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Post by The Ultimate Nullifier on Mar 10, 2014 15:29:13 GMT -6
From: variety.com/2014/digital/news/prospect-parks-digital-soaps-unit-files-for-bankruptcy-1201128914/Prospect Park Networks, which last year launched new version of soaps “One Life to Live” and “All My Children” before becoming embroiled in a legal dispute with ABC, announced that it has filed for bankruptcy protection. Prospect Park, the talent and management company, is unrelated to the PPN bankruptcy filing. PPN filed for Chapter 11 reorganization in the U.S. District of Delaware. In August 2013, PPN ceased production on the two soaps. The company has sued ABC — from which it acquired the rights to “One Life to Live” and “All My Children” — accusing the Alphabet net of borrowing “OLTL” characters in order to create a “mega-soap” merging that show with “General Hospital.” Prospect Park Networks is seeking at least $95 million plus punitive damages from ABC. Prospect Park Networks said the bankruptcy filing “in no way impacts PPN’s litigation” against ABC. In addition, the bankruptcy filing will allow PPN the “timing flexibility” to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media, the company said. “PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities,” the company said in a statement. “The company is optimistic about the prospects for a smooth transition into bankruptcy.”
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