A liquidation plan for bankrupt Carolco Pictures was approved by the U.S. Bankruptcy Court in Los Angeles Thursday, despite objections by Pioneer Electronics and its subsidiary Live Entertainment.
In the plan, Carolco attorneys have declared their intent to sue former Carolco investor and Japanese distributor Pioneer for $11 million in claims. Live and its 50% owner Pioneer charge that Carolco owes them a total of more than $80 million.
Carolco attorney Howard Weg told Variety, “The liquidating trust will, hopefully, soon be in a position to begin making significant distributions to creditors who have been waiting now over two years to receive some payment on account of their very substantial claims.”
The projected payout to creditors is expected to total between $74.6 million and $105 million in cash, film devel-opment projects, litigation claims and interest.