News - Soap Buzz

27 March 10th, 2014 Prospect Park Networks Files For Bankruptcy For Their Digital Soaps Division!

The story continues … with news today out of Variety, that Prospect Park Networks, the digital soaps division that brought you the All My Children and One Life to Live revivals has filed for  bankruptcy protection through Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware.

Prospect Park Networks said the bankruptcy filing “in no way impacts PPN’s litigation” against ABC.  Prospect Park Networks continues its case with ABC seeking $95 million dollars in damages! In addition, the bankruptcy filing will give PPN “timing flexibility” to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media, the company said.

Unaffected from this filing are Prospect Park’s, the talent and management company, and Prospect Park’s TV productions: Royal Pains on USA Network, Wilfred for FX, and Salem for WGN America.

“PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities,” the company said in a statement. “The company is optimistic about the prospects for a smooth transition into bankruptcy.”

What do you think about the news of the bankruptcy filing, when it would seem they were left with no choice?  Let us know!

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  1. Miriam says:

    So we could have kept John, Todd and Starr on GH?

    Reply

    Erin replied

    We could still! I keep hoping to tune in and find out everything that has happened since the nurses ball last year has just been Richard Simmons bad dream and then things get restored to NORMAL.

    Reply

    Keith replied

    They can return now, it’s a soap! Too bad they weren’t as good at producing soaps as the were a running a business. I can’t imagine any of the veteran actors coming back to deal with them at this point. Time to break out the RIP signs. I hear Oprah singing. LOL ;-)

    Reply

  2. Tracey says:

    This is just another sad and disappointing blow to fans. I really wish PP and ABC would do whatever is necessary to get AMC/OLTL back into production. Fans don’t care who is to blame, just fix it and do it right this time, even it means selling the 2 shows outright to another network.

    Reply

    Eileen Hargis replied

    Not happening, sorry,

    Reply

    Marcos replied

    Tracey please move on, amc and Oltl will never come back. I have accepted it, enjoy the 4 soaps remaining.

    Reply

    Tracey replied

    I have moved on. I am still and will always be a fan of AMC and OLTL.

    carla replied

    Who cares anymore at this point. Thanks for the memories

    Reply

  3. rose says:

    “There once was a dream”…oops that’s ‘Gladiator.’ Sorry to see all our hopes for AMC and OLTL has come to this. No point in saying what went wrong…except, I can’t resist…ABC.

    Reply

  4. Sandy Welles says:

    I don’t understand how a company can possibly go so wrong and have so many problems. I wasn’t overly thrilled with the On-line versions of either One Life to Live or ALL MY CHILDREN, but at least they tried. Now, it seems doubtful that these two soaps will see the light of day again unless a true Miracle occurs. Very sad, last year at this time the fans of both shows were hopeful that the shows would have new Life on-line (despite some weak writing) and now that hope seems shattered. Does it seem that another Network or another On-line company would re-launch either or both shows?

    Reply

    Eileen Hargis replied

    Nope, not enough viewers to be worth the money it would take to produce one, much less two of these shows.

    Reply

    Kevin replied

    mess. Mess. MESS!

    Reply

  5. Eileen Hargis says:

    So WHO didnt see this coming from a mile away????

    Reply

  6. Rapids says:

    The two soaps were dead in the water a few years ago when the network canceled them. People stopped watching in droves, especially. All My Children. If shows are circling the drain on free TV available to 99 per cent of the US, why did anyone think the shows were viable on the Internet. The reboots made no sense.

    Reply

  7. su0000 says:

    I feel sorry for PP..
    For 3 years they never gave up on the 2 soaps when no others would touch the 2 soaps..
    PP did bring them back to life if only for a short time the 2 soaps lived again..
    bottom line;
    Prospect Park were the only ones who tired and the only ones gave a damn and gave their all for a comeback of OLTL and AMC ..

    Reply

  8. AbbyS. says:

    I have come to think of PP’s versions of AMC as nothing but a (bad) dream, not worth remembering or pining for. I wish that they had not gotten into the online soaps business, and they probably wish for the same. I focus on the bigger picture, which is that ABC’s AMC ended the right way, with couples together who should be together, and Jackson and Erica temporarily ended but not forever, and JR shooting his gun into a wall rather than Marissa. I’m sorry for PP’s financial troubles, but they shouldn’t have taken on these iconic soaps and made so many promises about what they were going to do and for how long. They were drowning from the start. I hope they win something from their ABC lawsuit and can recover some of their losses. But if anyone ever puts on AMC again, it can’t be PP and this move pretty much seals the deal.

    Reply

  9. Dee Dzz says:

    Oh come on! We all knew PP was not stable from the start. Yes then No! They couldn’t get it together from the beginning, they claim hardship when they delay production with terms. ABC is as stupid.. Look at their Day time schedule. Trash! Here’s a powerful scripture. (But Let your “Yes” be “Yes” and your “No”, “No” For what ever is more than these is from the evil one. Matt 5:37 We as fans lost from evil people playing games with actors and actress lives. I as a Soap Fan say, Trust not want not! Moving on and not with ABC/ nor PP.

    Reply

  10. David says:

    I said all along that Prospect Park was having money troubles and that was why they filed this lawsuit. They waited far too many months to say ABC altered characters and stories. It is only because they have no money they are trying to find a quick way to get some. I hope the lawsuit costs them even more money and puts Prospect Park out of business completely. They were complete failure IMO.

    Reply

    Jack Evans replied

    Well David this time around I can’t argue with you, I don’t care for the way Prospect Park handled things – some of us were holding on to hope that somehow, someway we would get a Season 2 of either AMC or One Life but now it looks like all hope is gone. Strange that in mid-March there was supposed to be another Court hearing but if PP is filing bankruptcy I suppose the rest of it all doesn’t matter anymore. I know the “glory days” of the Soaps are gone, but I sincerely felt that abridged and trimmed episodes would work –but after this disaster what company would attempt yet another re-launch – as time moves along we will see more alumni from the two shows become woven into the existing four shows.

    Reply

  11. Lin says:

    All I care about is does this mean they are – or are not- interested in making those soaps again. Other than that I don’t care.

    Reply

  12. louisa says:

    Prospect Park seemed totally unprofessional to me from day one. This bankruptcy does not surprise me.

    I hope ABC pays them off and brings back OLTL and AMC to ABC where they belong.

    Reply

  13. mgb357 says:

    OK PP – man up and give the rights back to ABC.. They will be able to reproduce OLTL quicker than you can. These are our family members you are holding hostage.

    (soap plot – what sinister agency would hold two towns captive, with no hope of ever seeing our beloved friends and family, for a few million dollars?)

    Give them back. And ABC – you can than man up too and admit your mistake!

    bring back the soaps………………………….

    Reply

  14. Mo says:

    Too bad, but not terribly surprised.

    Reply

  15. Mo says:

    Guess Robin Strasser won’t get paid.

    Reply

  16. andrew hass says:

    I’m not surprised with Prospect Park filed for bankruptcy because of the lawsuit they filed against ABC.Maybe they had a right to file the lawsuit but i’m thinking they thought ABC would settle rather then going to court.However PP owns the rights to OLTL and AMC till early 2015.However they could try to sell the rights back to ABC and try to recoup some money.Unfortunately i think AMC and OLTL are dead because some of the actors on the shows have moved on to other things

    Reply

  17. jimh(leave it to beaver) says:

    Both soaps might have succeeded as weekly 1 hour shows styled like the primetime soaps…and without Starr, John and Todd…better writers couldve wrote around them and totally ignored how those three were written on GH. Even if PP wins the lawsuit against ABC they still are the loosers here!!!

    Reply

  18. su0000 says:

    IF a cable network would have wanted the soaps they would have done well..
    PP tried to get them on cable but there were no takers..
    No network or cable network wants the soaps ..
    PP were the only ones, only ones, who wanted them ..

    Reply

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