Chapter 29: The Awkward Compensation Agreement

[Chapter 29: The Awkward Compensation Agreement]

As Eric scanned the crowded area, he noticed that the Ronkel family's residence to the west had become deserted. Just three days after the release of Home Alone, the Ronkel couple had hurriedly taken Stuart away from the promotional team, reportedly because someone had offered a hefty sum for Stuart to star in a commercial.

While Eric was out of town, the news about this family had already started making headlines. Home Alone had become a massive hit, and in just a few days, Stuart had earned millions through various endorsements and commercials. Reports also claimed that the entire family had moved into a mansion in Beverly Hills.

Even though Eric hoped that the Ronkel couple would not be as money-hungry as Macaulay Culkin's parents of the past, the circumstances suggested that they were not very different from that couple. Eric could only wish that Stuart wouldn't follow Macaulay's path; after all, the sequel to Home Alone still needed this bright kid. In the previous third installment of Home Alone, the box office had plummeted from $170 million in the second film to just $30 million after Macaulay's departure.

Lost in thought as reporters crowded around him, someone eventually noticed Eric's plight and called the police, who then rescued him from the throng.

Driving to Columbia Pictures' headquarters with a crowd of followers, Eric's presence was quickly recognized by two receptionists. They were unaware of the complex emotions among Columbia's higher-ups regarding Home Alone's box office success; they only knew that Eric was on the verge of becoming Hollywood's youngest billionaire. After notifying the president's office, the two girls eagerly tried to engage in conversation with Eric, hoping to catch the attention of this wealthy young man.

Eric happily flirted with the two attractive receptionists, even telling a few risque jokes that made them giggle uncontrollably. 

Just as Eric chatted with the receptionists, he heard Cohen Blount's voice nearby. Turning around, he saw Cohen with his arms outstretched, and Eric warmly walked up to hug him.

"Mr. Blount, I didn't expect you to come down personally, you could have just sent someone to fetch me."

Cohen Blount chuckled, "What? Did you think this old man was going to interrupt your flirtation with the ladies?"

"Of course not," Eric quickly denied.

Cohen continued, "With Home Alone achieving such impressive box office figures, it's only right I come to meet you. Let's take care of business first before you start dating. A young person must prioritize their career."

Eric nodded in agreement, waving the pink perfumed contat cards in his hand at the receptionists as he followed Cohen Blount into the elevator.

...

As they entered the VIP elevator, a petite receptionist turned to her friend and asked, "Milia, do you think Eric will ask me out?"

Tall and blonde Milia leaned in closer and whispered, "Who knows? Maybe Eric will ask us both out at the same time; would you go for that?"

"What? No way... That's impossible!" The petite girl blushed as she imagined certain scenarios.

Milia suddenly laughed and said, "Alright, Lisa, stop dreaming. From Eric Williams' banter just now, it's clear he's a playboy. Together, we would just be left as scraps."

"How could that be? He's only eighteen!" Although Lisa just experienced Eric's flirtation, she still held a good impression of him. That's how the world works; if an average guy had teased them, security would have kicked him out, but a young, wealthy hunk instead made them feel charmed.

"To be precise, he's an eighteen-year-old about to become a multi-millionaire. Achieving such enormous success at such a young age is something neither of us could attain. And did you notice? When Mr. Blount left just now, he gave us a stern look, clearly a warning. So, Lisa, let's be realistic. Come to the club with me tonight; I"ll introduce you to two handsome guys."

Disappointed, Lisa nodded but couldn't resist glancing towards the VIP elevator one last time.

...

In the Columbia Pictures president's office, Cohen Blount warmly invited Eric to sit on the sofa and personally retrieved a bottle of wine from the cabinet. "Eric, let's have a little toast to celebrate. Once Home Alone finishes its run, I will definitely throw you a grand celebration party. This bottle of white wine comes from my vineyard in Burgundy, and it's the last one I have."

Eric expertly raised his glass and took a whiff. The amber liquid exuded a fresh pineapple aroma.

Cohen Blount knew Eric's background and assumed he had never encountered such top-notch wine before. Curious, he inquired, "What are your thoughts?"

Eric nodded and praised, "It's an excellent wine; it's not easy to create a pineapple fragrance from Burgundy grapes."

Cohen was somewhat surprised, "I didn't expect you had such knowledge about wine."

"I heard about it once," Eric replied honestly.

Cohen didn't press further. He raised his glass and said, "Then here's to the success of Home Alone; cheers."

"Cheers."

After drinking, Cohen instructed his assistant to clear away the glasses, returning to his seat. "Eric, let's discuss business. Here are the box office numbers from last week for Home Alone. Take a look."

Eric took the document and opened it. The sheet included not just Home Alone's box office data but also figures for all the films currently in theaters. Home Alone topped the chart with $27.55 million, while the second-place film, 17 Again, had only $13.12 million. Although that figure was impressive, it barely compared in light of Home Alone's success.

"Eric, what I need to tell you next is somewhat awkward," Cohen said, straightening up, a hint of embarrassment on his face. "There's something about this week's screening count for Home Alone that requires your understanding."

Seeing Cohen's expression, Eric felt a bit uneasy but nodded for him to continue.

"According to our betting agreement, Columbia was supposed to increase the screening count to 2,000 this week. Unfortunately, because Home Alone's box office had far exceeded Columbia's expectations, we weren't prepared sufficiently, resulting in only an increase of 500 screens this week."

Though Cohen's reasoning seemed valid, Eric sensed something was off.

"So, Mr. Blount, what does Columbia plan to do?" Eric asked calmly.

"Eric, Columbia found our agreement to be of significant value. But this matter caught everyone off guard. Theater chains can't just leave screens empty to accommodate our deal, so we've put together a compensation agreement," Cohen explained.

A small warning siren flashed in Eric's mind. "A compensation agreement?"

"Yes, Eric, please don't worry. The original betting agreement will remain unchanged. Additionally, due to our underestimation causing loss, we will add an extra 100 screens starting next week, continuing until the film finishes its run. I believe this shows Columbia's sincerity," Cohen smiled.

Eric instinctively nodded. If that was the case, this compensation agreement could indeed be acceptable, yet he still felt something was amiss.

Seeing Eric nod, Cohen produced the prepared compensation agreement and pushed it across the table to him. "This is the compensation agreement, Eric. You can check it over, and if everything looks acceptable, just sign it."

Eric picked up the agreement and examined it. The agreement was brief, with only a few clauses, the language straightforward and seemingly free of contractual traps. However, Eric remained cautious. "Mr. Blount, may I show this to my lawyer first? If everything checks out, I will return it signed."

"Of course, no problem," Cohen readily agreed. "Now, let's discuss the overseas distribution of Home Alone. Given the film's current explosive popularity, the sooner it gets released overseas, the better the box office. If we miss the holiday season, we could see at least a 50% drop in overseas revenue. Therefore, we propose to secure Home Alone at $16 million or 8% of the overseas box office share. What do you think?"

"Mr. Blount, 8% seems a bit low," Eric replied.

Cohen shook his head. "It's not low, Eric. After deducting local theater shares and high film taxes, we would only net about 20%. You wouldn't be paying anything and yet would get 8% of the box office; that's quite reasonable."

Eric scoffed internally. What did he mean by "not paying anything"? Without Home Alone, Columbia wouldn't have made $50 million in net profits from North American box office alone across any films in a year, and during all of 1988, fewer than 10 films would achieve a $50 million profit solely from North American box office. With just Home Alone, Columbia's performance among the six studios would leap from the bottom to the top three. It was clear that Columbia stood to benefit significantly.

"I'm sorry, Mr. Blount. I need to think it over." Eric shook his head, rejecting the proposal. He wouldn't forfeit his rightful gains simply due to the lucrative betting agreement. In his view, what was rightfully his was his, and there was no room for discussion.

Seemingly anticipating Eric's answer, Cohen nodded. "Alright, Eric; take your time to consider. But please get back to me soon."

...

As Eric left Cohen's office, he ran into Lester Reed, who was in charge of the Home Alone project.

"Hey, Lester, good morning."

Lester hadn't expected to run into Eric and looked a bit uncomfortable. "Hi, Eric, congratulations on the success of Home Alone.

"Thanks! You"re a part of it too, Lester. Since you oversaw the project, I imagine you'll receive quite a hefty year-end bonus?"

He would be lucky to get a scolding, Lester mused silently, though his face betrayed none of his thoughts, and he managed an awkward smile.

"By the way, Lester, could you tell me where Ms. Pascal's office is? If it weren't for her recommending me, Home Alone wouldn't have achieved such success so easily. I want to thank her in person."

*****

https://www.patreon.com/Sayonara816.