The day after Halcyon, the company that holds the rights to the Terminator franchise, filed suit against their financers, a subsidiary of the same company has filed for Chapter 11 bankruptcy. Is this the end of the new Terminator series?
Nikki Finke broke the news that T Asset Acquisition, LLC, "and related entities that own the rights to the Terminator movie franchise" filed for Chapter 11 on Monday afternoon in Los Angeles, announcing that
[t]he companies will seek to restructure their financial obligations and resolve related litigation and other matters and emerge from Chapter 11 later this year or early in 2010.
According to the New York Times, T Asset Acquisition is a subsidiary of Halcyon, so it's no stretch to assume that the "related litigation" refers to the lawsuits against Pacificor and former Pacificor employee Kurt Benjamin.
Up for grabs in the current legal warfare are the rights to the Terminator franchise, which Halcyon could lose to Pacificor due to bad debt. Considering that it's less than six months ago that Halcyon owners Derek Anderson and Victor Kubicek were being accused of stealing the rights themselves (the suit was settled out of court in April), there's some kind of irony at play here...
'Terminator' Owners File For Chapter 11 [Deadline Hollywood Daily]