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Noel Ashman to Film Life Story, Open Clubs in NYC and A.C.

To the canon of classic NYC party movies you might soon be able to add the story of promoter turned club owner Noel Ashman. He tells us that his production company, Co.Op, which he runs with Jeffrey Tambor, Amy Redford, and others, has done two treatments for an as-yet-untitled film loosely based on his life’s story, which involves getting kicked out at the age of 13, having to throw parties to pay his rent, and eventually becoming the owner of clubs such as the second incarnation of Studio 54, Veruka, NA, and most recently the Plumm. Ashman is doing the movie with music producer Che Vicious — it will be set in the mid-to-late eighties in and around the Plumm’s predecessor Nell’s, where Ashman promoted, and may star Plumm investor Jesse Bradford. Meanwhile, back in the real world, Ashman tells us he’s looking at opening new clubs in Manhattan (possibly east of the Plumm) and — trend alert! — Atlantic City.

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Who Is Bear Stearns' Biggest Loser?

FINANCE • Joseph Lewis, the British billionaire who built up his stake in Bear Stearns last summer, lost about $1.6 billion this past weekend, approximately half of his entire fortune. Bear's biggest investor, Dallas-based money manager James Barrow, whose firm had a 9.95 percent stake, also lost big — at least $750 million. Activist shareholder Bruce Sherman and departed CEO James Cayne each lost big on their 5 percent stakes, although Cayne might not care so much: He just closed on a $28.24 million Plaza pad and spent late last week playing bridge in a tournament in Detroit. [Bloomberg] • Meanwhile, Bear's "fire sale" is spreading like wildfire down the street, singing Lehman Brothers, among other top banks. [DealBook/NYT] • And Barry Diller's IAC is "sputtering." [NYT]

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