TWC , the plaintiff became increasingly concerned that the defendant Glasser could and could make things even more difficult.”
Milakovic said in the lawsuit that he felt he had “no choice” but to make the loan. According to the complaint, the loan was to be repaid in six months, but that did not happen. Instead, Milakovic alleges that Glasser has only made sporadic payments and hasn’t paid anything since 2016. The current balance, according to the complaint, is $908,563.
Glasser’s attorney, Jeffrey Gersh, said the lawsuit had “no merit.”
“This is a 13-year-old debt,” Gersh said. “They made up allegations to try and force David to pay money he doesn’t owe, at a time in his life when he’s on top of the world right now. They come out of the carpentry to bring these claims that have no basis.
Glasser was chief operating officer of Weinstein Co. in 2017, when the company collapsed following the Harvey Weinstein sexual assault scandal. Glasser was briefly in line to take over the company under a new ownership group, but that deal fell apart, Glasser was fired, and Weinstein Co. was liquidated into bankruptcy.
Glasser launched 101 Studios with backing from Ron Burkle in 2019.
The lawsuit alleges Glasser met Milakovic for a dinner party in Miami in November 2018 and tried to persuade him to invest in the new company. Milakovic refused unless the outstanding loan was paid off first, he alleges. According to the lawsuit, Glasser orally agreed to pay $161,288 in cash and transfer a 2.32% stake in 101 Studios, in order to satisfy the obligations. However, Glasser never followed up, according to the suit.
Later, Milakovic claims that Glasser was able to refinance his personal debts with a loan of at least $5 million from an accredited financial institution. However, Milakovic alleges that he never received a refund. The complaint states that Glasser “instead chose to live a lavish lifestyle, which included vacation homes, world travel and luxury cars.”
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