Axium International, a leading payroll services company, filed for Chapter 7 liquidation bankruptcy on Tuesday (1/8), a day after sending its employees home and telling them not to come back to its offices in Los Angeles, New York, Toronto and London. For the most part, Axium employees were informed of the company’s demise via e-mail.
The Chapter 7 petition, which was filed in U.S. Bankruptcy Court in the Central District of California, read that Axium “lacks sufficient liquidity or other resources” to meet its financial obligations. However, there was no insight or explanation offered in the filing as to what caused Axium to reach such dire straits.
Speculation as to what factors may have caused the closure were running rampant at press time but none could be confirmed. Word is that Golden Tree Asset Management, a New York investment firm that is Axium’s largest creditor, seized $22 million from the payroll company’s bank accounts, leaving Axium unable to continue operating. Golden Tree had reportedly lent Axium some $140 million.
Numerous production houses were surprised by Axium going belly up, as was the payroll firm’s rank-and-file workforce. There have been reports of a number of feature producers who had significant amounts of money frozen in an Axium payroll account due to the firm’s bankruptcy declaration.
Much of the payroll business handled by Axium has or is being moved to such competitors as Entertainment Partners and Cast & Crew Entertainment Services.
Review: Director Jon M. Chu’s “Wicked”
It's the ultimate celebrity redemption tour, two decades in the making. In the annals of pop culture, few characters have undergone an image makeover quite like the Wicked Witch of the West.
Oh, she may have been vengeful and scary in "The Wizard of Oz." But something changed — like, REALLY changed — on the way from the yellow brick road to the Great White Way. Since 2003, crowds have packed nightly into "Wicked" at Broadway's Gershwin Theatre to cheer as the green-skinned, misunderstood Elphaba rises up on her broomstick to belt "Defying Gravity," that enduring girl-power anthem.
How many people have seen "Wicked"? Rudimentary math suggests more than 15 million on Broadway alone. And now we have "Wicked" the movie, director Jon M. Chu's lavish, faithful, impeccably crafted (and nearly three-hour) ode to this origin story of Elphaba and her (eventual) bestie — Glinda, the very good and very blonde. Welcome to Hollywood, ladies.
Before we get to what this movie does well (Those big numbers! Those costumes!), just a couple thornier issues to ponder. Will this "Wicked," powered by a soulful Cynthia Erivo (owner of one of the best singing voices on the planet) and a sprightly, comedic, hair-tossing Ariana Grande, turn even musical theater haters into lovers?
Tricky question. Some people just don't buy into the musical thing, and they should be allowed to live freely amongst us. But if people breaking into song delights rather than flummoxes you, if elaborate dance numbers in village squares and fantastical nightclubs and emerald-hued cities make perfect sense to you, and especially if you already love "Wicked," well then, you will likely love this film. If it feels like they made the best "Wicked" movie money could buy — well, it's... Read More