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Film studio developer says he's still going to pay back Kevin Houser and other New Orleans Saints players for project
Posted by Robert Scott, The Times-Picayune
July 10, 2009

The developer of a financially troubled film studio in Elmwood pledged today to pay back the New Orleans Saints players and coaches for the money they are due from the project but said a deal still is not completed with potential investors that would make those repayments possible.

Wayne Read says that he still plans to pay back the New Orleans Saints players in the tax credit issue.Wayne Read, chief executive of Louisiana Film Studios, said he spent the Saints' money on studio rent and development and hopes that talks with interested investors will result in an agreement soon in which new managers and owners will take over the studio.

"I hope to begin making payments to the players before the end of 2009," Read said. "Hopefully I will reach agreements with one of the potential funding groups shortly. Their investment will give me the funds needed to satisfy our debt and provide a firm foundation for the further development of the studio."

He did not identify the potential investors.

Read said he got help last year from former Saints long snapper Kevin Houser to promote the studio. Houser was a point man in getting 26 other current and former Saints players and coaches to give Read nearly $2 million, which was supposed to be repaid in the form of state tax credits by the end of March.

Kevin Houser is one of several folks seeking money on a tax credit issue.The Saints members are still waiting to get the credits or their money back. Houser, whose wife is a partner in a construction firm that also is seeking money owed by the studio, was released from the team last week.

Film studio developer says he's still going to pay back Kevin Houser and other New Orleans Saints players for project - New Orleans Saints Beat

Saints players' money paid business expenses
Saturday, July 11, 2009
By Robert Travis Scott
Capital bureau

BATON ROUGE -- The chief of a financially troubled film studio in Elmwood explained Friday why he has not yet paid back the Saints players and coaches who spent nearly $2 million to buy tax credits from the project: He no longer has the money, and he hasn't secured new investors.

Wayne Read, chief executive of Louisiana Film Studios, said he spent the Saints' money on studio rent and development and hopes that talks with interested investors will result in an agreement soon in which new managers and owners will take over.

"I hope to begin making payments to the players before the end of 2009," Read said. "Hopefully, I will reach agreements with one of the potential funding groups shortly. Their investment will give me the funds needed to satisfy our debt and provide a firm foundation for the further development of the studio."

He did not identify the potential investors. Read has said often in recent months that he was on the verge of obtaining new investments for the studio.

The tax-credit flap, which recently came to light, has threatened to disrupt the Saints locker room while potentially damaging Louisiana's budding reputation as a movie-making destination.

Head coach Sean Payton, quarterback Drew Brees and legendary former Saints quarterback Archie Manning are among the 27 current and former coaches and players who stand to lose money on the deal. Manning said he received a call from an FBI agent looking into the matter.

Saints long snapper Kevin Houser, who served as a point man recruiting investments from team members, was released last week and replaced with a new player in his position.

Houser last year became an enthusiastic promoter of the newly formed film studio project, which operates in a former Winn-Dixie warehouse on a 25-acre site in Jefferson Parish's Elmwood commercial area. Read said Houser and his wife, Kristen Houser, "shared a vision and a real commitment to this film studio and were part of the LFS team." The couple traveled with Read to the Sundance Film Festival in Utah to help spread the word

New Orleans, Louisiana Local News ? NOLA.com

Westlake’s Kevin Houser takes cash hit: Ex-Saint among those who lost money on film studio investment
Associated Press

NEW ORLEANS — Former Westlake High and Ohio State football star Kevin Houser is among a group of current and former New Orleans Saints that is out nearly $1.9 million after the head of a Louisiana movie studio failed to repay the players’ investment in the studio.
The studio head says he intends to repay the group — after he finds other investors.
Houser, a long snapper who was released by the Saints on June 29, says he invested $125,000 in the studio.
He said he has been contacted by a law enforcement agency that he refused to identify.
Hall of Fame quarterback Archie Manning told The Times-Picayune of New Orleans that he has been contacted by the FBI about the investments.
Both the FBI and the U.S. attorney’s office have refused to confirm or deny that an investigation has started.
Coach Sean Payton, quarterback Drew Brees and Manning were among those who bought what they thought were state film industry tax credits. A state official, however, said the studio never applied for them.

http://chronicle.northcoastnow.com/2...io-investment/