Louisiana Film Studios fizzle

Back in February, Louisiana Film Studios announced a plan to become the largest television and film production facility in the region. By July, disgruntled investors filed a lawsuit, forcing the venture into involuntary bankruptcy. And last week, company CEO Wayne Read, listing a Chicago address, failed to show up for a hearing in U.S. Bankruptcy Court in New Orleans. Court records filed thus far show that Louisiana Film Studios owes $631,600 to secured creditors, and $2.7 million to the 20 largest unsecured creditors, including several current and former members of the New Orleans Saints. The vision for the ill-fated project was to transform a 500,000-square-foot former Winn-Dixie warehouse complex in Jefferson Parish into a $40 million one-stop-shop production house, the largest this side of Albuquerque, reported The Times-Picayune. Archie Manning, Saints head coach Sean Payton, Drew Brees and several other players invested in what they believed was a tax credit program, which would return $1.33 on every dollar invested. But the Louisiana Film Commission, which processes tax credit requests, has said Louisiana Film Studios never filed. After failing to show up in bankruptcy court on Sept. 24, Read is now being directed by Judge Elizabeth Magner to return to New Orleans to be deposed, or face arrest. Sherri McConnell, executive director of the Louisiana Entertainment Office, says she has not been informed by the studio’s principals about any future plans for the much-anticipated project, but she adds its failure hasn’t slowed the industry’s expansion in Louisiana. “Many studios are already operational or under construction in order to meet the demands of our growing production industry,” McConnell says. “Interest in the state as a filming destination has not slowed down. Indeed, we have a record 20 films presently prepping or shooting in our state.” — Maggie Heyn Richardson