Companies whose assets are protected under Chapter 11 bankruptcy laws often are never heard from again. But occasionally a bankrupt company will rise from the ashes. American Cybercast (known as Amcy), the Marina del Rey company whose Websodic “The Spot” pioneered that genre, is hoping to join the latter category.In U.S. Bankruptcy Court in Los Angeles on Wednesday, a partnership called Cyber Oasys agreed to pay $114,000 for Amcy’s assets. The Cyber Oasys partners are Fattal & Collins, the ad agency that spun off American Cybercast in 1995, and Cyber Ventures, a Washington state limited liability company. Roberta Smith, a manager and investor at Cyber Ventures, said the first step in Amcy’s rebirth will be a strategic planning meeting next week. “When we plot our future direction, we want to involve the employees, who are very knowledgeable about the Internet. Our hope is to grow the company in a systematic way. I want to be sure the creative people have the latitude they need to create an interesting product.” Smith said the revamped Amcy will be less top-heavy than in the past. Creative staffers who oversaw actual Web site creation — many of whom were axed in January — had complained that the company’s executives made deci-sions that weren’t in Amcy’s best interest. They also maintained that too much money was going toward executive salaries. “We haven’t made a decision yet about who will oversee the company on a day-to-day basis,” Smith said. “But we don’t want to start off with a bunch of chiefs; we want to view this as a team effort.” Smith confirmed that Scott Siegler, former president of Columbia Pictures Television, would remain on board. Siegler joined the company in November. “It’s our appraisal that he was not part of the original management. He came on later, and he seems to get along well with the employees,” Smith said. Sources say they don’t expect Fattal & Collins president Russell Collins to take an active role in managing the company.
Follow @Variety on Twitter for breaking news, reviews and more
- ONSLOT, New York, New York
- Entertainment One, Los Angeles, California
- Scripps Networks Interactive, New York, New York
- starpower llc, New York, New York
- Petrol Advertising, Burbank, California