The latest from Riedel:
" A group of top Broad way producers, who have backed some of the most important American plays of the last several years, may throw a lifeline to "Gem of the Ocean."
The producers — Elizabeth I. McCann, Roger Berlind and Scott Rudin — were trying yesterday to figure out a way to get the acclaimed August Wilson play to Broadway this season.
"Gem of the Ocean" is on the brink of collapse because its lead producer, Ben Mordecai, has failed to raise the $2.3 million needed to bring it to the stage.
With just a week to go before the play is scheduled to begin previews at the Walter Kerr, Mordecai has only raised about $800,000, theater sources told The Post yesterday.
The producer, who has a history of financial problems on Broadway, has agreed to step aside and allow the new group of producers to take over the reins.
There are, however, a number of very high hurdles that must be cleared — for one thing, the issue of financial liability.
Mordecai, sources say, owes money to people who have already started working on the show, including the advertising firm, which refused to put up a marquee for the show because of unpaid bills.
The new group of producers and their investors do not want to take over the production only to find themselves responsible for Mordecai's debts.
"We need to get the whole financial picture before this can happen," said one of the producers, speaking on condition of anonymity. "There may be creditors we don't even know about. It is going to take a lot of sorting out."
If the producers can figure out a way to salvage the play, they will almost certainly have to postpone the opening several months while these issues are resolved."
The Post 10/28
"What a story........ everything but the bloodhounds snappin' at her rear end." -- Birdie
[http://margochanning.broadwayworld.com/]
"The Devil Be Hittin' Me" -- Whitney