Lionsgate is Lead Bidder in Terminator Rights Auction
01.14.10 by BJSprecher
While Terminator Salvation may not have made a big impact on fans or critics — it scored only 31% on RottenTomatoes — it still managed to rake in more than $370 million worldwide. So the news that producers Derek Anderson and Victor Kubicek of Halcyon Co. would be forced to auction off the rights to the Terminator franchise following a declaration of bankruptcy came as quite a surprise.
Now, according to Nikki Finke of Deadline Hollywood, Lionsgate has submitted a "stalking horse bid" that has been accepted by Halcyon Co.
So what's a stalking horse bid? An initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company. This allows the distressed firm to avoid receiving lowball bids on its assets. That said, I hear Lionsgate will be named the stalking horse bidder in the bankruptcy sale of the Terminator franchise. Sources tell me it wasn't a competitive auction.
In an update to the article, Finke added that the winning bid might have been "$15 million, plus a gross corridor," which is significantly less than the $25 million Halcyon Co. paid Mario Kassar for those same rights two years ago.