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In 2007 Mario Kassar and Andy Vajna let go of the Terminator franchise to The Halcyon Group. The 30 million dollar deal was funded by hedge fund Pacificor. Around the time Terminator Salvation was released, Pacificor took Halcyon to task alleging breach of contract and that Halcyon had acted in bad faith of living up to their initial agreement. Halcyon took a pounding in court, forcing it into Chapter 11. Which leads us up to this week when Halcyon put the Terminator franchise up for sale to pay off it's debts.
As soon as the franchise was put up, Sony Pictures and Lionsgate faced off. Lionsgate came out of the gate with a 15 million dollar offer, but when Pacificor stepped in the two companies teamed up to keep the franchise out of Pacificor's hand.
But it wasn't enough. Basing a bid of 38 million, which is actually just the credit that Pacificor was owed by Halcyon, and a promise of 5 million in a fund for Halcyon's other debts for every sequel made. As well as guaranteeing percentages made off T3 and T4 revenue streams.
Today Bankruptcy Court Judge, Earnest Robles, approved the sale to the very company that ran Halcyon into Chapter 11.
What does this mean for the Terminator Franchise? Terminator Salvation was part of a larger trilogy that the Halcyon group had planned. So it's possible that we could see a continuation of that same storyline or a complete reboot. But what company is going to handle the new films?
I'm predicting that Pacificor, which is not a movie production house, secured the rights so that it could sell them right back off having secured value for the money they are owed, rather than debt from a bankrupt company. But if the interest shown is any indication, I wouldn't be surprised if in the next month I'm posting another blog about Sony or Lionsgate having taken the reigns.
So what's next for John Connor and his war with the machines? The future is not written. There's no fate but what Pacifcor makes.