Pacificor Seeks To Sell ‘Terminator’ Rights To Auction Losers

Feb 10 2010 | 12:33pm ET

Newly-minter “Terminator” owner Pacificor wants to get out of the movie business before it ever really gets started.

The Santa Barbara, Calif.-based hedge fund, which won a testy Monday auction for the rights to the action movie franchise, is now in talks with the two studios it beat out. Sony Pictures and Lions Gate Entertainment are negotiating the joint purchase of “The Terminator” rights, the Los Angeles Times reports.

In a heated, five-hour bidding battle on Monday night, Pacificor emerged with the rights. But Lions Gate and Sony—whose president of worldwide affairs, Peter Schlessel, reportedly stormed out of the Los Angeles auction after losing—were prepared to challenge Pacificor’s winning bid in court.

Pacificor didn’t actually put up any more for the “Terminator” rights, instead offering a so-called creditors bid which would wipe out current owner Halcyon Holdings’ debt to the hedge fund. Pacificor alleges that Halcyon owes it more than $30 million, although Halcyon puts the figure closer to $4 million.

Under the terms of Pacificor’s offer, Halcyon’s debt to the hedge fund would be satisfied, and Halcyon would be entitled to $5 million per “Terminator” movie made from here on.

A bankruptcy court hearing is set for today to approve the auction. If no deal is struck by then, Sony and Lions Gate are likely to object to the sale.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of