“Limitless” Film Producers May Dispute Relativity Media’s Auction

by San Antonio Attorney

More people are blocking the planned sale of Relativity Media’s assets, which is part of the studio’s Chapter 11 bankruptcy case.  The writer and the producer of the film “Limitless” joined together in a court filing at New York bankruptcy court.  A separate complaint has been filed by Twentieth Century Fox Home Entertainment and FX.

Writer Leslie Dixon and producer Scott Kroopf stated that Limitless is one of the bankrupt company’s best movies and it provided the premise for a new TV series.  The 2011 film starring Bradley Cooper and Robert De Niro is about a writer who could tap 100% of his brain’s power by taking a pill.

But Dixon and Kroopf are anxious about the bankruptcy plan considering that the film is included in the assets that will be auctioned off – possibly to creditors who have offered to pay $250 million for the company.

According to the Limitless producers, they are not really opposed to a sale.  However, if the deal doesn’t tackle Relativity’s commitments to them, then they might disagree.  The deals are in a murky status due to arrangements Relativity made with other parties like Manchester Library Co., which is an affiliate of Elliott Management owned by Paul Singer.

Dixon and Kroopf are asking for assurance that the new owner would pay for the studio’s unfulfilled obligations to them.  Furthermore, they may object if a buyer doesn’t look capable of managing the production.  The Limitless team is concerned because they do not know if the Stalking Horse bidder will be able to carry out the commitments involved in the agreements they have with Relativity.

So far only one bid has been received by Relativity Mendia, although the company says there are other interested buyers.

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