Pacificor gets Terminator rights for 29.5 million

[thedeparted]

I've learned that the auction for the Terminator movie rights just ended after a marathon bidding session today that streched from 3 PM this afternoon until 8 PM tonight. Both Sony Pictures and Lionsgate separately were bidding for the franchise, and then joined up after the first round was completed. But the studios didn't come away the winners -- which, I'm told, prompted a furious Sony Pictures Entertainment's president of worldwide affairs Peter Schlessel to "storm out" of the Downtown LA offices of FTI Capital Advisors which was holding the auction. Instead, Halcyon Holding Corp accepted the $29.5 million bid from, of all parties, the debtholder which pushed it into bankruptcy, Santa Barbara-based hedge fund Pacificor. (This is the same Pacificor whom Halcyon accused in a lawsuit of extortion, bribery, and fraud and demanded $30M in damages.)

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 keeps the revenue streams from the movies Terminator 3 and 4. An arrangement also was made that the sale now wipes out the debt Halcyon owed Pacificor. The deal is subject to approval by the bankruptcy court. It will be presented to the judge at a hearing on Thursday. Back on May 9, 2007, rights to the Terminator series passed from producers Andy Vajna and Mario Kassar to the privately funded Halcyon Co (formed by entrepreneurs Victor Kubicek and Derek Anderson) for a reported $30 million.

man that's a long auction. well it that was a good idea for lionsgate anyways, too bad for them that they couldn't get it done