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Wednesday, February 10, 2010

Big Boys Beat Down Over T Battle



Pacificor has won the rights to the future of the Terminator franchise for a sum of $29.5 million as first reported in Deadline Hollywood.

The Halcyon Company put the rights on auction Monday afternoon with previously competing bidders Sony Pictures and Lionsgate teamed up after the initial round to try and win

Pacificor, the debt holder put Halcyon into filing Chapter 11 mode, thus beating the 2 better known bidders

The move effectively wipes out all of Halcyon's debts.

U.S. Bankruptcy Court Judge Ernest Robles approved yesterday the sale of Halcyon Group's "Terminator" rights to Pacificor over objections from Sony and Lionsgate. Pacificor agreed to pay $29.5 million, along with a provision for payment to Halycon of $5 million per film for any sequel.

"Halcyon is very gratified by the judge's decision and the outcome of the bidding process," a Halcyon spokesman said. "It not only provides maximum benefit to Halcyon creditors, which is the point of the Chapter 11 process, but also leaves Halcyon extremely well-positioned to move forward as a going concern with a great future in the movie business."

Variety says Halcyon will still keep all future revenue generated from the third and fourth film in the series-- Terminator 3: Rise of the Machines and Terminator Salvation.

Huh Unexpected indeed. Now let's see what they do with the franchise

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