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Prospect Park Networks Files For Chapter 11

Their multimillion-dollar legal action against ABC over seemingly shuttered licensed soaps All My Children and One Life To Live continues, but Prospect Park Networks today filed for Chapter 11. The online production company made the petition for protection today in federal bankruptcy court in Delaware. “PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities,” said the company in a statement today. “The company is optimistic about the prospects for a smooth transition into bankruptcy.”

Today’s move will not affect the Prospect Park management and talent company that co-founder Jeff Kwatinetz formed with ex-Walt Disney Studios president Richard Frank in 2008. PP currently has Wilfred on FX and Royal Pains on USA with drama Salem debuting on WGN America in the spring of 2014.However, the action today does leave little room for the resurrection of the AMC and OLTL in their last online incarnation. It also comes just under four months after Kwatinetz filed a 10-claim complaint against his own company as well as Boston-based ABRY Senior Equity IV, L.P., ABRY Investment Partnership, L.P., and ABRY Senior Equity Co-Investment Fund IV seeking a declaratory judgment over non-compete clauses in the December 31, 2012, employment agreement he signed. That November 21 complaint was later pulled out the courts as the parties went to work on a settlement. MORE

Read more here: http://www.deadline.com/2014/03/prospect-park-networks-files-for-chapter-11/

Chris McCarron

I'm an angry Scotsman, fanatical about Doctor Who with a savage hunger for comic-books and an unrivalled passion for video games. Owner of GoGoChimp