Monday, 24 October 2016
Last updated 2 days ago
Feb 8 2010 | 8:27am ET
In bidding for the rights to the “Terminator” action movie franchise whose purchase it helped finance two years ago, hedge fund Pacificor is expected to have some company.
Halcyon Holding Group, which bought the “Terminator” rights two years ago with a $30 million loan from Pacificor, is set to auction off the asset today. The auction, to be held at the offices of consultant FTI Capital Advisors, is expected to attract bids from such Hollywood heavy-hitters as Sony Pictures and Threshold Entertainment.
The rights have already attracted an offer from Lions Gate Entertainment, which bid $15 million and 5% of future revenues last month. But Pacificor, which claims that Halcyon owes it $32 million, plans to submit a creditors bid. If such a bid is permitted by the bankruptcy court, it would force other bidders to top it. If none does, Pacificor would wind up with the “Terminator” rights.
Halcyon contends that it owes the hedge fund only $4 million. The company, owned by the producers of the last installment in the “Terminator” franchise, had sued Pacificor, alleging that the hedge fund had filed illegal liens in an effort to force it into bankruptcy. That suit has since been dropped.