‘Terminator’ time?

Halcyon Holding case quietly resolved

With a fifth “Terminator” film taking shape, the complicated Halcyon Holding Group bankruptcy case has quietly been resolved, with creditors due to receive $14 million in expected distributions.

Prospects for another “Terminator” now rest with Megan Ellison’s Annapurna Films, which closed a deal a month ago during the Cannes Film Festival for rights to make two “Terminator” films. CAA had been shopping a package to studios with former California governor Arnold Schwarzenegger attached — before news of his out-of-wedlock son broke — with Robert Cort producing and Justin Lin (“Fast Five”) as director.

Cort and Lin came aboard last year after Pacificor, a Santa Barbara-based investment fund with no feature film experience, won an auction for Halcyon’s “Terminator” rights over objections from Sony and Lionsgate. Pacificor agreed to pay $29.5 million, along with a provision for payment to Halcyon of $5 million per film for any sequel.

“Megan Ellison is a smart and talented filmmaker, and we wish her all the best as she takes over the ‘Terminator’ series,” said Derek Anderson and Victor Kubicek, co-CEOs of the Halcyon Co. “We hope she is able to get sequels made and continue the tradition of this great global science-fiction franchise.”

The consensual plan was signed by U.S. Bankruptcy Judge Ernest Robles in the Los Angeles Division on June 6, 21 months after Halcyon filed for Chapter 11 bankruptcy protection in a dispute with Pacificor.

Scott Gautier of Halcyon’s legal team at Peitzman, Weg & Kempinsky told Variety that the final plan covers seven different classes of creditors.

“By the time a major motion picture has been fully produced and released, there’s a carefully crafted and fragile web of contracts and agreements, both domestic and international, that determines interests in the future income streams from the movie and merchandising,” Gautier said. “A Chapter 11 bankruptcy case can be the catalyst for an explosion that rips apart that web and leaves nothing in its wake but battles between creditors. We were determined to preserve as much value for creditors and interest holders as possible and I believe PWK succeeded.”

Halcyon paid Mario Kassar $30 million for the “Terminator” rights in 2007. “Terminator Salvation,” the fourth film in the franchise, was produced by Halcyon toppers Kubicek and Anderson, with Warner Bros. handling domestic distribution and Sony taking international. It carried a production pricetag of about $200 million and took $371 million worldwide in 2009.

Gautier explained that the attorneys first negotiated the future rights to be sold to satisfy Pacificor’s $30 million claim against the estate, then negotiated with each of the creditor constituencies to allow future income streams to flow through to creditors without being drained in litigation. One creditor asserted her claims were worth more than $11 million but was offered was offered $250,000. She eventually agreed to the original figure when the judge indicated he would value her claim at $0.

As for Kubicek and Anderson, the duo remain in development on several projects but have yet to disclose specifics.

Popular on Variety

More Film

  • The Antenna

    Toronto Film Review: 'The Antenna'

    Jump scares, creepy noises and the tease of hidden-from-view dangers are all fine. But a truly frightening horror film unsettles with more than its crafts, but instead through the vulnerability of defenseless people stuck with bad options only. First-time writer-director Orçun Behram’s highly stylized and mildly disturbing “The Antenna,” a metaphor on Turkey’s current ruling [...]

  • Ad Astra Box Office

    Box Office Battle: 'Ad Astra' Takes on 'Rambo: Last Blood' and 'Downton Abbey'

    “Hustlers” and “Good Boys” proved that even in the age of Marvel dominance and remake mania, movies that don’t exist within an established franchise can still be box office draws. Can “Ad Astra” continue that trend? The space drama — starring Brad Pitt and directed by James Gray — arrives on the big screen this [...]

  • Harvey Weinstein Accuser Lucia Evans Breaks

    Harvey Weinstein Accuser Lucia Evans Breaks Silence After D.A. Dropped Charge

    Lucia Evans gave a wrenching account on Tuesday of her efforts to hold Harvey Weinstein responsible for sexual assault, saying she felt betrayed after the Manhattan D.A.’s office dropped her allegations last year. Evans spoke to Variety after giving a speech at a conference on influencer fraud in Manhattan, making her first public comments on [...]

  • Ad Astra

    How 'Ad Astra' Production Crew Created Authentic Look for Brad Pitt Space Drama

    In “Ad Astra,” Brad Pitt’s astronaut Roy McBride crosses the solar system to find and confront his long-lost father, requiring the movie crew to create an authentic-looking future that conveys the theme of traveling long distances to learn the lesson that it’s where you started from that has the most value. “Visually, the aim was [...]

  • Nahnatchka Khan'Always Be My Maybe' film

    'Fresh Off the Boat' Creator Nahnatchka Khan Signs First-Look Deal With Netflix

    Netflix has signed “Fresh Off the Boat” creator and executive producer Nahnatchka Khan to an exclusive multi-year first look deal for feature films. Khan made her feature film directorial debut with “Always Be My Maybe” starring Ali Wong and Randall Park. The romantic comedy premiered on Netflix in May and was seen by 32 million [...]

  • The Mover

    Latvia, Kyrgyzstan, Montenegro, Costa Rica Announce Oscar Contenders

    Latvia, Kyrgyzstan, Montenegro and Costa Rica are the latest countries to announce their entries for the newly rebranded International Feature Film award at the 92nd Academy Awards. All four countries are seeking their first Oscar nomination in what was formerly known as the foreign-language film category. Latvia has selected Holocaust drama “The Mover” (pictured) as [...]

  • The Sky Is Pink

    Toronto Film Review: 'The Sky is Pink'

    Shonali Bose’s much-laureled 2014 “Margarita with a Straw” was a film whose presentation of a cerebral palsy-afflicted heroine sidestepped all the usual hand-wringing inspirational clichés of disability portrayal, making her story all the more enlightening and affecting. It is particularly disappointing, then, that the director’s followup should approach another tale of genetic infirmity with all [...]

More From Our Brands

Access exclusive content