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Pacificor A Winner in ‘Terminator’ Bid
by Christopher Glynn ,Senior Reporter, February 9, 2010
Pacificor won ownership of the “Terminator” series less than a year after a lawsuit blamed the California hedge fund of pulling a fast one to gain control of the science fiction franchise.
Pacificor had lent Los Angles production company Halcyon Co. $30 million to make “Terminator Salvation,” the latest installment in the “Terminator” series. The company negotiated that loan with Kurt Benjamin, who Halcyon said passed himself off as a freelance Hollywood dealmaker when he in fact worked at Pacificor.
As Halcyon struggled to repay its loan, Pacificor moved in to wrest control of the series from Halcyon, according to a suit Halcyon filed in August.
When it could not pay Pacificor back, Halcyon filed for Chapter 11 bankruptcy protection and put the “Terminator” up for auction. Lionsgate and Sony, both of which wield considerable clout in Hollywood, made a play for the series, but Pacificor won out with a $29 million bid.
The fate of the franchise, which has a video game series as well as a legacy on the silver screen, is unclear. Released in 1984, the initial “Terminator” movie became a cult favorite among the hardcore sci-fi audience and popularized Arnold Schwarzenegger as the iconic Terminator character.
In 2009, “Terminator Salvation,” starring action hero Christian Bale, was released to moderate box office success.
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POLL OF THE WEEK
July 27, 2010
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