Morgan Creek founder James Robinson — who had been prepared to put up as much as $100 million toward Ron Tutor’s $660 million purchase of Miramax — has pulled out over terms of his role in the company.
Robinson’s exit means Tutor will either have to make up the money himself or start seeking additional outside investors. Morgan Creek’s role was to sell Miramax’s movies. The loss of Robinson means Tutor and his group will have to find someone else to be in charge of the studio’s 700-title library.
The Los Angeles Times reported that another potential investor, retired engineer and philanthropist Jerome Swartz, pulled out along with his expected $25 million to $50 million.
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