‘Last Action Hero’ Proves a Tempting Target

In 1971, Hollywood released a complex film called “Who Is Harry Kellerman and Why Is He Saying Those Terrible Things About Me?” The punch line was that Harry Kellerman was the alter ego of the lead character, Dustin Hoffman, who was bad-mouthing himself all along.

The movie bombed, but self-destructiveness lives on in Hollywood, as evidenced by the town’s dark obsession with Columbia Pictures’ “Last Action Hero.”

The Arnold Schwarzenegger movie, which opens nationwide today, has already taken a bigger beating than any action hero ever administered, and the beat goes on, involving everyone from the creative community that spawned it to the reporters who are covering it.

One executive sees “Last Action Hero,” which has been called over-budgeted and overblown, as an easy target.

“We hate ourselves and the work we are producing,” he said, sounding very much like the Hoffman/Kellerman character. “And this film is the most obvious manifestation of that problem.”

Others see it as a jealous backlash against Schwarzenegger, who’s had unparalleled box office success. But whether “Last Action Hero” merits the digs--the weight of opinion is heavily against it, though some critics have been kinder--is almost beside the point. The $80-million production has been so maligned that it’s tough to mention the title without wincing.

At Columbia Pictures, which operates in a heightened state of anxiety even on good days, executives insist the film will prove its critics wrong. “We’re heading for big numbers,” said marketing chief Sid Ganis. “I won’t predict how big, but we feel very good.”

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Privately, Columbia executives are lashing back at their critics like wounded birds in a cockfight, which may only be making the battle that much more heated. The studio contends that “Last Action Hero” is the victim of an orchestrated smear campaign, and insiders say Columbia has even called in a private investigator.

Adding to the pressure on the studio and its parent, Sony Pictures Entertainment, is the runaway success of Universal Pictures’ “Jurassic Park,” which is expected to take in more than $200 million at the domestic box office alone. One well-placed source says Sony Pictures Chairman Peter Guber, who bid for rights to “Jurassic,” has been heard muttering recently, “Why didn’t we get that . . . dinosaur book?”

Columbia Chairman Mark Canton, for his part, has launched personal tirades against members of the press over what he considers malicious depictions of “Last Action Hero,” which has been criticized for everything from muddled plotting to explosives overload. The Los Angeles Times was served an ultimatum by Columbia after printing a story looking into speculation and conflicting accounts of a possible secret and unsuccessful second test screening of the movie.

In the story, Columbia strongly denied and still denies the screening occurred.

The studio’s message: Prohibit the reporter from writing about Columbia henceforth or all relations will be severed. The Times will not meet Columbia’s demand. The incident, however, again points to the poisoned atmosphere surrounding “Last Action Hero.”

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“It’s the worst I’ve seen since ‘Heaven’s Gate,’ ” said another executive. “This is as bad for the business as ‘Jurassic Park’ is good. It creates a groundswell of negativity.” Another even sees the title as prophetic: “ ‘Last Action Hero’ could dictate Hollywood’s course for the rest of the decade,” he said. “It could be the last of its kind.”

The good news for Columbia is that no one foresees mass firings if “Last Action Hero” tanks or performs below expectations. Japan’s Sony Corp. is big enough to withstand the financial hit, and the company already has tight restrictions on development spending--some say as a result of the huge sums already parceled out on “Last Action Hero.”

But not everyone is jumping on the funeral pyre. Some insist the movie can still do respectable box office, given Schwarzenegger’s fanatical following.

Walt Disney Studios Chairman Jeffrey Katzenberg says he’s withholding judgment. “For me and for my children, I look forward to seeing ‘Last Action Hero’ with the only people who count--the paying audience,” he said.

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Bad Karma Award: First Kim Basinger was ordered to pay $7.4 million for breaking a movie contract, which many in Hollywood once equated with breaking a lunch date. Now the personal bankruptcy petition that she filed in the wake of the “Boxing Helena” judgment is being challenged. The “Boxing Helena” attorneys have moved to dismiss the petition partly on grounds that it fails to account for assets. A judge is expected to hold a hearing within three weeks.

In her bankruptcy petition, Basinger says she has assets of $4.9 million, contrasted with liabilities of $11 million. Basinger lists her combined monthly income at $122,000. Her expenses include $9,000 a month in alimony, $7,000 a month in pet care “and other personal expenses” and hundreds of thousands of dollars in legal bills.

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Change of Plan: Universal Pictures will release “For Love or Money,” starring Michael J. Fox, in October instead of next month. The formal reason: The summer season is too crowded.