originaltrilogy.com
Kerner Optical, LLC filed for bankrupcy (2011.02.04)
Kerner Optical, LLC filed for bankrupcy (2011.02.04)
none
This user is offline.
Kerner Optical, LLC (used to be part of ILM) has filed for bankrupcy. (Chapter 11)
Chapter 11 Voluntary Petition, Fee Amount $1039, Filed by Kerner Optical, LLC. Order Meeting of Creditors due by 02/11/2011. (Chandler, David) (Entered: 02/04/2011)
Probably inevitable as most of ILM moved to the Presidio development.
wikipedia: http://en.wikipedia.org/wiki/Kerner_Optical
Kerner Optical started when George Lucas discovered that 20th Century Fox had closed down their special effects department after Star Wars Episode IV: A New Hope was green lit for production. Lucas then started his own special effects company, Industrial Light & Magic.
In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court.
Some reorganizing, could be a sign of things to come.
Sluggo
This user is offline.
is automatic for the people.none, what do you mean? A sign of anything specific?
When I was a child, I spake as a child, I understood as a child, I thought as a child: but when I became a man, I put away childish memes.
Check out my reconstruction of the ROTJ Shooting Script
none
This user is offline.
Sluggo wrote: what do you mean? A sign of anything specific?
Think of this action as a move on a chess board. They are setting up something, or finishing off a series of moves. Kerner Optical was the origins of ILM. The Presidio replaced the need for this company. Yet it was kept around till now. (and it's not definitely going completely under/away) So why are the assets of this company being reconsidered after all this time? Maybe sentimentality has run it's course, maybe this was all part of the Presidio shift over and these are some of the remaining details to get worked through. Not sure.
The documents that the above link can be downloaded for free. I'd do it but i've gone over my 'free' limit for the quarter. All public court documents are available through PACER.gov. You set up an account (credit card req'd) and every quarter you are allowed $10 of documents. (each search/page is $.08) The lawyer on the job got 70k. (think that's what "Disclosure of Compensation of Attorney for Debtor" means) Don't know if that's a big or small fee for a lawyer.
doubleofive
This user is offline.
Chief Architect of Cynical MoralityI think he's sharing because they were a practical film effects department, which is apparently dying.
Star Wars Revisited Wordpress / Google+ / Facebook / Twitter
Cinetropolis - My new movie blog home
Where to hear me online
none
This user is offline.
^ yeah was about to type something similar. Could be the death knell for ILM physical effects.
but maybe all that gear is going to some small upstart company.
Sluggo
This user is offline.
is automatic for the people.none said:
Could be the death knell for ILM physical effects.
That would suck. But I wouldn't be surprised.
When I was a child, I spake as a child, I understood as a child, I thought as a child: but when I became a man, I put away childish memes.
Check out my reconstruction of the ROTJ Shooting Script
none
This user is offline.
Click on doc. 1 for a run down of the liquidation. Lots of equipment.
Story got some press a few months back. Seems Lucasfilm sold off the company in 2006, and since then investors have had issues with the books...
http://www.variety.com/article/VR1118042318
http://www.variety.com/article/VR1118043645?refCatId=1009 (detailed)
http://blogs.wsj.com/bankruptcy/2011/09/07/kerner-optical-sees-end-of-days/
Kerner Optical, LLC filed for bankrupcy (2011.02.04)