EXCLUSIVE: A New York State judge dismissed a lawsuit filed by a dozen investors in Nerds, a musical about the tech titans Bill Gates and Steve Jobs that collapsed weeks before its first scheduled preview on Broadway.Continue Reading
‘NERDS’ CRASH HIGHLIGHTS WEAK INVESTOR PROTECTION
EXCLUSIVE: Ticketmaster and Telecharge say they refund theatergoers for cancelled performances.
It’s a different story for investors in shows that get cancelled before opening night. Exhibit A: Nerds, the musical.
In early 2016, Nerds Broadway LLC collected $606,000 from 13 angels who wanted in on the comedy about Bill Gates and Steve Jobs.
Four days after receiving the last of the checks and less than two months before the scheduled Broadway opening, lead producer Carl Levin announced Nerds’ indefinite postponement. He cited the loss of a major backer.
Until recent years, a production company that abandoned a show was obligated to make investors whole, except the investors who waived their right to a refund.Continue Reading