TODD McFARLANE PRODUCTIONS FILES CH. 11
According to the AP, Todd McFarlane has filed Chapter 11 bankruptcy protection from creditors on Friday, December 17th.
The AP writes: The Tempe, Arizona, company lists a 15 (m) million-dollar claim by former National Hockey League player Tony Twist as its largest creditor.
Last July, a St. Louis jury awarded Twist that money after concluding that McFarlane and his company profited by using Twist's name without permission.
McFarlane gave a New York mob boss character the name Antonio ``Tony Twist'' Twistelli in his Spawn comic books in the early 1990s.
Given McFarlane's major foray into sports, appropriately, ESPN.com has a report up as well, saying that in 2003, the seven businesses that make up McFarlane's business had annual sales exceeding $50 million.
As regular Newsarama readers unfortunatley know by now, Chapter 11 means that the company can continue to operate while it reorganizes its business plan, and is protected from creditors. As with Tampa-based CrossGen earlier this year, McFarlane now must file a plan with the US bankruptcy court which outlines how the company will reorganize, and address creditors' claims.
From ESPN.com: The filing also lists McFarlane's toy company, a related business, as the second-largest creditor, being owed $683,902. Nine contract artists are owed about $60,000 and a collection agency is owed about $7,700."
According to court papers acquired by Newsarama, McFarlane is claiming the total assets of TMP to be between $1 and $10 million, and total debt between $10 and $50 million.
Among the largest unsecured creditors listed by TMP in the filing:
Angel Medina, artist, $3,960.00
Brian Haberlin, artist, $13,600.00
Brian Holgiun, artist, $8,800.00
Comicraft, letterers, $2,200.00
Danny Miki, artist, $4,070.00
Greg Capullo, artist, $18,250.00
Greg Scott, artist, $1,750.00
Jay Fotos, artist, $5,600.00
McFarlane Toys (intercompany debt), $683,901.55
Neil Gaiman, litigation claim, unknown
Tom Orzechowski, artist, $2,200.00
Tony Twist, litigation claim, disputed, $15,000,000.00
The first meeting of creditors is scheduled for January 25th, 2005. Among the filings made by McFarlane's lawyers is a motion to allow McFarlane to continue his appeal process against the $15 million judgement won by Twist.
McFarlane has also filed a motion for a December 20th hearing on several motions - mostly stays from claims that will allow TMP to continue normal operations while reorganization is in process.
Developing...
According to the AP, Todd McFarlane has filed Chapter 11 bankruptcy protection from creditors on Friday, December 17th.
The AP writes: The Tempe, Arizona, company lists a 15 (m) million-dollar claim by former National Hockey League player Tony Twist as its largest creditor.
Last July, a St. Louis jury awarded Twist that money after concluding that McFarlane and his company profited by using Twist's name without permission.
McFarlane gave a New York mob boss character the name Antonio ``Tony Twist'' Twistelli in his Spawn comic books in the early 1990s.
Given McFarlane's major foray into sports, appropriately, ESPN.com has a report up as well, saying that in 2003, the seven businesses that make up McFarlane's business had annual sales exceeding $50 million.
As regular Newsarama readers unfortunatley know by now, Chapter 11 means that the company can continue to operate while it reorganizes its business plan, and is protected from creditors. As with Tampa-based CrossGen earlier this year, McFarlane now must file a plan with the US bankruptcy court which outlines how the company will reorganize, and address creditors' claims.
From ESPN.com: The filing also lists McFarlane's toy company, a related business, as the second-largest creditor, being owed $683,902. Nine contract artists are owed about $60,000 and a collection agency is owed about $7,700."
According to court papers acquired by Newsarama, McFarlane is claiming the total assets of TMP to be between $1 and $10 million, and total debt between $10 and $50 million.
Among the largest unsecured creditors listed by TMP in the filing:
Angel Medina, artist, $3,960.00
Brian Haberlin, artist, $13,600.00
Brian Holgiun, artist, $8,800.00
Comicraft, letterers, $2,200.00
Danny Miki, artist, $4,070.00
Greg Capullo, artist, $18,250.00
Greg Scott, artist, $1,750.00
Jay Fotos, artist, $5,600.00
McFarlane Toys (intercompany debt), $683,901.55
Neil Gaiman, litigation claim, unknown
Tom Orzechowski, artist, $2,200.00
Tony Twist, litigation claim, disputed, $15,000,000.00
The first meeting of creditors is scheduled for January 25th, 2005. Among the filings made by McFarlane's lawyers is a motion to allow McFarlane to continue his appeal process against the $15 million judgement won by Twist.
McFarlane has also filed a motion for a December 20th hearing on several motions - mostly stays from claims that will allow TMP to continue normal operations while reorganization is in process.
Developing...