ICM, Part 3: Agency Board & Rizvi Blow Off Chris Silbermanns Demands (For The Time Being)

ICM Imploding, Part 2: Chris Silbermann Forces Decision By Biggest Investor And Calls ICM Board Meeting Friday Privately Depending On Mike Ovitzs Help And Advice UPDATE: ICM investor Suhail Rizvi and also the ICM Board today blewoff yesterday’s demands byICM Leader Chris Silbermann for adecision andboard meeting concerning the management buyout. The main reason citedis that Silbermann hasyet toput anything on paper. “I think there’s lots of concern whether his plan's deliverable or executable. There’s absolutely nothing to consider until it is available,” one insider informs me.”He’s learned to place it on paper.” Another of my sources particulars, “There was today a casual boardconversation so early and fractious and ill-informedthat we’re not calling it a board meeting since there’s insufficient information from Silbermann to refer to it as a board meeting.” Now the onus is on Silbermann.For now,nobody will knowwhether Rizvi Traverse Management need abuyout of their 40% stake in ICM. Or if the ICM Board will accept it too.All of this begs the question whySilbermann behaved so prematurely.”Chris visited NY Thursday while he felt he wasn't obtaining a serious enough consideration by Suhail. So Chris attempted to goose the problem,” among my sources describes. That, after Silbermann hasbeen threatening for several weeks he and the clique could leave the company if he doesn’t get what he wants. Meanwhile, Silbermann’smanagement buyout plan remains so ill-created he can’t even explain it at length yet to ICM’s agents. At one recentpoint, Silbermann confessed to many agents in the camping they may need to expect a substantial pay cut –even a halving of the salaries –if financial resources or perhaps an resource-based loan can’t be acquired. That required the agents unexpectedly, as you would expect. Also,Silbermann stated that ICM Chairman Shaun Berg was aboard with this particular management buyout when, actually, Berg is neither for or against it since his camping hasn’t received any particulars about this yet. For Silbermann requesting Michael Ovitz’s help and advice to boost money, it’s well-known in Hollywood that Silbermann and the family have experienced many personal and professional ties to Ovitz. Also, Wall Street investment bankers involved with studio slate financial deals are verifying they’ve been contacted by Ovitz on Silbermann’s account. “Ovitz continues to be running everywhere attempting to raise money for Chris to consider over the organization,” one sources informs me. But with no success, I’m told. “No one thinks Ovitz can raise $50 million not to mention the $200 million essential to cash out Rizvi. The vista of that's ‘good luck’,” one source informs me. That Ovitz is involved whatsoever has put ICM’s status in risk and brought to consternation in lots of Hollywood circles. As you major player whose phone continues to be ringing free about this summarized the response for me personally, “They believe that Mike Ovitz may be the greatest doofus in the world, and Chris Silbermann may be the second greatest doofus.” Another latest development is the fact that Bob Broder and Ted Chervin are no more steadily in Silbermann’s camping due to the ongoingdivisiveness and destabilization from the agency since i have first broke this story. (ICM Imploding! Chris Silbermann & Shaun Berg Fight For Control: Rizvi Sits On Sidelines How Lengthy Will Warring Last?) Clients as well as their managers and agents are calling daily to request questions and express fears whether ICM is imploding. Had Silbermann presented a properly thought-outplan and stored his disappointment private(rather than speaking about this freely with Hollywood inside a succession of bars, for instance), all of this might have remained nowadays. Rather, his handling of the situation has elevated questions regarding onetime heir apparent Silbermann’s maturity level to consider within the agency now.