CHATSWORTH, Calif.—It's no secret that the rumor mill has been churning for quite some time regarding the alleged sale of Elegant Angel Productions. In an effort to respond to the rampant speculation about what exactly is going on at one of the industry's most successful and well-known companies, AVN was able to set the record straight.
First, Elegant Angel has not been sold, however the studio's day-to-day operations and management have been taken over by Jim and Wendy Crawford, adult biz veterans who own Adult Source Media and SoCal Licensing.
With company owner Patrick Collins in the midst of a divorce that's currently ongoing, the company cannot be sold, and Collins cannot enter into an agreement to sell it, until its ownership and value is assessed as part of the divorce proceedings. Once that situation is resolved, and the value has been determined, the Crawfords will be able to purchase the company from Collins.
"Elegant Angel can't be sold until ownership and value is ascertained by the independent forensic accountants who are in the process of doing so," Jim Crawford told AVN. "Once that phase is concluded and until the judge confirms those findings, no individual or company can buy Elegant Angel. Once those findings are made, only then can Elegant Angel enter into negotiations. I look forward to the court finally reaching its conclusion.
"I'm prepared when that day comes, having worked closely with Patrick and getting the opportunity to judge the financial viability of Elegant Angel," he continued. "We've already determined that the company is strong, diversified and we want to buy the company. Elegant plans on continuing on the same successful path it's been on for the past quarter century."
Elegant Angel is actively shooting new movies, with directors Asa Akira, Toni Ribas and Mime Freak on board while the Crawfords take over all licensing and sales, the latter of which will be handled by longtime ASM director of sales John Amatucci.
Almost all of the company's longtime in-house staff, minus former general manager Graham Travis, salesperson Tracy Leone and directors William H. and Mason, remain intact, including Carlos, the award-winning graphic artist responsible for the look and feel of Elegant's signature box covers.
"Elegant Angel has a great, loyal team in place that continues to work hard and is as excited about the future of the company as we are," Jim Crawford said. "The studio will continue to put out high-end adult movies that are known in the industry and among fans for their quality. We look forward to continuing the great Elegant Angel name for many years to come."