update on PP/ABC drama
Posted March 12, 2014on:
Hi everyone, FGM here.
After a fairly long drought of any information surfacing stuff is starting to surface.
Let’s review what’s being said and what it means. Prospect Park filed Chapter 11 Bankruptcy.
This should not have been a surprise to anyone.
PP has not been having much of an income coming in and yet their legal bills and outstanding invoices are staggering.
Some of this debt includes money owed to certain AMC and OLTL actors.
This is because these actors had guarantees in their contract and were to be paid whether or not PP had them work.
This doesn’t change the lawsuit though because companies that file bankruptcy can still sue other entities to try to recoup funds.
There’s been talk that ABC/Disney may want to counter-sue PP but that may get trickier due to the bankruptcy.
Tomorrow PP and ABC/Disney meet with the judge for a case management meeting.
PP is hoping that this goes to trial by fall. In other news Anne Sweeney announced that she’s leaving ABC/Disney in January.
This isn’t very shocking because when her contract was last up Iger offered her a 3 year deal and she instead requested just a one year extension. She’s gone as far up that ABC/Disney corporate ladder as she can.
She’s not getting Iger’s job when he leaves in June of 2016. She’s leaving to become a director.
I think she wants to do something different and allow her time to care for her elderly parents and autistic son.
We will be watching to see who her replacement is.
That will be someone we want to make sure knows that there are AMC and OLTL fans out here wanting our shows back.
Right now though it’s a wait and see situation. The best thing for fans to do is to stay alert for new information as it comes out.
There isn’t much soap fans can do until the lawsuit is settled but continuous “noise” that shows that soap fans are still here and ready to be active viewers is helpful. So, tasking feedback forms/numbers and such is helpful.
Once the lawsuit is settled it will be a critical time for the shows.
Don’t let the long delay get you too down.
This could work in our favor- actors who took jobs will be coming up for contract renewals/commencements, etc.
We know that ABC/Disney is interested in the concept of bringing them back but it will take huge fan support to really sway them into a yes should they get the rights back. It is almost guaranteed that they will get them back…eventually.
Sadly, PP doesn’t have the financial ability to get them back up and running even if they wanted to do so.
Fees won in the lawsuit would go toward legal fees and other debt.
The best scenario would be for ABC and PP to come up with a settlement.
Not holding my breath for that though.
Stay tuned for updates as we hear about them!