Miramax’s Dimension Films division walked away from a surprisingly quiet bankruptcy court hearing Tuesday with the prequel, sequel and remake rights to Carolco Pictures’ “Rambo” franchise for a cool half million dollars.
Dimension’s $500,000 offer had been on the table since April 23, but several other companies, including Roger Corman’s Concorde/New Horizons, had expressed interest in bidding on the rights at Tuesday’s hearing. Corman had trumpeted plans last month to top the bid by $50,000.
But neither Corman nor any other bidders showed up at the downtown L.A. courtroom, so the rights went to Dimension.
Miramax co-chairman Bob Weinstein was on hand in case bidding got hot and heavy, as it did in January when Dimension won sequel and remake rights to Carolco’s “Total Recall.”
In that case, bidding by Live Entertainment, 20th Century Fox and DFL Entertainment pushed the purchase price up to $3.15 million.
“While we are disappointed that overbidding didn’t take place, both Carolco and the creditors committee were very satisfied with the sale price,” said attorney Howard Weg, who represents Carolco and its affiliates in their bankruptcy case.
Weg said the lack of bidders at the well-publicized auction confirmed that the best price had been negotiated.
Carolco now moves forward with implementing its court-approved Chapter 11 reorganization plan, which includes continuing to dispose of the remaining available sequel rights and development projects.
Sequel and remake rights remaining include “Terminator,” “Universal Soldier” and “Red Heat.” Less likely candidates for sequels range from “L.A. Story” and “The Doors” to the B.O. disaster “Cutthroat Island.”
A number of Carolco development projects are also available, including the sci-fi thriller “Burning Chrome,” “Isobar” (aka “Dead Reckoning”), and feature remake rights to the TV series “The Invaders.”
“My expectation is that we will go through an auction process with respect to all of these properties,” said Weg.