Saturday, September 20, 2014

Prospect Park Creditors Object to Company's Liquidation Plan

Creditors of production company Prospect Park Networks LLC, which revived former ABC daytime soap operas One Life to Live and All My Children on the web in 2013, say the company's liquidation plan asks them to risk any possible recovery to benefit the company's owners and should be rejected.

The official committee representing Prospect Park's unsecured creditors argued in court documents Thursday that the plan doesn't provide enough information to debt holders tasked with voting on it.

The committee contended the disclosure statement failed to provide enough information about how PPN values its primary asset — a $95 million breach-of-contract suit against the ABC television network — or how that litigation would be handled.

The committee added there was not enough money to cover even administrative costs unless Prospect Park was successful in its lawsuit against ABC.

RELATED:
* Judge Approves Prospect Park's $6M Sale of Connecticut Tax Credits to Apple

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