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Medient Studios has hired the architect who designed Pinewood Studios in Fayetteville, new CEO Jake Shapiro told the Effingham County Industrial Development Authority on Thursday night.
Architect Bill Foley said he began work with Medient only a week ago, but that he’ll have changes done to the master plan in about two weeks.
The company is planning a movie and game production complex on the IDA’s 1,500-acre property at Interstate 16 and Old River Road.
Shapiro said previous plans will be scaled down with an emphasis on making movies and making money.
He said plans already have been revised to have the studios built at the entrance to the property, which is easier and cheaper to access than the original site on the back side.
Shapiro said the company’s offices, which currently are on Chatham Parkway, will move soon to Effingham County. He said a specific site has not been chosen.
He also said he will be moving to Effingham County to live full-time.
Shapiro called former CEO Manu Kumaran’s lawsuit in Nevada a nuisance and said it amounts to nothing more than “sour grapes.”
He said he expects it to be resolved in the current leadership’s favor very quickly.
Shapiro said vendors who hadn’t been paid under Kumaran’s leadership have now been paid in full.
Shapiro said the Securities and Exchange Commission suspended sales of Medient’s stock under Kumaran’s leadership because of questions about disclosure.
He said the business now has a policy of “over disclosure” and that stock is being traded once again.
When asked about financing for the project, Shapiro said he and other board members have a proven track record of raising money.
He also said the company will grow in stages, building on initial success.
“We’re not going to build Rome in a day,” he said. “We’re very much alive. We’re going to make this happen. We’re very excited.”
IDA Chairman Dennis Webb said the plans sound reasonable.
“We’ve still got a long way to go, but it’s very encouraging,” he said.
IDA CEO John Henry said the IDA Medient committee will work with the company closely in coming weeks on the revised master plan and amended legal agreements, which he said may come before the whole board in September.
The company fired Kumaran on June 9 and the SEC suspended trading of Medient stock, ticker symbol MDNT, on June 25 because of questions surrounding the accuracy of the company’s public disclosures.
Kumaran filed suit in Nevada, where the company was incorporated.
A hearing on his request for a preliminary injunction will be heard on July 23.
Kumaran is petitioning for a court-appointed receiver to dissolve the company.
A local shareholder also filed suit in Effingham County Superior Court against Medient, accusing the company of gross mismanagement and misleading shareholders.
Public records requested by the Savannah Morning News indicate that the IDA has spent $271,000 on Medient Studios.