It is official; Colt Studio is bankrupted, which is odd because they just released a DVD this week "Gruff Stuff" and still releasing scenes online.
COLT Studio Group has produced all-male erotica for over 43 years. Started in New York City in 1967, moved to Los Angeles for twenty five years and is now based in San Francisco, California. COLT Studio Group is the umbrella company for other brands such as: Colt Gear, Colt Leather, Colt Publications just to name a few.
On June 3, 2010, Prowest Media filed for chapter 11 bankruptcy protection and owners Rutherford and Settle concurrently filed for chapter 7 protections. the largest creditor in both filings is COLT founder, Jim French, with a secured debt of $1.45 million listed.
Jim French the founder of COLT Studios is in bankruptcy court this week in Santa Rosa, California along with John Rutherford and Tom Settle, porn producers who bought COLT from Mr. French on behalf of Prowest Media.
When Rutherford and Settle bought COLT from French over a year ago, they promised to pay 2.3 million, but they've apparently been in default for over a year—partially because of COLT's declining revenues.
Rutherford and Settle reportedly sold the rights of COLT to Gamma—the parent company of Buddy Profits, Next Door Male, Cody Cummings, Mason Wyler—but have still not been able to pay French his millions.
Make sure to save your Carlo Masi and Edu Boxer Dildos, they may become collectors items.
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