County Firm to Make Movies in Soviet Union

A small Laguna Hills investment firm said Wednesday that it has formed a joint venture with a Soviet film studio to produce low-budget movies in the Soviet Union.

Rolan A. Bykov, president of Moscow-based All Union Movie and TV Centre, said the agreement calls for the production of 20 movies over a five-year period, with each picture budgeted at a cost of between $8 million and $10 million.

All Union Movie, which has 11 studios under its wing, is an independent agency created in 1989 by the Soviet government to oversee the Soviet Film industry.

The Soviet agency and Stevenson, Abercrombie & Claythorne, a Laguna Hills investment bank, also said they have formed a joint venture bank, International Investment Cultural Bank, to provide financing for the films.

“Compared to the United States, making movies in the Soviet Union is inexpensive,” said Michael Colla, president of Rico-Lion Films of Hollywood, who will oversee the production of the films. “Our intention is to combine the ability of the Russians and the talents of the Americans to reach the international market.”

Bykov, who is also chairman of the Soviet government’s cultural commission, said the venture, called Soyuz Hart, will produce films based on Soviet and U.S. legends and folk tales. The Soviets hope the venture will give the Soviet film industry a higher profile in the West, he said, and also help the country obtain more foreign currency.

Jack Elliott, chairman of Stevenson, Abercrombie, said Soyuz Hart plans several projects, including plans by Hart Industries Inc. of Laguna Hills to clean up toxic waste sites in the greater Moscow area. Elliott is chairman of Hart Industries, a publicly held firm that cleans underground gasoline storage tanks. Stevenson, Abercrombie owns 26% of Hart.

Among the venture’s other proposed projects is a chain of fast-food hot dog restaurants in the Moscow area and construction of a business center near the Moscow River.