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Axium International, one of the entertainment industry's largest international payroll and accounting services, closed its doors without warning on January 8th, 2008 and will be filing Chapter 7 bankruptcy.
- Biggest lender, Golden Tree Asset Management, stopped supporting them
- Entertainment industry's third-biggest payroll processor
- President Ruben Rodriguez has quit
- Hundreds, possibly thousands, of people will not be paid
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Axium International Bankrupt News and Information
- Official site: Axium International Inc.
- Screen Actors Guild: Axium Inquiries
- Google News: Axium International Bankrupt
- Hollywood Reporter: Axium heads to auction (January 25, 2008)
- Hollywood Reporter: 'Stalking horse' targets Axium (January 22, 2008)
- StarTribune.com: L.A. payroll firm leaves contractors here unpaid (January 18, 2008)
- "The bankruptcy reportedly affects about 3,000 contract workers at UnitedHealth and several hundred workers at Northwest. Several Hollywood film companies that used Axium's payroll services also were affected."
- Los Angeles Times: Suit accuses 2 ex-owners of payroll firm (January 16, 2008)
- "Visconti and Garber, according to the suit, used Axium funds to lease private jets and ultra-luxury cars, including Rolls-Royces and Aston Martins, for personal use; paid for personal gifts and vacations using corporate credit cards; made personal political contributions with Axium money; maintained secret bank accounts; and spent the money 'without any apparent business purpose.'"
- Los Angeles Times: 'A mess' after Hollywood payroll firm implodes (January 10, 2008)
- "Fallout from the company's abrupt closing stung entertainment industry workers suddenly holding worthless paychecks, as well as about 400 Axium employees who were fired."
- Backstage: Unions to Help Axium Debtees (January 10,2008)
- The Hollywood Reporter: Axium is seeking a buyer (January 9, 2008)
- "As to what prompted the sudden action, Ehrenberg said that on Friday, Golden Tree Asset Management in New York – Axium's primary lender – 'swept Axium's bank accounts and seized $22 million, leaving Axium unable to honor any of its payroll obligations or even to operate itself.'"
- Los Angeles Times: Hollywood payroll company Axium files for liquidation (January 9, 2008)
- "People familiar with the situation said the company's liquidity problems involved an outstanding multimillion-dollar loan. There was no indication in the bankruptcy filing that it was related to the writers strike."
- The New York Post: Payroll Company is Casualty of Writers Strike (January 9, 2008)
- "The sudden shutdown means hundreds, if not thousands, of people won't get paid. In addition, production companies that deposited funds with Axium to cover their payrolls might lose their money. "
- Variety: Axium files for bankruptcy (January 8, 2008)
- "'I was supposed to go pick up a $75,000 check from the DGA, until they told me there was this problem, that Axium had gone out of business and all the accounts were frozen, ' said the helmer, son of the late Walter Matthau. 'I feel totally violated, and I'm hoping that the Guild will be able to help me.'"
- Hollywood Reporter: Axium International closes up shop (January 9, 2008)
- Axium International, the industry's largest payroll services providers as well as a source for production and gap financing, has closed its doors indefinitely. The company's home office on Wilshire Boulevard as well as its offices in Burbank, New York, Vancouver, Toronto and London are quiet, with employees told via e-mail not to show up to work starting Tuesday.
Axium International Bankrupt Blogs and Commentaries
- Defamer: Axium Fallout Continues: Why Was Sports Illustrated Swimsuit Model... (January 16, 2008)
- "According to court documents filed in the United States District Court (Central District of CA division), Goldentree Asset Management is taking Visconti and Garber to court for 'diverting untold millions of dollars in cash and other assets to secret bank accounts' and 'using Axium as their own personal piggy bank to finance their extravagant lifestyles.'"
- Defamer: Tales From The Darkside: More Details Emerge From Those Axed By Axium (January 9, 2008)
- Best Week Ever: Who Needs Money When Everyone Is On Strike? (January 9, 2008)
- Curbed LA: Silver Lining In Writers' Strike: One Of LA's Ugliest Buildings Shaken Down (January 9, 2008)
- Defamer: Axium: The Enron Of The Payroll Services World? (January 8, 2008)
- LAist: Does your payroll check say Axium or Avalon on it? (January 8, 2008)
- Defamer: BREAKING! Hollywood Payroll Company Axium Declares Emergency Bankruptcy, Studios May Be Out Big Bucks! (January 8, 2008)
- One of our sources told us that Axium "fired everyone without warning" earlier today and is holding onto over $100,000 in payroll money recently deposited from the DGA.
- Animation Guild Blog: Axium Payroll Services Implodes (January 8, 2008)
- Filmmaker Blog: Axium Payroll Shuts Down (January 8, 2008)
- Perez Hilton: More Fallout (January 8, 2008)
- IndieWire: Axium Shutdown (January 8, 2008)
- Morning Paper: Axium Payroll closes it's doors...Not the writers fault!! (January 8, 2008)
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