‘Terminator Salvation’ producers file for Chapter 11
Three companies owned by the producers of the film ‘Terminator Salvation’ filed for Chapter 11 bankruptcy this week, court documents showed, according to a report in the Los Angeles Times.
|Last Updated: Aug 20, 2009, 05:59 PM IST|Source: Bureau
London: Three companies owned by the producers of the film ‘Terminator Salvation’ filed for Chapter 11 bankruptcy this week, court documents showed, according to a report in the Los Angeles Times.Producers Derek Anderson and Victor Kubicek, who own the franchise rights of "Terminator", also sued their primary investor, hedge fund Pacificor, the paper said.
The L.A. Times said Anderson and Kubicek did not make a payment demanded by Pacificor, which financed their purchase of "Terminator" rights and made two loans worth $9 million to Halcyon Co, their production company.
Anderson and Kubicek said in the lawsuit, according to the paper, that they could not make the payment because of a lien that Pacificor placed on Dominion Holdings, a company through which they earned their producing fees on the movie.
"If it were not for these allegedly illegal liens that compromised Halcyon`s liquidity, the company would not have had to file for Chapter 11 protection," Halcyon`s bankruptcy counsel, Scott Gautier of Peitzman, Weg & Kempinsky, told the paper in an emailed statement.
"But its business is sound and we are confident that it will emerge from the Chapter 11 process intact and able to meet all its legal obligations," Gautier told the paper.
"Terminator Salvation" sold $370 million worth of tickets globally, according to the paper. It was the fourth installment in the "Terminator" series. The first three starred California Governor Arnold Schwarzenegger.
Peitzman, Weg & Kempinsky and Pacificor could not be immediately reached for a comment by Reuters.
The bankruptcy cases are IN re: T Asset Acquisition Co LLC U.S. Bankruptcy Court Central District of California, No. 09-31853, Halycon Holding Group LLC No.09-31854 and Dominion Group LLC No. 09-31855.
Bureau Report
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.