Spider-Man Musical Out Of Money?

Work on the upcoming superhero musical Spider-Man: Turn Off The Dark has stopped, due to rumored money troubles. But is the problem that the production is out of money, or just can't get to the money fast enough?

Variety reports that the work stoppage is down to "cash flow obstacles" that Marvel Entertainment, Sony Pictures Entertainment and other producers are already trying to resolve, and offers the possible explanation that the problem is simply mobilizing money already committed to the show, which has already cost more than $40 million (Alan Cummings' Green Goblin doesn't come cheap). This current work stoppage would appear to be the second in as many months; the New York Post reported last month that a work stoppage due to a problem with permits had been resolved. That story, however, also talked about rumors that the production was looking for additional funds from existing investors after a bank loan for the show hadn't come through. One unnamed producer was quoted as being pessimistic about the show's financial success:

By the time they're done building the show and the theater, they could easily be spending $50 million. They'll have to run at capacity for five years just to break even. That is impossible.

Officially, a rep for the show told Variety that the current problems won't affect the show's February 25th 2010 opening date, but we're more than a little unconvinced... and curious about just what's going on over there. Should we cancel our plans for a big Broadway night out already?

'Spider-Man' musical halted? [Variety]