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.
Director Hans Emanuel Joins Caviar For Commercials and Music Videos
Production company Caviar has signed director Hans Emanuel for U.S. commercial and music video representation. The film and advertising director fuses his keen--and Berlinale Film Festival Award-winning--eye for cinematic storytelling with a commercial background across multiple genres including beauty, automotive, dance, and visual effects-heavy projects, to produce creative for clients like Kia, Nivea, Nissan, L’Oreal, BMW and more.
Caviar executive producer Salim El Arja noted, “Hans has a unique ability to blend stunning visuals with heart and humor, rooted in his confidence as a craftsman. This allows him to focus on drawing exceptional performances from actors--including celebrities--and crafting films that are not only visually striking but also deeply engaging and often hilariously comedic. His sensibilities align perfectly with Caviar’s vision, and we’re excited to collaborate with him on work that pushes creative boundaries.”
Emanuel added, “Caviar is a renowned name, certainly since I began my career. They have a solid reputation for quality work, and I’ve always respected them as a company. Life is about where destiny makes you flow with the people you need; thanks to a series of projects, I was introduced to Florence Jacob with Caviar Paris first, and the rest is history. I feel they can support my career growth with their comedic expertise and filmmaking prowess.”
Prior to joining Caviar, Emanuel had been repped by production house Stadium. He was born and raised in Santa Monica, Calif., to a Mexican-German mother, benefiting from a culturally diversified upbringing that carried through his education interests. Knowing he wanted to be a filmmaker from the start, he began his career in the luxury and beauty field,... Read More