The bankruptcy auction, which kicked off Wednesday morning and proceeded until 2 a.m., started up again Thursday afternoon.
Those waiting to hear the results of the bankruptcy auction for troubled visual effects studio Rhythm & Hues will need to wait at least one more day. ...
The auction was scheduled to begin Wednesday morning. It proceeded until 2 a.m. and continued Thursday at the offices of its reorganization counsel Greenberg Glusker. ...
Thursday morning, South Korea’s JS Communications filed a conditional objection in connection with the auction. JS had pulled out of being the stalking-horse bidder after it missed its Court mandated deadline of March 19 to execute a binding asset sale and purchase agreement in connection with its stalking horse bid.
But in Thursday morning’s filing, the company argued that the R&H has “invited bids that improperly violate this court’s procedures order so as to deny JS its court-approved breakup fee.” ...
Maybe some of Rhythm and Hues' suitors are getting cold feet. And this might be why.
Warner Bros. Disputes That Its VFX Work Is Assumed in Rhythm & Hues Sale
The studio says that whatever company buys R&H won't gain the benefit of contracts for "Black Sky," "Winter's Tale" and "300: Battle of Artemesium."
As a federal bankruptcy court oversees an auction that will determine new ownership on troubled VFX house Rhythm & Hues, Warner Bros. is letting it be known that its visual effects work doesn't come with the package. ...
Warners says that agreements on the film "are not executory contracts," and because they were terminated prior to the bankruptcy, "the Warner Bros. agreements cannot be assumed and assigned pursuant to section 365 of title 11 of the United States Code (the 'Bankruptcy Code') in connection with any sale that is contemplated." ...
Warners has sort of specialized in stomping the corpse with its steel-soled boots. Why should the behavior change now?
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