When Gen Art, the hipster-targeted arts and entertainment, became insolvent earlier this year and filed for bankruptcy, it apparently owed some money to a number of filmmakers and designers, according to a press release issued by the defunct organization. On Nov 4, they’re holding a benefit to raise some cash for some of the affected talents, including Francesca Gregorini and Tatiana von Furstenberg (the royal daughter of fashion designers Diane and Egon von Fürstenberg), who made “Tanner Hall,” the Gen Art Film Fest’s best feature winner, which was to be awarded a $10,000 monetary prize.
Co-Founder and CEO Ian Gerard stated: “In these trying economic times, every dollar counts to an emerging artist. To know that our business troubles had a negative effect on a group of young talent was unacceptable to us. As an organization founded on the premise of benefiting and supporting such emerging talent, we want to do what we can to make it right and this benefit will hopefully achieve that.”
According to the release, the company has been in talks with a variety of strategic acquisition purchasers over the past few months and believes that it will solidify such an acquisition later this fall and hopes to re-launch in some form later this year.
For any parties interested in information on the sale of Gen Art’s Assets, please contact the bankruptcy trustee via Michelle Gershfeld; (914) 332-8000/ email@example.com.