Prospect Park Networks to Liquidate Assets

Prospect Park Logo

Prospect Park Logo

It has been months since we heard of the ongoing battle between Prospect Park and ABC. Prospect Park, which brought back the ABC canceled soaps, “All My Children” and “One Life to Live,” announced that it plans on liquidating its assets, based on a report from The Hollywood Reporter.

For those that need a refresher course, Prospect Park sued ABC claiming that the alphabet network were only supposed to borrow characters from “OLTL” and have them appear on “General Hospital,” and instead killed off two major characters and tweaked storyline in order to create a mega soap. The alleged fraud claim stated that this move cost Prospect Park millions of dollars in damages.

Let us not also forget that ABC even counter-sued Prospect Park for $5 million for breach of contract damages. The law firm of Andrew Kurth it is owed over $700,000 in unpaid fees, while the law firm of Lavely & Singer is owed more than $120,000.

According to the THR report, an arrangement was also made with Apple, Inc, which also ran the soaps on iTunes during the short period of time. It appears that the producer was eligible for a 30% tax credit for shooting “OLTL” in Connecticut, and racked up production costs of nearly $20 million! As if that was not enough, tax money was then due FROM Connecticut, which caused the debtor to enter a loan and security agreement with EP Financial Solutions, who then sold the tax credit to Apple, Inc. for $5 million.

And they say life outside of the soaps was not interesting…

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