Kerner Optical, LLC filed for bankrupcy (2011.02.04)

Author: none
Date: 17-Mar-2011, 8:52 AM

Author: none
Time: 17-Mar-2011 8:52 AM
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Kerner Optical, LLC (used to be part of ILM) has filed for bankrupcy. (Chapter 11)

http://www.freecourtdockets.com/Dockets/Kerner-Optical-LLC-1-11-bk-10413-California-Northern-Bankruptcy-Court-Docket-Page-1-21077-21077.htm

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.

Author: Sluggo
Time: 17-Mar-2011 12:41 PM
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none, what do you mean? A sign of anything specific?

Author: none
Time: 17-Mar-2011 2:45 PM
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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.