NEW YORK, Nov. 9, 2010 /PRNewswire/ — The bankruptcy trustee for well-known film and fashion talent incubator, Gen Art has identified the winning stalking horse bidder – CJ Follini of Ten Paces Media. The winning bid was in the “hundreds of thousands” of dollars and it is anticipated that the final sale will close within weeks. Mr. Follini was the founder and CEO of the successful digital media studios – Gun For Hire Production Centers – with locations in the West Village, NYC, Toronto, Vancouver, Miami, and Los Angeles. Winner of the 1998 CRAINSNY Small Business Award, Gun For Hire was a mecca for emerging film and digital talent during the first Internet boom of the late 1990’s. Mr. Follini is also film and documentary producer whose latest project won the Pare Lorentz Award for Best Documentary.
Gen Art, a showcase devoted to young talent and young audiences with branches in New York, Los Angeles and Chicago, entered bankruptcy in May unable to withstand the precipitous drop due to the recession in advertising and corporate sponsorship – 80% of its revenue. At its zenith, Gen Art was the premier launching pad for emerging fashion designers, filmmakers and artists and was considered the keenest eye for young creatives in the United States. While various companies such as IMG, UEG, Hachette and Gilt Groupe, all expressed serious interest in acquiring Gen Art in recent months, Mr. Follini beat out the others in the current bid process with a clear plan for acquisition and revitalization of the organization.
Ian Gerard, the former CEO and co-founder of Gen Art, is optimistic about the organization’s revival. “The brand has too much value, credibility and a loyal following among consumers and entertainment talent to just disappear.” And now it appears Mr. Follini concurs with that assessment. Announcement of Gen Art’s official re-launch date under new management will be made shortly.
SOURCE Ten Paces Media