(Source: Fast Forward Weekly)
Local ticket company spent festival money to pay its debt
The Calgary International Film Festival (CIFF) is facing a cash crunch on the eve of its 10th anniversary after a local ticketing company didn’t pay $120,000 it collected in ticket revenue from last September’s festival.
As well, a major sponsorship has fallen through, leaving the non-profit festival in financial distress at a time it was hoping to pay off old debt and break even. “It was a rough year,” says CIFF executive director Jacqueline Dupuis.
The co-founder of the Calgary-based company that handled CIFF’s ticketing last year says RepeatSeat Ltd. used most of CIFF’s ticket revenue to pay a subsidiary company’s debt. “[The lender was] making threats to basically put us out of business,” says RepeatSeat president Bob Christianson. “As a result of that, we used funds to keep ourselves alive in hope that all people would be kept alive.”
Read the full article by Jeremy Klaszus “Calgary film fest struggles with cash crunch” at Fast Forward Weekly (July 23, 2009).