Marco Garibaldi is back in the entertainment game after a decade-long absence, forming a new production company that will produce a remake of the Peter Sellers cult hit The Party, according to The Hollywood Reporter.

His new banner, Godfather Entertainment, will aim to make movies in the $20 million range in a manner he says will be more efficient than the one practiced by the studios, and will attract talent by coming up with creative back-end deals. "The studios are in business to spend money," he said. "I want to make movies for less and put every dime of it on the screen."

Among its projects, Godfather will team with Avi Lerner's Nu Image Films for Last Chance Motel, a psychological thriller that Garibaldi will write and direct with shooting planned for 2009. Godfather also is developing a mob movie titled The Vault, written by Alex Merkin and Jesse Mittelstadt.

This version, however, will bear only small resemblance to the original.

The original film centered on Sellers' Hrundi V. Bakshi, a bumbling Indian extra accidentally invited to a glamorous Hollywood party, with Sellers hamming it up in a series of loosely connected vignettes.

In the new version, only part of the conceit is the same: a hapless blond Midwesterner will have his appearance changed to resemble an Indian by a zealous studio eager he fit a part. Garibaldi says that he sees the movie as ripe for a number of star cameos, all of whom will attend the titular party.

Godfather also is the production company behind Across the Hall, the Brittany Murphy romantic thriller directed by Merkin from a script he wrote with Mittelstadt and produced with NBA star Elton Brand's production banner. The film is close to finding domestic distribution and is likely to be released in 2009.

No word on when production of The Party will begin.