Consolidated Pictures Group is apparently being "dropped because it failed to meet any of the financial obligations of a deal that included a $3 million minimum guarantee" on the film. EuropaCorp turned in a finished movie 90 days ago, then sent Consolidated Pictures Group a letter in mid-March warning them that they could lose the picture if they didn't abide by the contract. They finally lost it on April 1.
The release date on the film was rescheduled several times and eventually it was taken off Consolidated Picture Group's release schedule.
"We're the distributors right now, we have a contract and we're asking Europa to deliver certain things. We've hired legal counsel, and if we need to go to arbitration, we will. We plan to distribute this film," Consolidated Pictures Group's Timothy Patrick Cavanaugh said.
Newmarket wasn't available to comment but EuropaCorp wants that company bring I Love You Phillip Morris to the big screen.