As reported last night, Prospect Park, the company behind in trying to rebuild and resume “All My Children” and “One Life to Live,” filed for a Chapter 11 bankruptcy. Now, The Hollywood Reporter is stating that it is facing more problems. Prospect Park owes ABC $1.7 million.
In the bankruptcy filing, Andrew Kurth, the law firm representing Prospect Park, is owed $750,000, while the law firm of Lavely & Singer is owed more than $112,000. Prospect Park lists about $50 million in assets, and $10 million in liabilities. It also owes money to the Screen Actors and Directors Guild, with a combined total of over $140,000. Erika Slezak, who played the matriarch Victoria Lord on “OLTL,” is also owed $205,000.
Previously, Prospect Park filed a lawsuit against ABC seeking $95 million in damages, and declared to have the licensing fees be excused under the agreement as well as be tolled. ABC tried to counteract those demands, but a judge denied the alphabet network’s motion.
According to THR, ABC was able to file an extension in answer to the Prospect Park lawsuit, and a possible cross-complaint could be on its way.
