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David Bergstein

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Adapted from the English Wikipedia article David Bergstein, available under CC BY-SA 4.0Updated 8 August 202515 sources
David Rafael Bergstein
Born1962
Brooklyn, New York, U.S.
Occupation(s)Financier, film producer
Years active1984–2010 (film industry)
Known forIndependent film production, distressed asset management

David Rafael Bergstein (born 1962) is a former American financier and film producer. His career started in real estate development before he established a consulting firm focused on distressed assets and rapidly expanding businesses. From 2003 to 2010, he ventured into the independent film industry. In 2016, Bergstein was apprehended on charges of defrauding investors of $26 million, subsequently found guilty in 2018, and received an eight-year prison sentence.

Early life and education

Hailing from Brooklyn, New York, Bergstein is the son of Leonard Bergstein, an engineering professor who survived the Holocaust.[1] He completed high school ahead of schedule and obtained a Bachelor of Science degree with concentrations in pre-medicine and mathematics at New York University Polytechnic School of Engineering. Later, he pursued legal studies at Benjamin N. Cardozo School of Law.[1] While attending law school, Bergstein worked as a research analyst at investment firms Salomon Brothers and Bear Stearns, specializing in companies facing financial difficulties or undervaluation.[1]

Career

Relocating to Los Angeles in 1984, Bergstein developed his expertise in real estate. By the 1990s, he redirected his efforts toward acquiring or advising companies experiencing financial distress and managing debt.[2] He founded Cyrano Group, a private equity and advisory business, where he held the position of CEO.[1]

In 2003, together with partner Ron Tutor, Bergstein provided financing to Franchise Pictures. Following its bankruptcy, they obtained ownership of numerous films from the company. By 2006, they had acquired both Capitol Films and ThinkFilm, establishing themselves as prominent figures in the independent film sector.[2]

In 2010, creditors initiated efforts to place five companies controlled by Bergstein and Tutor under Chapter 11 bankruptcy, resulting in court-appointed trustees overseeing operations.[3][4] Bankruptcy was declared for Capitol Films and ThinkFilm in October 2010,[5] with three additional entities—R2D2, CT-1 Holdings, and Capco—following suit in 2011.[6][7] It is noteworthy that claims by creditor Aramid Entertainment Fund were dismissed by the courts in 2012 and this decision was upheld upon appeal in 2013.[8] In 2012, Bergstein secured a $50 million malpractice award against former legal counsel for Capitol Films who had represented Aramid.[9][10][11][12] Subsequently, in 2014, another creditor’s claims were invalidated as unfounded.[13] By 2016, all remaining involuntary bankruptcy proceedings were dismissed by federal courts.Cite error: The opening <ref> tag is malformed or has a bad name

Bergstein also played an advisory role during the 2010 acquisition of Miramax by an investor consortium including Tutor for $660 million, which involved securing rights to more than 700 film titles.Cite error: The opening <ref> tag is malformed or has a bad name In 2012, he filed suit against Miramax’s owners over unpaid fees related to this transaction; the dispute was resolved through settlement shortly thereafter.[14][15]

On November 9, 2016, Bergstein was apprehended at his residence in Hidden Hills, California following charges of fraud,Cite error: The opening <ref> tag is malformed or has a bad name convicted by a federal jury on March 1, 2018,Cite error: The opening <ref> tag is malformed or has a bad name and sentenced in June 2018 to eight years imprisonment along with a $250,000 fine.Cite error: The opening <ref> tag is malformed or has a bad name

Personal life

In 2011, Bergstein and his spouse Sara honored his father by dedicating the adult education program at Conejo Jewish Academy, which they named the "Leonard Bergstein Jewish Academy." He holds board memberships with the Sheriff's Youth Foundation, an initiative aimed at youth under the Los Angeles County Sheriff's Department, as well as the Grossman Burn Foundation, which assists individuals recovering from burn injuries. Additionally, Bergstein contributes articles to various business and cultural outlets, including the Huffington Post, Times of Israel, and Algemeiner.

Selected filmography

Bergstein's credits in film production encompass:

  1. ↑ 1.0 1.1 1.2 1.3 Cite error: Invalid <ref> tag; no text was provided for refs named huffingtonpost
  2. ↑ 2.0 2.1 Cite error: Invalid <ref> tag; no text was provided for refs named LAT2008
  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named LATmar18-10
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named LATmar30-10
  5. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Wrap2010
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named LAT3
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Wrap2011
  8. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Law360-2013
  9. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named DLH
  10. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Law36004
  11. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Law36002
  12. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Law36003
  13. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Law360-2014
  14. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named LAT3-13
  15. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Fritz (2012-4-24)

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