'Terminator' producers file for bankruptcy [updated]
FOR THE RECORD (Aug. 20, 1:15 PM): An earlier version of this post incorrectly identified some creditors of the Halcyon Co. In fact, some of the companies and individuals listed on the “master mailing list of creditors” in a bankruptcy filing are not creditors.
According to a spokesperson for the Halcyon Co., the following are not amongst its creditors: Christian Bale, Franchise Tax Board, GRIN, Paul Haggis, Internal Revenue Service, Latham & Watkins, Dan Lin, McG, Mario Kassar Productions, Metro-Goldwyn-Mayer Studios, Motion Picture Assn. of America, Bahman Naraghi, Randy Paul, Arnold Schwarzenegger, Sony Pictures Entertainment, Sitrick and Co., Universal Studios, Warner Bros. Pictures, and Ziffren, Brittenham, Branca and Fischer
Three companies belonging to Derek Anderson and Victor Kubicek, owners of the "Terminator" franchise rights and producers of May's "Terminator Salvation," have filed for bankruptcy just a day after the duo sued their investors for allegedly pushing them into a series of bad business decisions and placing what they claim is an illegal lien on their property.
Even though the movie has sold a healthy $370 million worth of tickets around the world and has yet to be released on DVD and in other post-theatrical markets, Anderson and Kubicek were unable to make a payment demanded by Santa Barbara hedge fund Pacificor, which financed their $30-million purchase of the "Terminator" rights and loaned $9 million for other operating expenses.
Anderson and Kubicek have had several legal disputes with former business associates in their short careers as film producers, as reported by the Times in May.
Those owed the most money include a number of top industry law firms such as Greenberg Traurig ($437,618.61); Glaser, Weil, Fink, Jacobs, Howard, & Shapiro ($120,672.89) and O'Melveny & Myers ($96,565.86). They also owe $25,000 to C2 Pictures, the production company controlled by previous "Terminator" owners Mario Kassar and Andrew Vajna.
In addition, one British individual is owed $3.5 million. There is no reason given for any of the debts.
The three companies each list estimated assets and liabilities totaling between $10 million and $50 million.
Update (Aug. 20, 1:15 PM): For more, see the story in today's Times.
Photo: A scene from "Terminator Salvation." Credit: Warner Bros.