On Monday, March 10, 2014 in Los Angeles, CA, Prospect Park Networks, LLC ("PPN") announced that it has filed a voluntary petition for protection under Chapter 11 of the U.S. Federal Bankruptcy Code in the District of Delaware. Prospect Park, the talent and management company, is unrelated to PPN and not included in the bankruptcy filing.
PPN produced 40 episodes of "One Life to Live" and 43 episodes of "All My Children" and aired them on TOLN (The Online Network) in attempt to anchor this new online broadcast distribution channel with a built in soap opera audience. However, the plan failed when fans did not watch in great enough numbers, struggles with production craft unions caused production delays, and PPN filed suit against Disney/ABC for breach of contract. In August 2013, PPN ceased production on the programs.
The Chapter 11 filing in no way impacts PPN's litigation against the American Broadcasting Companies, Inc. In addition, the bankruptcy filing will allow PPN the timing flexibility to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media.
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 is optimistic about the prospects for a smooth transition into bankruptcy.
So what will happen to "All My Children" and "One Life to Live?" In the ongoing soap opera that is Prospect Park's production strategy and law suits with original content owners, Disney/ABC, it remains to be seen. Soapdom will keep you posted.
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