Film Company Files For Bankruptcy
A Bermuda company that owns rights to Morgan Creek’s international library has filed for Chapter 11 bankruptcy protection.
The Bermuda-based Inverness Distribution Ltd., filed papers in Bankruptcy Court in New York on December 30. It already had filed for Chapter 15 bankruptcy protection. Under Chapter 15, Inverness was shielded from lawsuits from creditors in the US.
The new status will let Inverness, now run by liquidators who were appointed by officials in Bermuda, file lawsuits in the United States.
If, for example, the liquidators want to sue for receivables owed — or for something more complicated, such as improper transfer of company assets — in the United States, they will be able to under Chapter 11 protection.
The company filed for Chapter 15 protection last May.
Court filings at the time showed that Inverness had liabilities of between $50 million and $100 million and had fewer than 50 creditors.
Papers filed December 30 show that as of December 29, Inverness owed its creditors approximately $75 million — plus interest, fees and other charges.
A spokesman for Morgan Creek told TheWrap that Inverness owns some rights to some of Morgan Creek’s foreign library. Among the films on which Inverness has foreign rights are “The Last of the Mohicans” and Jim Carrey’s”Ace Ventura: Pet Detective.”
Inverness is formerly known as Morgan Creek International. From 2004 until the bankruptcy filing in May, its sole stockholder — and president — was James Robinson.
Robinson produced “Ace Ventura,” “Last of the Mohicans,” “Young Guns” and “Robin Hood: Prince of Thieves.”
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