A former CEO-turned-screenwriter gives away millions of Iraqi Dinar to Hollywood Studio executives to show how fortunes printed on paper can become worthless overnight.
I was a 25 year old single dad from a small town swimming in the Wall Street shark tank. I was brought up to take people at face value, and I trusted some of the wrong people.
Hollywood, CA (PRWEB) May 12, 2008 -- A former CEO-turned-screenwriter gives away millions of Iraqi Dinar to show how fortunes printed on paper can become worthless overnight.
The number of Iraqi Dinar given away by screenwriter Nicholas Chavez would have been worth approximately $4,825,350 in a 1989 "pre-Gulf War" Iraq.
Nicholas Chavez was once a highly celebrated technology executive of a publicly traded technology company with a market cap that once exceeded $90M, until everything came crashing down.
"Seemingly overnight, my fortune that exceeded $40M became worthless" states Nicholas Chavez, a Denver-based entertainment entrepreneur. "I was a 25 year old single dad from a small town swimming in the Wall Street shark tank. I was brought up to take people at face value, and I trusted some of the wrong people."
Monday May 12th marked the delivery of some 55 Express Mail envelopes to Hollywood studio and mini-major moguls, each stuffed with 25,000 Iraqi Dinar and a letter to the receiving executives that included the following text:
"My fortune all but evaporated in 3 months. $40,000,000 gone! A beautiful Rossa Corsa colored Ferrari, a British Racing Green Aston Martin, two Range Rovers as black as night, gated mansions with flowering gardens, stunning women & fair-weather friends. All of it slowly eroded and then, disappeared completely along with my fortune of eight-figures!"
The letter goes on to indicate that Chavez has chronicled the events of his sudden upward mobility, and his dramatic fall in a spec-script that is available for purchase to the highest bidder in an auction that will be conducted via phone with his attorney, Wednesday May 14th.
Lawrence Gordon, Producer of such hits as "Boogie Nights," Field of Dreams," and "Predator" described the advantages of spec scripts in a New York Times interview. "You can eyeball the script to get an idea of what the budget will be. You don't have to wonder if the script is going to work and how much the movie will cost." To date, Mr. Gordon has made multiple spec-script purchases paying seven-figures per script in many cases.
Chavez is confident that the script is a winner and will bring in a seven-figure winning bid.
"There are dozens of instances that I have read, where screenwriters in their 20's sell scripts for one to five million dollars. Often, these scripts come from unknown writers, and are not based on a true, captivating story of money, sex and deceit." said Chavez.
Andrew Contiguglia, Chavez's entertainment attorney, will be conducting the auction.
"If you think about it, the information in this screenplay cost me $40M to produce, so whoever in Hollywood is smart enough to buy it- will be getting a $38M discount."
About Nicholas Chavez:
Nicholas Chavez is a 28 year old entertainment entrepreneur, who has just wrapped filming on his first feature length film "Passing Buck" which he co-wrote and directed, starring Russell Costen, Rachael Weinstein and Andrew J. Mark. The film is expected to be released in August of 2008, along with a 12 song soundtrack, featuring musicians that have had albums executive produced by Chavez.
Nicholas is also a member of CXO Colorado, The National Management Association, National Association of Record Industry Professionals, The Board of Advisors for the Impact Film Fund, and is Chairman Emeritus of The Colorado Film Coalition: a grassroots organization which aims to boost the film economy of Colorado. In his spare time, he spends time with his two boys and works with Family First- a non-profit which provides abused or neglected children with foster care or adoption.
Contact:
Andrew Contiguglia
Contiguglia P.C.
303.905.0156
Wednesday, June 11, 2008
Iraq's inflation rate soars to 16 percent in April, blamed on rising worldwide prices
Published: May 25, 2008
BAGHDAD: Rising prices of food, energy and other commodities worldwide pushed up Iraq's inflation rate to 16 percent in April, compared to 11 percent at the beginning of this year, the country's central bank said Sunday.
Central Bank of Iraq governor Sinan al-Shibibi said the bank would continue its monetary policy focused on absorbing the inflation by strengthening the Iraqi dinar against the U.S. dollar and keeping interest rates at 17 percent.
"The interest rate is high, I admit that, and that could lead to the private banks sending their money to the central bank rather than other fields," al-Shibibi told a press conference in Baghdad's fortified Green Zone. "But it serves the economy by reducing inflation."
In its monthly report, the Iraqi Planning Ministry said April saw increases in prices for the most important goods and services, which make up more than two-thirds of a family's expenditures.
Food prices rose the most, with a 13.6 percent increase, and medical services and drugs went up 1.3 percent. The price of furniture in Iraq rose 0.8 percent and other essential goods and services inched up 0.6 percent.
The cost of fuel fell by 4.9 percent, and transport and communications prices sunk by 2.5 percent, the report said.
"This increase in the general level of prices in April has been caused by the outside (economic) shock Iraqi economy is still facing due to soaring prices," al-Shibibi said.
Inflation, which spiked at 69.6 percent at end of 2006, was sharply reduced to 32 percent at the start of 2007 and then to 11 percent at the beginning of this year, thanks to a policy package that included exchange rate appreciation and higher interest rates.
But the security situation in some areas and corruption are still the main obstacles for a public investment program, despite billions of dollars that soaring world oil prices bring to Iraqi government coffers.
Iraq, which sits on the world's third-largest oil reserves with more than 115 billion barrels, exported 57.06 million barrels in April and grossed US$5.9 billion.
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