Kirk D'Amico has resigned from the executive board of directors of IN-motion AG, the German media outfit which bought out his Myriad Pictures in July 2000. D'Amico, who took up his post on the board in 2001, will continue to be president of Myriad which is an international sales company with a library of over 200 titles and a production/financing slate including new films from Neil Jordan and Christopher Hampton and a host of titles from Francis Ford Coppola's American Zoetrope.

D'Amico said that the decision to resign was his alone. "I have not been part of normal board decisions, at least from what is considered normal in the US, and I haven't been involved in day to day decisions," he said yesterday, "so wanted to resign. In addition, there is potential for conflict of interest between my being president of Myriad and being on the board of IN-motion where I am responsible to IN-motion shareholders. Myriad has a particular set of interests that may at one point be different from IN-motion."

D'Amico said that the warning issued by Germany's Neuer Markt to IN-motion that it would terminate trading of shares in the IN-motion Group, has now been rescinded and that IN-motion made a presentation of its financial statements to the Neuer Markt which has allayed any fears it might have had.

Besides, D'Amico stressed, Myriad does not rely on IN-motion money to conduct its business but has its own $100m revolving credit line with Comerica Entertainment Group. "Through German tax funds, IN-motion has financed some of the films we have sold such as People I Know and The Good Girl," he said, "but we are not dependent on them."

D'Amico refuted rumours that Myriad's $55m historical epic Borgia to be directed by Jordan, produced by Stephen Woolley and starring Ewan McGregor and Christina Ricci, was in any trouble. "I heard the same rumours," he said, "so I went to the film-makers to see if there was any truth in it and there isn't. We have a signed agreement with them, we are in the process of closing two major territories and our financing structure on the film is in place through a combination of soft money, our bank financing and pre-sales. We're all very excited."

Other upcoming Myriad projects include Hampton's Imagining Argentina starring Antonio Banderas and Emma Thompson and the first three films produced by Zoetrope under a co-financing venture with Myriad - Joel Schumacher's On The Road, Robert Greenwald's My Dark Places to star David Duchovny and Jeepers Creepers 2.