On the same day that former Saints long snapper Kevin Houser landed on his feet by signing a deal with the Seahawks, word also has emerged that Houser and others with ties to the Saints are pursuing legal action against the film company in which nearly $2 million was invested, and possibly lost.
According to the Associated Press, Houser, linebacker Scott Shanle, and former punter Mitch Berger have filed suit seeking the return of $468,750 that was invested under the assumption that Louisiana Film Studios, LLC, would apply for and receive income-tax credits that, as a practical matter, would result in an expected return of 33 percent.
As it turns out, the company never applied for the tax credits.
Specifically, an involuntary bankruptcy petition has been filed against the company. Previously, chief executive Wayne Read said that the money would be repaid, or that the tax credits would be obtained. If Louisiana Film Studios, LLC, truly has become insolvent, the plaintiffs and other creditors likely will be hard pressed to get the bulk of their money back via a Chapter 11 proceeding.
Others who invested money in the company will be able to join the action. Coach Sean Payton, quarterback Drew Brees, and former Saints quarterback Archie Manning are among the investors.
Houser was abruptly cut by the Saints not long after word of the apparently failed investment arose, prompting speculation that Houser’s role in recruiting others to sink money into the project triggered the move. Harsh comments from tight end Jeremy Shockey, another player who invested money in the company, served only to confirm the notion that Houser likely had worn out his welcome after nine years with the team.