Post by The Ultimate Nullifier on Sept 17, 2015 15:17:07 GMT -6
variety.com/2015/tv/news/catfish-the-tv-show-relativity-bankruptcy-auction-payments-1201596102/
‘Catfish: The TV Show’ Makers Want Pay Before Show Sold in Relativity Bankruptcy Auction
With bids on Relativity Media due in a little more than a week, it’s increasingly unclear just what the bankrupt film- and TV-maker will be selling.
That’s because a number of producers of prominent shows and films are raising legal objections to Relativity being able to sell their projects to a new buyer — at least before their bills are paid by the mini-studio.
The latest to enter a protest are the makers of “Catfish: The TV Show,” the MTV program that tells the stories of couples whose relationships begin online. In a legal filing Thursday, lawyers for the producers asked the U.S. Bankruptcy Court in New York to deny Relativity’s bid to pass the contract for the show on to a successful bidder for the company, without a payment of past due production fees.
The owners of Catfish Picture Company protest in the filing that they never got all of the required quarterly reports and payments, first after the initial release of “Catfish,” the 2010 documentary that was the forerunner of the TV show. After the start of the TV show in 2012, Relativity failed to pay production and producer fees and other payments, the motion contends.
“What we are asking for at this point is for a reconciliation of the outstanding amounts due under the agreements,” said attorney Andrew P. Lederman, representing the producers. “For any contracts to be assumed by Relativity and assigned over to a potential buyer there has to be this reconciliation and an agreement on a cure amount.”
Relativity has listed its proposed “cure” amount for holding on to the “Catfish” deal as $0. That is the same amount it has offered for many other so-called executory contracts and unexpired leases.
Relativity has suffered strains with many partners, given its $1.2 billion in liabilities, but the action by the makers of the popular TV show may be a particularly unwelcome blow, since Relativity founder Ryan Kavanaugh had singled the show out as a strong point for his company. On July 30, the day of Relativity’s Chapter 11 filing, Kavanaugh released a statement suggesting some of his company would continue with business as usual.
“We continue to leverage our MTV ratings hit ‘Catfish,'” Kavanaugh said, in part, “by developing a number of international versions of the show, as well a planned sequel called ‘Truce,’ which is currently in production.”
The amount in back payments that Relativity owes remains unclear because of the company’s inadequate reporting, the “Catfish” makers claim. The filing also says that is unclear what agreements the studio hopes to assume and make available for sale.
The television program was considered a hit for MTV, once drawing audiences of more than 2 million viewers per episode and more recently closer to 1 million.
Lederman is with the firm of Wilk Auslander.
‘Catfish: The TV Show’ Makers Want Pay Before Show Sold in Relativity Bankruptcy Auction
With bids on Relativity Media due in a little more than a week, it’s increasingly unclear just what the bankrupt film- and TV-maker will be selling.
That’s because a number of producers of prominent shows and films are raising legal objections to Relativity being able to sell their projects to a new buyer — at least before their bills are paid by the mini-studio.
The latest to enter a protest are the makers of “Catfish: The TV Show,” the MTV program that tells the stories of couples whose relationships begin online. In a legal filing Thursday, lawyers for the producers asked the U.S. Bankruptcy Court in New York to deny Relativity’s bid to pass the contract for the show on to a successful bidder for the company, without a payment of past due production fees.
The owners of Catfish Picture Company protest in the filing that they never got all of the required quarterly reports and payments, first after the initial release of “Catfish,” the 2010 documentary that was the forerunner of the TV show. After the start of the TV show in 2012, Relativity failed to pay production and producer fees and other payments, the motion contends.
“What we are asking for at this point is for a reconciliation of the outstanding amounts due under the agreements,” said attorney Andrew P. Lederman, representing the producers. “For any contracts to be assumed by Relativity and assigned over to a potential buyer there has to be this reconciliation and an agreement on a cure amount.”
Relativity has listed its proposed “cure” amount for holding on to the “Catfish” deal as $0. That is the same amount it has offered for many other so-called executory contracts and unexpired leases.
Relativity has suffered strains with many partners, given its $1.2 billion in liabilities, but the action by the makers of the popular TV show may be a particularly unwelcome blow, since Relativity founder Ryan Kavanaugh had singled the show out as a strong point for his company. On July 30, the day of Relativity’s Chapter 11 filing, Kavanaugh released a statement suggesting some of his company would continue with business as usual.
“We continue to leverage our MTV ratings hit ‘Catfish,'” Kavanaugh said, in part, “by developing a number of international versions of the show, as well a planned sequel called ‘Truce,’ which is currently in production.”
The amount in back payments that Relativity owes remains unclear because of the company’s inadequate reporting, the “Catfish” makers claim. The filing also says that is unclear what agreements the studio hopes to assume and make available for sale.
The television program was considered a hit for MTV, once drawing audiences of more than 2 million viewers per episode and more recently closer to 1 million.
Lederman is with the firm of Wilk Auslander.