There are humble beginnings, and then there are those who get dropped-kicked. An example of the latter is what’s being billed as 2008’s first media sector initial public offering: RHI Entertainment LLC, makers of “Kung Fu Killer” and “Kung Fu Killer II” and other made-for-television movies.

The “Kung Fu” series reimagines David Carradine’s Kwai Chang Caine character as White Crane, “spiritual master of the martial arts who takes on criminals deep in the bowels of Shanghai.

RHI is bestowed the title of first media IPO by edging in front of Al Gore-backed Current Media, the owners of interactive cable channel Current TV, which filed for a $100 million IPO in January, but has yet to indicate when it expects to go public. Meanwhile, losses are mounting up quickly as ad revenue shrinks.

Troubled waters in the media, threats of a possible advertising recession hasn’t stopped RHI.

Perhaps it should have: RHI shares, which priced at $14 per share, below its hoped-for $16 to $18, sunk 5 percent to $13.30 in morning trading on the Nasdaq.

Uhm, let’s hope “Kung Fu Killer III” does even better. Although, one would hope that Hollywood’s given up on the white knight saving the (fill in the non-Caucasian group here) from themselves.

(Photo: RHI.com)