Deadline Hollywood is reporting that the Halcyon Holding Corp. has sold the Terminator rights! But it wasn't sold to either studio bidders, Sony Pictures or Lionsgate, it ended up in the hands of a Santa Barbara-based hedge fund Pacificor, who picked it up for $29.5 million. What's most interesting about this sale is the fact that this is the same company that forced Halcyon into bankruptcy, and Halcyon had accused the company of extortion, bribery, and fraud and demanded $30M in damages.
Lionsgate went in with a very positive attitude that they were going to put up a good fight, and apparently Sony Pictures Entertainment's president of worldwide affairs Peter Schlessel stormed out of the meeting because he was so pissed.
So here are the deals details.
Halcyon will receive $5 million for every Terminator movie made from now on, as well as retains the revenue streams from the third and fourth Terminator movies. An arrangement also was made that the sale now wipes out the debt Halcyon owed to Pacificor and all the other creditors.
At this point it's unclear what will happen with the Terminator franchise, but I don't think we'll be seeing another movie made any time soon.