A court-appointed trustee, John Hyde, officially took over management of bankrupt NSB Corp., (the former Hemdale Film Corp.) yesterday, as trade creditors and banks maneuvered to become members of a creditors committee that will negotiate the indie’s restructuring.
The unsecured creditors committee includes: Credit Lyonnais (owed about $ 90 million, $ 30 million unsecured), Svenska Handelsbanken (owed $ 20.08 million), Chase Manhattan Bank (owed $ 1.7 million), the Screen Actors Guild ($ 6 million) , Permanent Trustee Co.
($ 4.54 million), Thomas Fox ($ 2 million) and American Gothic Prods. Inc. ($ 277,328).
Attorney Stephen Chrystie, who filed the involuntary Chapter 7 petition that forced bankruptcy, was opposed to Credit Lyonnais as a committee member because the bank is a secured creditor with only about $ 30 million unsecured.
“They should not be on this committee, because their position is essentially in conflict with the rest of the trade creditors and guilds,” noted Chrystie.