Derek Anderson and Victor Kubicek, who acquired the science-fiction franchise in 2007 for $25 million and produced this year's sequel "Terminator Salvation," are now looking to sell them partially or outright as several companies owned by the duo work their way through bankruptcy.
Anderson and Kubicek's Halcyon Holding Group has engaged financial advisory firm FTI Capital Advisors, pending bankruptcy court approval, to "evaluate strategic alternatives," according to a statement. Since Halcyon's only valuable asset is the Terminator rights, any deal would involve an investment in, or outright sale, of them.
"We're going to be contacting a variety of studios and independent companies," said Kevin Shultz, senior managing director at FTI. "We think the values are considerably in excess of the purchase price."
Since "The Terminator" was released in 1984, the franchise rights have changed hands more frequently than that of any other major Hollywood film series. When the first movie came out, production company Hemdale Film Corp. owned a 50% interest and director James Cameron sold the other half to producing partner and future wife Gale Anne Hurd for $1.
Carolco Pictures, owned by producers Mario Kassar and Andrew Vajna, bought Hemdale's stake in 1990 for $10 million and released "Terminator 2: Judgment Day" the next year. In 1997, after Carolco went bankrupt, they started a new venture, C2 Pictures, which bought their old company's stake at auction for $7 million and the remaining 50% from Hurd for $7 million.
In 2007, Kassar and Vajna sold the rights to novice producers Anderson and Kubicek in a deal that surprised many in Hollywood.
In a previous bankruptcy court filing, Anderson claimed that the Terminator rights are now worth more than $60 million, more than double what he and Kubicek paid. Shultz said his firm will conduct its own analysis. Such valuations, which are based on forthcoming cash flow from "Salvation," which has yet to be released on DVD, as well as potential further sequels, can vary widely because the performance of future films is so difficult to predict.
Anderson also claimed that Halcyon has received expressions of interest in buying the Terminator rights from several companies, including Sony Pictures, which distributed "Salvation" overseas. A Sony spokesperson declined to comment.
Three companies owned by Anderson and Kubicek that own the Terminator rights and their interests in it filed for bankruptcy last month, triggered by a disputed debt owed to Pacificor, LLC, a Santa Barbara hedge fund that loaned them money to make the purchase, along with working capital.
At the same time, they filed a suit against Pacificor over the disputed debt. That suit has since been dropped due to what a Halcyon spokesperson called "procedural maneuvering." The two remain at odds in bankruptcy court, however.
Halcyon currently owes Pacificor, by far its largest debtor, about $32 million. Any potential sale of the Terminator rights would have to be approved by a bankruptcy judge, who would then determine what portion of the proceeds would go to Pacificor and other debtors.
A Halcyon spokesperson said the company that it will pay back all of its debts in full following a Terminator transaction.
Anderson and Kubicek have also sued former Pacificor employee Kurt Benjamin for allegedly pushing their companies into a series of bad decisions that led to bankruptcy. Benjamin has denied the charges. The complaint also blamed "Salvation" producer Moritz Borman for some of the company's problems, but an amended version filed several days later omitted him.
Anderson and Kubicek have been involved in numerous lawsuits during their short film careers, with legal opponents including Borman, MGM and past investors.
--Ben Fritz
Related stories:
"Terminator" producers file for bankruptcy
"Terminator Salvation" producers sue investors, could lose franchise rights
On the way to "Terminator Salvation," legal sparks fly
Top photo: Sam Worthington in "Terminator Salvation." Credit: Warner Bros.
Bottom photo: Derek Anderson, second from left, and Victor Kubicek, right, with producer Jeffrey Silver, left, and director McG, second from right.
NBC unleashes more 'Trauma' on the viewing public
To say that "Trauma" (8 p.m. Central Monday, NBC; one and a half stars) is better than "Mercy," NBC's other new medical show, is not exactly an endorsement. After all, "Mercy" set the bar so low that many informercials could clear it.
"Trauma" is just standard-issue bad, not mind-blowing, please-make-it-stop bad. But this new show, which follows the lives and jobs of emergency medical technicians in San Francisco, has one thing in common with "Mercy": It's a collection of cliches in search of a plot.
At least "Trauma" has something of a plot. And it has explosions. So there's that.
What "Trauma" doesn't really have is a reason to ever tune in again. The good-looking EMTs on the show rescue people and they have emotional issues with the carnage they see on the job. Making the first part of that equation dramatic isn't that hard, but how do you make the second -- largely internal -- part interesting to TV viewers every week? How do you dramatize the processing of stress and trauma?
If you're one brazen EMT on this show, you act like a cocky idiot. I think he's meant to be the Bad Boy You Love to Hate. If only. The guy is simply an obnoxious jerk. At least he stands out; however. The rest of the characters are merely there to service the plot and recite the expected dialogue ("I need a save today," one EMT tells a co-worker).
The only upside I can see to the existence of "Mercy" and "Trauma" is that one of them is likely to recall a scene from the latter pilot and crash and burn this fall. And then we may (please!) get the third season of "Chuck" sooner than March.
I need a save.
Michael Jackson film sells out screenings worldwide
LOS ANGELES — The Michael Jackson music documentary is selling out theaters around the world. According to Sony Pictures, hundreds of show times have sold out since tickets went on sale Sunday for "Michael Jackson: This Is It.
Fashion, A La Mode Again At The Multiplex
Hollywood and haute couture have always been a good fit: From the cinematic runways of Stanley Donen's Funny Face to the behind-the-scenes tastemaking of The September Issue, fashion and the business of it have long been favorite topics on film. Bob Mondello charts the trend.
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