Why Hollywood Shouldn’t Count on Much Relief From $2 Trillion Federal BailoutMarch 25, 2020 – Media Mention
The Wrap interviewed Partner Brian Davidoff on his thoughts about the current environment and the likelihood of Hollywood receiving relief from the federal bailout.
Excerpts from The Wrap
"The entertainment industry obviously has been hard hit by the current environment. But so too have a number of other industries,” said Brian L. Davidoff, a lead bankruptcy, reorganization and capital recovery lawyer at Greenberg Glusker. “If Congress is going to parcel out money to particular industries, I think, under those circumstances, it’s possible, but it just doesn’t seem to me that Hollywood has a special place over and above other industries like the leisure industry, like the restaurant industry."
Much of the debate between Democrat and Republican lawmakers has been over whether it’s best to support workers directly or through the businesses that employ them, Davidoff said. But Hollywood and workers aren’t likely to have a leg up over comparable “leisure” industries when it comes to earmarked aid, Davidoff said, despite lobbying efforts from various guilds and Hollywood lobbying groups like the National Association of Theatre Owners, SAG-AFTRA, AFL-CIO, IATSE, Writers Guild of America, Directors Guild of America and the American Federation of Musicians.
“'The fallout is going to be very, very significant. And I don’t think that anybody has a sense yet of how far that’s going to be. In talking to my clients and other professionals who work in this industry, it still appears like most people are like deer in headlights,' Davidoff said. “Ultimately, the industry will survive and it will adapt. But it’s going to take some time to get back on its feet.”
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