July 14, 2010 | The Biz

COLT's not all right

COLT Studios got some welcome free publicity this past week, with the revelation that clips from some of its flicks briefly appear in the lesbian mom movie "The Kids Are All Right." Apparently some lesbians enjoy watching man-on-man porn. Go figure.

It was a morsel of good news for a studio that has seen happier days: in what must be one of the most under-reported gay porn stories of the year, Prowest Resources, which owns COLT, filed for bankruptcy protection early last month.

The root of Prowest's financial woes has been its inability to pay the venerable founder of COLT, Jim French, the amount promised under a 2003 purchase agreement, some $2.2 million. French, who turns 78 today,  had to sue Prowest and its principals, John Rutherford and Tom Settle, for breach of contract last spring in an effort to obtain the $1.45 million he is still owed.

French is the only secured creditor named in the bankruptcy filing, but there are many unsecured ones, including the IRS, which is owed $600,000 in payroll taxes, and numerous porn companies and individuals owed another $600,000.

On the bright side, COLT did just release a new DVD this week and we are assured that the COLT Studio Group website will continue to be updated under the competent management of Next Door Buddy Profits. Once this mess is over, COLT will be all right,  back in the loving arms of birth-dad Jim .

Beating a dead horse  Gay Porn Truth