Around the end of November 2019, a couple of months before COVID-19 affected Europe, the creators of a movie about Beatles’ manager Brian Epstein hosted a gathering at BAFTA’s central London office. According to producer Perry Trevers, this event was mainly for potential investors and those who had shown interest in investing, as he shared with EbMaster last summer. As The Upbeat Beatles performed, an assortment of guests – characterized by one participant as a diverse group consisting of manicurists, fashion bloggers, and writers – danced, took pictures, and enjoyed hors d’oeuvres.
That evening, the beverage spilled all around, causing everyone to become quite goofy. Sculptor Steve Bicknell, who was present and invested $12,400 in the film afterwards, shared this with EbMaster.”
Or, more casually:
“The drink went everywhere and people got really silly at that event. Sculptor Steve Bicknell, who was there and later put $12,400 into the movie, shared this story with EbMaster.
The evening event, referred to by attendees as both a “gala” and a “party,” served primarily as an opportunity for the film’s producers, including Trevers, CEO of U.K. production company Studio Pow, to market their project. They went so far as to hire a cameraman, at a cost of $4,900, to record the event and create a 2.5-minute promotional video aimed at attracting additional investors. During the video, Trevers addressed the crowd, saying, “We truly have the right team, cast, and it’s a story that has been waiting to be told for a long time.”
On that chilly November night, neither the producer nor his backers could have foreseen the extended duration until Brian Epstein’s “fifth Beatle” tale would reach the public. Initially slated for a Q1 2021 release and anticipated profits, as suggested in an early investment document reviewed by EbMaster, the film, entitled “Midas Man,” faced numerous setbacks. It went through three different directors and depleted millions of pounds from its investors’ pockets, nearly doubling its original $10 million budget. As a result, it was continually postponed and found it challenging to secure distribution deals in key markets such as the U.S. and China. This serves as yet another example that even within the independent film industry, outsized personalities, limited funds, and high-risk ventures can derail even the most promising projects.
The movie titled “Midas Man” made its debut in the U.K. last fall exclusively through Prime Video streaming. Although a distribution deal for North America was secured with Briarcliff Entertainment back in June, promising a theatrical release in over 800 cinemas, it seems that a U.S. cinema premiere is not imminent. Instead, it’s expected that “Midas Man” will become available for purchase via streaming from January 21. John Spinello of Briarcliff stated to EbMaster in October that the plans have yet to be finalized, adding they would inform when they do decide. The exact financial return for the numerous private investors remains uncertain, though Trevers expressed optimism last summer about their investments. Even before its BAFTA fundraiser, the film was already causing a stir.
Epstein has always been revered by Beatles enthusiasts as the one who transformed the Fab Four into a worldwide sensation. However, his life – filled with excessive amounts of sex, drugs, and rock ‘n’ roll – was largely unfamiliar to most people. Born gay and Jewish during a time when it wasn’t easy to be either, Epstein experienced rapid success at a young age, managing acts such as Gerry and the Pacemakers, Cilla Black, and the Beatles. Tragically, he passed away due to an overdose at just 32 years old. This compelling tale, particularly if filmmakers could secure the rights to the Beatles’ catalog, had all the makings of a blockbuster movie. The film could potentially become a musical biopic like “Rocketman” or “Bohemian Rhapsody.
In early 2019, Studio Pow received a script proposal for a Brian Epstein biopic from an independent creative team who believed the studio could help secure funding. At that time, Studio Pow had only one feature film release under their belt – the 2017 indie comedy “Funny Cow” starring Maxine Peak. After reviewing the project, Studio Pow moved swiftly and indicated to the original creative team (who chose not to comment for this story) that they could potentially secure around $4.3 million from China or the UAE. Within weeks, an email was sent out via a mailing list on a now-defunct website called filmsleuth.co.uk, which specialized in entertainment and film business investment opportunities, encouraging “sophisticated investors and high net worth individuals” to invest, suggesting that the first round of funding was close to being filled. The email also promised “exceptional forecasts exceeding 70% and above” and perks such as set visits and red carpet premieres. A similar email was sent two months later through a website called investor-square.com, guaranteeing a “128% return over 24 months.
In response to the newsletter from filmsleuth.co.uk, I came across an investment memorandum that suggested Dominic Cooper and Dennis Quaid were potential fits for the roles of Epstein and Ed Sullivan respectively, subject to contract. However, no formal offers had been made at that point, as neither Cooper nor Quaid’s representatives responded to my inquiries about the progress of negotiations. Unfortunately, tensions between Studio Pow and the creative team arose, allegedly due to Studio Pow’s aggressive pursuit of investors, according to a source privy to the negotiations. Contrarily, Studio Pow’s representative, Trevers, contests this, claiming that the rift was due to the creative team’s deception regarding other financial backers for the film.
Since Epstein was a well-known figure, it was possible for anyone to produce a film about the man often referred to as the “fifth Beatle.” With few obstacles in his way, Trevers decided to create his own biopic on the music manager. He quickly enlisted entertainment journalist Brigit Grant and freelance writer Jonathan Wakeham, who had limited screenwriting experience at the time, to develop a script for the project.
Towards the end of 2019, fundraising efforts significantly picked up pace. Notably, a BAFTA event in November was followed by another gathering at the Soho Hotel in central London, where approximately one hundred potential investors were invited to listen to the film’s producers present their pitch for the movie. Richard Porter, a Beatles tour guide, attended but chose not to invest. This event was also recorded on video. During the presentation, Andrew Boswell, managing director of Twickenham Studios, expressed to the audience: “This is a movie that will continue to be watched by generations to come, and you could be part of it.” (It’s important to note that while Twickenham Studios chairman Sunny Vohra and managing partner Jeremy Rainbird were initially listed as executive producers for the film, Vohra informed EbMaster that they had stepped away from the project during production, and Twickenham was not involved in the final version of the movie.)
As funds started coming in, it was time to appoint a director next. In early 2020, Jonas Akerlund, the director of “Lords of Chaos”, agreed to take on the project. One of Akerlund’s attractive qualities was his connection with Paul McCartney, having directed McCartney’s “Live Kisses” DVD, and it was thought he could potentially aid in acquiring the music rights. However, according to a source involved in the project, there quickly arose tension between Akerlund and Studio Pow co-founder Kevin Proctor, who was producing the film.
During the approach to filming, matters worsened significantly, as reported by two individuals involved in “Midas Man.” Mounting expenses, seemingly at odds with the movie’s $10 million budget, became a problem. A source alleged that among these costs was an astonishing $122,000 for shoes belonging to the Beatles. The team working under Akerlund, it was said, had no inkling of the film’s financial scope, believing instead that they were dealing with an endless well of money. (However, another source close to Akerlund contested this, stating that he had no authority over the budget.) Perry and David Poole, Studio Pow’s investment head, declined to address allegations of Akerlund’s extravagant spending due to confidentiality agreements.
The casting process faced challenges, as producers reportedly had high and perhaps impractical expectations for the actors they could obtain. Names that circulated included Florence Pugh, who starred in the 2021 Marvel hit “Black Widow” alongside Scarlett Johansson, for the role of Liverpudlian singer Cilla Black. Jack Black and Ricky Gervais were also mentioned as potential cameos. However, according to Trevers, Pugh was indeed considered for the role, but he could not confirm if Black or Gervais were ever discussed. The casting process was described as “arduous.” Ultimately, Jacob Fortune-Lloyd, who shares an agent with Dominic Cooper and gained fame from “The Queen’s Gambit,” secured the part of Epstein.
As principal filming commenced, tensions between director Akerlund and the main producer Proctor were reportedly escalating, as per a source. This source claims that Akerlund, renowned for his music video work with artists like Madonna, U2, and Fergie, wanted to take the movie – initially conceived as an edgy biopic suitable for general audiences – towards more mature themes featuring explicit sex scenes. However, this source suggests that Akerlund may not have fully grasped that this film was a different kind of project, one with broader appeal rather than the extreme style he is known for, such as in “Lords of Chaos”.
Based on a cast member’s account, the production was facing financial issues. It is reported that Studio Pow found out about Akerlund secretly editing his Netflix crime drama “Clark” during his free time, which violated an exclusivity agreement for “Midas Man.” This violation seemed to be the reason for terminating Akerlund’s contract and temporarily halting production. According to two sources, Akerlund received his entire payment, approximately $1.2 million, upon leaving the project.
Trevor chose not to discuss the incident involving Studio Pow and Akerlund, citing confidentiality agreements. However, someone close to Akerlund vehemently refuted all allegations about the director, including that he worked on “Clark” while filming “Midas Man,” and received nearly $1.2 million as payment. Jonas Akerlund’s representative stated in a statement to EbMaster: “Jonas Akerlund has no response other than the accusations are false and incorrect, and he will vigorously defend himself against any harmful comments about his behavior.
In a 2022 interview with EbMaster to publicize “Clark,” approximately ten months after he ended his association with “Midas Man,” Akerlund mentioned that he was bound by confidentiality agreements and couldn’t disclose the internal conflicts, but hinted: “The project didn’t unfold as I had envisioned. That’s about all I can reveal.
After Akerlund’s departure in late 2021, Studio Pow announced that “Vinyl” director Sara Sugarman would take charge of the project, with filming scheduled to resume shortly. However, there was still no funding, as confirmed by three separate sources to EbMaster. It wasn’t until three more months had passed that Sugarman could begin work on the production, traveling to L.A. to shoot a scene featuring Jay Leno, who portrays Ed Sullivan in the film. During this time, many cast members found themselves uncertain about their roles, leading several to eventually leave the project. Among those departing were Lukas Gage, initially cast as Epstein’s lover Tex Ellington, and Rosie Day, slated to play Cilla Black. (Day was later replaced by Darci Shaw, and Gage by Ed Speelers.) In an interview with EbMaster, Trevers acknowledged that “pay or play” clauses in the actors’ contracts had strained the film’s budget, but in a subsequent email to EbMaster, he firmly denied that the production ran out of money during fall and winter of 2021. Instead, he claimed the delay was to provide Sugarman with adequate preparation time.
Despite the turmoil happening on set, on November 14 – only a few days before Sugarman’s signing was made public – an email newsletter about “Midas Man” from a now-closed website named traffordplazauk.com was sent to potential investors with the subject line: “Invest in the most anticipated film of 2022.” Inside, it read: “Filming started in Liverpool on October 11, which has dampened speculation for those considering investing in this movie.”
The production resumed in January 2022 under Sugarman’s leadership, however, tensions were brewing once more between Studio Pow and their director. Studio Pow had introduced a new producer, Tom Reeve, and the head of production, Tom’s son Jordan. According to a source, they aimed to produce the film economically. A disagreement ensued, as Sugarman wanted to create the film according to her vision, while the studio and its new team desired a different approach. (Sugarman chose not to comment on this matter for EbMaster).
After Sugarman’s departure, reportedly following a substantial payment, Joe Stephenson was recruited to complete the project. With just 15% of usable footage available, Stephenson – known for his documentary on Ian McKellan and an economical horror film featuring Eddie Izzard – finished the movie at around $6 million. However, Trevers questioned the accuracy of this figure without disclosing the actual cost. Impressively, under challenging conditions, Joe managed to deliver a commendable performance, according to sources. The project’s budget, considering tax credits, had surpassed $18 million by that stage.
Apart from the directors, another source of concern was the movie’s soundtrack by the Beatles. In a recently produced investor video, filmed at the exclusive The Groucho club for $3,700, Mark Borkowski, who served as both a publicist and executive producer for “Midas Man,” explained why this film was a promising investment. According to him, “The movie offers a compelling narrative set against the backdrop of some fantastic music that aligns with the story. This is an opportunity to create a timeless film that will not only generate significant profits but also garner numerous awards and accolades.
As a movie critic, I found myself eagerly anticipating the release of “Midas Man,” a film that promised to encapsulate the legendary music of the Beatles. However, my excitement was dampened by the refusal of both Apple Corps (not the tech giant, but the multimedia holding company for the Beatles’ music) and Sony Music Publishing (holders of the publishing rights to the Beatles’ catalog) to cooperate. Despite persistent pleas, Apple declined to license the masters while Sony rejected the offer to license the publishing rights. However, whispers from multiple sources suggested that Studio Pow was adamant about securing the Beatles’ music for their production. Intriguingly, Poole, the director of “Midas Man,” confessed to me that they had even filmed two different endings – one featuring “All You Need is Love” and another without it – reflecting their confidence in obtaining the Beatles’ music.
A source who was involved in the production process reportedly questioned Kevin Proctor about the status of the music rights. Proctor is said to have responded: “We hold the master keys. Earlier, we visited the Apple Corp store and saw all the songs lined up on the shelves. We’re almost there, we’re just about to get that final key.” (It should be noted that multiple emails and social media messages sent to Proctor remain unanswered.)
To put it simply, the movie only includes covers of songs originally by The Beatles from their early albums. It was noted that not acquiring any original compositions by Lennon and McCartney affected the film’s chances, with a major streaming platform refusing it for this reason. In the end, it was Briarcliff, a less prominent distributor known for handling projects that others won’t, who agreed to distribute the film. (Poole mentioned that a supposedly better North American deal had collapsed 18 months prior.)
It appeared that some investors believed “Midas Man” obtained rights to the Beatles’ music in some manner. Steve Bicknell, an investor at the BAFTA charity event, mentioned to EbMaster before the movie’s UK premiere: “Apparently, they are spending a lot of money to license the original music…I think the cost for music licensing from Apple Corp was quite substantial, possibly running into a large six-figure sum.
Another investor known as EbMaster, whom we spoke to last year, was taken aback when they learned that Lennon and McCartney’s music wouldn’t feature in the film. They stated that it was “one of the key factors I believed could contribute to the film’s potential success.” Another investor, also EbMaster, whom we spoke to earlier, shared similar sentiments, expressing their expectation that a Beatles song would be included in the movie.
David Poole asserted that he did not inform investors about the inclusion of Beatles’ music in the movie, stating instead, “We never claimed it would be; we only said we were attempting.” He clarified to EbMaster, “We always thought there might be a chance for one or two songs.
The investors’ bewilderment hints at a more significant issue casting a long shadow on the project: the information provided by Studio Pow to these wealthy clients prior to their investment. According to Studio Pow, high net worth refers to individuals earning over $227,000 per year or owning assets valued above $533,000. However, one investor disclosed to EbMaster that they had to reach out to Studio Pow in a panicked call during the project due to financial troubles and inquired about when they could expect returns.
The investors identified as EbMaster, whom their investments spanned from $12,000 to $120,000, all share a notable affinity for the Beatles. This connection seems less than coincidental, given that investment opportunities in a film were frequently advertised on social media platforms such as Facebook, Instagram, Google Groups, and Beatles forums by an external marketing firm called SKS Media. They consistently presented Studio Pow as their client and tagged the studio on Instagram. The promotional materials, both on social media and investor documents, highlighted potential perks like studio visits, private screenings, and exclusive merchandise.
Studio Pow not only promoted investment opportunities through Money Week magazine but also reserved a booth at the London Investment Show. What stands out about this production studio is that it has an internal sales team, currently consisting of four members, whose role is to encourage individual investors to fund their projects. Remarkably, potential investors are expected to invest a minimum of $12,000.
David Poole firmly believes that the sales team is consistently transparent about both the advantages and potential risks of investing. He stated, “It would be incredibly simple to persuade individuals to invest if we provided them with false information,” during an interview with EbMaster. Furthermore, he mentioned that they meticulously document all their phone conversations.
In one instance, EbMaster learned that an investor was informed their musically talented son could portray Paul McCartney in “Midas Man.” The investor clarified to Studio Pow that their investment wasn’t contingent on their child landing a part in the movie. After auditioning with Perry, the young artist was told he had secured the role. However, following months of training to play bass left-handed, the musician discovered the role had been recast, with Blake Richardson taking it instead. Later, EbMaster informed the investor’s son was offered a minor, non-speaking part in the film instead.
Over the last summer, EbMaster engaged in a discussion that lasted over two hours with Trevers and Poole at their office in central London. The topic of conversation revolved around the difficulties facing the film project and the pledges made by Studio Pow to its numerous investors. (Poole mentioned there were approximately 200 investors, however, a source informed EbMaster that they estimate the actual number is likely above 400.)
Both men refuted claims of soliciting investors through social media. Trevers, with roots in publishing before venturing into film, asserted he was unaware of SKS Media, hinting at potential misrepresentations regarding Studio Pow. “I’m unsure about that,” Poole interjected, “but I do know some information has been circulated regarding our marketing strategies. If we found any such representation [on social media], we removed it immediately.” Trevers vowed to look into SKS Media’s connection within the company internally. In a subsequent email exchange with Trevers several months later, he stated that SKS Media had never been directly hired by Studio Pow for fundraising purposes and reiterated his intention to investigate if they were employed by an intermediary. (In January, SKS Media informed EbMaster they were hired by a third party to promote the project.)
Initially, both men asserted they hadn’t promised investors roles in exchange for financial backing. However, Poole later admitted that an investor’s son had auditioned for a role. When asked about it, Trevers admitted helping some investors’ children, offering them work experience. For instance, one young man aspired to break into the film industry and spent a summer with them, eventually getting accepted into a Disney course in Los Angeles. Both men maintained that their help wasn’t contingent upon investment.
It appears that Studio Pow fell short on fulfilling even minimal rewards promised to many of their investors, as none of the three EbMaster individuals contacted in early July had received the film, despite it being completed. These individuals were initially granted access to watch it months before its digital release at Studio Pow’s London office following conversations with Trevers and Poole. At that time, Poole admitted that only 10 investors were invited to a cast and crew screening. He clarified that these 10 investors contributed significantly towards the film’s production costs. Since then, there has been an investor screening in London, which took place last fall, including Steve Bicknell among the attendees.
In conversations with various individuals connected to “Midas Man” for this article, the term “nightmare” was frequently used. Proctor departed from the studio, while Fortune-Lloyd, another executive producer, also reportedly had a tough time due to the project. Although he declined to speak to EbMaster for this piece, in an interview with The Times of London, the actor expressed challenges related to having multiple directors on set, stating that maintaining momentum was challenging. One production member candidly described the situation as a “complete and utter disaster.” Another individual involved confessed they often wished they had never come across the term “Midas Man” at all.
It’s uncertain if investors have gotten back any of their invested funds. The latest financial records for Studio Pow (Epstein) Ltd, the organization that owns the film’s copyright, are more than three months past due at the U.K. business registrar Companies House. By December 31st, the company was given a formal warning that it would be removed from the register within two months unless there was proof to the contrary – a step taken towards companies that fail to submit their financial records on time, which can lead to compulsory closure of the company and transfer of all its assets to the Crown.
At Studio Pow, the sales team has already shifted focus. They’re inviting early investments for Round 1, exclusively for their current base, before the public debut this coming weekend for their upcoming film “For Holly at Christmas”. Due to high predicted interest, these spots are expected to get filled up swiftly.
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2025-01-17 20:18