So, after a last minute entry by Sony last week on the war for the bid to Halcyon's Terminator rights which led many to believe that Sony may already have an upper hand over the LionsGate for the exclusive rights for Terminator, here I have to say - WRONG!!
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With such an intense bidding war between the two studios, came one major surprise. So, The Terminator goes to Pacifior with a whooping US$ 29.5 million bid.
Who Pacifior? They are the hedge fund group responsible for forcing rights holders Halcyon to hold the sale in the first place, since it held the majority debt owed by the Halcyon team. Deadline Hollywood reported that:
"Tonight, Sony and Lionsgate dropped out at just under $29.5 million when it became clear that Pacificor "was willing to pay almost any amount of money for Terminator," an insider tells me. Halcyon will receive $5 million for every Terminator movie made from now on, as well as retains the rich revenue streams from the movies Terminator 3 and 4. Sources behind Halcyon claim to me that the arrangement made now wipes out the debt Halcyon owed to Pacificor and all the other creditors. Of course, the deal is subject to approval by the bankruptcy court. It will be presented to the judge at a hearing on Thursday."
But the saga did not ended there. LA Times reported that considering the offer, the debt amount by Halcyon on Pacifior can be erased and that Pacifior has no experience in the entertainment industry, talks are now in furore to engage in a discussion with both losing bidder, Sony and LionsGate to handle future films.
Let us wait for the bankruptcy court to verify the auction!!
"Tonight, Sony and Lionsgate dropped out at just under $29.5 million when it became clear that Pacificor "was willing to pay almost any amount of money for Terminator," an insider tells me. Halcyon will receive $5 million for every Terminator movie made from now on, as well as retains the rich revenue streams from the movies Terminator 3 and 4. Sources behind Halcyon claim to me that the arrangement made now wipes out the debt Halcyon owed to Pacificor and all the other creditors. Of course, the deal is subject to approval by the bankruptcy court. It will be presented to the judge at a hearing on Thursday."
But the saga did not ended there. LA Times reported that considering the offer, the debt amount by Halcyon on Pacifior can be erased and that Pacifior has no experience in the entertainment industry, talks are now in furore to engage in a discussion with both losing bidder, Sony and LionsGate to handle future films.
Let us wait for the bankruptcy court to verify the auction!!