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GEDCA has little to show from "Max Havoc" film
While the island continues to wait for the release of the first feature length film shot on Guam, the Guam Economic and Development and Commerce Authority begins to show concern over the $1.1 million loan it guaranteed to the Guam Motion Picture Company for the filming of Max Havoc.
The Government of Guam said this movie would put Guam in the worldwide spotlight and give the island a chance to develop a new niche market in European and Asian countries that don't know of or see the island as a tourist destination. They were confident in the Guam Motion Picture Company - so confident that in October of last year GEDCA guaranteed $800,000 dollars of a $1.1 million loan granted by Co-America Bank to finance the film.
Now Andy Jordanou, the new acting administrator of GEDCA, says they are concerned over the progress of 'Max Havoc: The Curse of the Dragon.' He told KUAM News, "Presently we only have a DVD and the DVD only shows excerpts of the film we don't have a full scope of the film as yet we're concerned about that."
Jordanou says he's concerned primarily because the $800,000 guarantee is money that GEDCA can't utilize for other projects - a concern that must be building as the clock ticks toward the loan's maturity date in June 2006. According to Jourdanou, it appears the Guam Motion Picture Company seems to be dodging GEDCA. He explained, "We've communicated by letter we haven't been getting the cooperation that we originally wanted to my understanding is the person that we originally were involved with the chief financial officer is no longer with the firm."
A chief financial officer by the name of Alain Demeestri who, according to GEDCA, only found out was no longer employed with the Guam Motion Picture Company after calling the company and asking for him. GEDCA officials have told KUAM News in the past that they had no concerns over the guaranty of the loan, however in light of recent problems with the film's producers it appears they have changed their tune.
"At this point since interest is paid through a reserve that they have under this facility the loan is being paid current every month so there's no reason for it to be called however if they feel that it's is not going to be distributed properly if it's not being handled correctly by the company yes they can call the guarantee," Jordanou said.
Along with GEDCA's $800,000 dollar guaranty, it is estimated that local businesses have contributed more than a million dollars to the making of this film. If the film's producers don't get their act together soon the Curse of the Dragon may turn into Guam's curse.
KUAM's Clynt Ridgell contributed to this report
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