Thursday, 23 October 2014
Last updated 39 min ago
Aug 24 2009 | 11:30am ET
If Pacificor was aiming to force the producers of the movie “Terminator Salvation” into bankruptcy, then give the Santa Barbara, Calif.-based hedge fund a round of applause.
Three companies owned by Derek Anderson and Victor Kubiceck filed for bankruptcy last Monday, the same day they sued Pacificor and a former employee of the hedge fund for fraudulent double-dealing. Pacificor, which loaned the two $39 million, including $30 million to buy the rights to the legendary action-movie franchise, placed a lien against one of the Anderson-Kubiceck companies, Dominion Holdings, a move that Anderson and Kubiceck say kept one of their other companies, The Halcyon Co., from raising needed capital, and kept them from making a payment to Pacificor.
Halcyon says it has repaid $15 million of the $39 million it owed Pacificor.
“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 told the Los Angeles Times. "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."
Anderson and Kubiceck have sued Pacificor and the former Pacificor employee who arranged the loans, Kurt Benjamin. The producers say that Pacificor is trying to seize the rights to the Terminator franchise—the Terminator rights are the collateral of the $30 million loan—and that Benjamin and Pacificor CEO Andrew Miller have tried to shake down Halcyon.
Anderson and Kubiceck are seeking $30 million each from Benjamin and Pacificor.
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