ABU DHABI’S IMAGENATION LOSES $100 MILLION IN TWO YEARS

Abu Dhabi’s 2009 decision to plunge into the movie business when it launched its Imagenation film finance fund “appears to be in meltdown,” Sharon Waxman reported on her TheWrap.com website on Wednesday. A week after it was reported that Ed Borgerding, the CEO of Abu Dhabi Media Company, and Imagenation had decided to leave the company, Waxman, citing a knowledgeable insider, reported that he had been fired after the company had lost more than $100 million on six films in which it has invested over the past two years. Borgerding, she said, has been trying to get himself reinstated, without success. Along with Borgerding, the company has removed Mohamed Khalaf al-Mazrouei as chairman of the Abu Dhabi Media Company. Mohammed Al Mubarak, who was named to replace him, announced last week that veteran media exec Michael Garin would become Imagenation’s new CEO and that the company remains committed to developing partnerships with established producers.