Prospect Park’s legal battles and bankruptcy case made news today again via The Hollywood Reporter!
But let’s review what we know of the case: The company that resurrected One Life to Live and All My Children for one season online, is suing ABC, alleging fraud, wherein the network asked to “borrow” OLTL characters for use on General Hospital, then changed storylines and killed some characters, and began scheming to make a “Mega-Soap”.
And for all of that and more, Prospect Park is seeking millions of damages against the alphabet network! And as previously reported, ABC is counter-suing Prospect Park for $5 million in claimed breach-of-contracts damages.
In addition, Prospect Park had filed bankruptcy last March and when that happened the dispute between ABC and Prospect Park was put on hold, but now according to THR, “The judge in the case is conducting a case management conference next week, and in recent papers lodged in the bankruptcy proceedings, an attorney representing the debtor states, ‘It is anticipated that the LA Court will terminate the ‘dark period’ and allow the ABC Litigation to proceed expeditiously to trial.”‘
Now in a new intriguing wrinkle, THR reports that on the road to liquidation and in need of paying its creditors, Prospect Park came to an arrangement with Apple, Inc. The soaps producer was eligible for a 30 percent tax credit for shooting OLTL in Connecticut, and racked up production expenditures of nearly $20 million. With tax money then due from Connecticut — nicknamed the “Provisions State” – the debtor entered into a loan and security agreement with EP Financial Solutions, which concurrently sold the tax credit to Apple for $5 million. Apple’s iTunes also had the episodes of the online versions of AMC and OLTL available in their iTunes store!
So what do you think of the latest on Prospect Park’s legal issues that continue in regards to the online reboots of One Life to Live and All My Children, the ABC case, and those they owe? Comment and weigh-in!