Offers pour in for 'Terminator' rights
Pacificor reports interest from studios, producers
By DAVE MCNARY
Pacificor LLC, which won the auction for the Terminator franchise a week ago, has reported a high level of interest from Hollywood about the rights to the sci-fi property.
The Santa Barbara-based hedge fund, which has no experience in film production, announced Wednesday that it's been contacted by "numerous" studios, producers, financiers and agents.
Pacificor also said it had designated the Latham & Watkins partners Wayne S. Flick and Russell F. Sauer to handle inquiries about the Terminator rights. And it indicated it won't make a final decision immediately.
"While Pacificor is not in the theatrical feature production business, it does have access to considerable industry expertise and will consult with those experts over the next few weeks regarding all serious proposals," the fund said.
Pacificor received approval on Feb. 10 in bankruptcy court for its bid of $29.5 million, along with a provision for payment to former owners Halycon of $5 million per film for any sequel. Sony and Lionsgate -- which had combined to bid for the rights -- had been in talks with Pacificor after the fund beat out the studios in a Feb. 8 auction but those discussions didn't lead to a deal.
Halcyon paid Mario Kassar $30 million for the "Terminator" rights in 2007, but Halcyon filed for Chapter 11 last summer as a result of a dispute with Pacificor, which had financed the acquisition. The "Terminator" assets include the rights to future pics, TV series, DVDs and merchandise.
"Terminator Salvation," the fourth film in the franchise, was produced by Halcyon toppers Victor Kubicek and Derek Anderson with Warner Bros. handling domestic distribution and Sony taking international. It carried a production pricetag of about $200 million and took in $371 million worldwide.
"Pacificor is proud to own one of the most enduring and valuable global franchises in motion picture history," said Pacificor CEO Andrew B. Mitchell in a statement Wednesday. "Since James Cameron first introduced us to his vision in 1984, the Terminator series has generated approximately $3 billion in box office and ancillary revenues. The franchise is known around the world, in all important territories, and the DVD of Terminator Salvation is currently in circulation."
Mitchell also touted the prevalence of 3-D technology in films as creating opportunities for future sequels. "We expect that this enduring story and its captivating characters will stand the test of time," he added.