HedgeCo News - The U.S. Bankruptcy Court in Los Angeles has agreed to uphold the hedge fund Pacificor's purchase of the 'Terminator' franchise rights from Halcyon Holding Group LLC, The Wall Street Journal reports.
Halcyon Holdings had accepted a deal from hedge fund Pacificor on Tuesday after a five-hour auction, according to a reports.
The Terminator rights were sold for $29.5 million, following a legal battle in which Halcyon Holding was forced to file for bankruptcy, the case was started by the hedge fund which won the bidding wars, Pacificor.
Columbia Pictures Industries Inc. and Lions Gate Films Inc.'s final offer was $28.5 million, plus $5 million for each of the first three sequels, but eventually the team lost out to the frenetic bidding of the hedge fund.
"We're very pleased," hedge fund attorney David B. Shemano said in an interview with The Wall Street Journal.
"Not only did Halcyon receive the green light to sell the "Terminator" rights to Pacificor but the production company was finally able to resolve a dispute it had with the hedge fund during the sale process," Shemano said.