In fact, while the sold assets might be out of bankruptcy, DDMG itself is really just a debtor in possession as the creditors continue to seek what they believe is owed.
One of the creditors is Legendary Pictures, which had the third largest unsecured claim, according to court papers. Legendary, whose credits include The Hangover and The Dark Knight, is owed $3 million --- and shouldn't be expected to just walk away from the debt.
Legendary is now stepping up efforts to collect on the money.
According to the complaint, the insolvency of DDMG represented a default on a $3 million convertible note dated March 19, 2012.
Earlier this month, Legendary demanded payment from Textor, who allegedly hasn't paid.
The reason why Legendary is going after Textor personally is because he acted as a guarantor on the debt.
Last week, DDMG sought a bankruptcy judge's approval to sell other assets, including rights and interests to prospective films including The Legend of Tembo, The Art Project, Birds of a Feather and the The Lightning Catcher. Additionally, DDMG is looking to sell its animation studio in Port St. Lucie, its post-secondary education institute in partnership with Florida State University and its intellectual property assets.
The assets would seem to be a prime target of patent holding companies (often known as "patent trolls"), who might seek to buy them up with the purpose of suing those in the movie industry doing 3D.
The creditors will likely have until Dec. 21 to submit claims. At the time being, this bankruptcy of DDMG has a little more depth than meets the eye.
Read More: http://www.hollywoodreporter.com/thr-esq/legendary-pictures-sues-john-textor-383086
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