UPDATE, SEPT. 29: A 27-year-old man has been arrested for a widely publicized fight with a 63- year-old man over movie theater seats in Pompano Beach, the Broward Sheriff’s Office announced Friday. Jesse Montez Thorton II, 27, faces one count of aggravated battery with great bodily harm. “BSO detectives worked this case for months,” BSO
Legal
CEO Adam Aron has expounded on Twitter and most recently on AMC Entertainment’s latest earnings call about the risk of a cash crunch and even bankruptcy if it wasn’t able to secure financing in a still uncertain box office climate. Today he can breathe easier as a Delaware Chancery Court Judge approved a revised shareholder
National CineMedia shares are popping today in a down market as the cinema advertising company emerged from Chapter 11 and named former top executives of NBCUniversal, HBO and Fox to a reconstituted, and pretty impressive, board of directors. Lauren Zalaznick, formerly EVP & Chair, Entertainment & Digital Networks, Comcast NBCUniversal, is now board chair. “We
CEO Adam Aron said a court ruling Friday that makes it harder for AMC Entertainment to raise cash has serious implications for the circuit’s financial stability — a blowout ‘Barbenheimer’ weekend at the box office and surging share price notwithstanding. “AMC must be in a position to raise equity capital. I repeat, to protect AMC’s
In a contorted legal case, a Delaware judge today struck down a settlement that would have helped AMC Entertainment move ahead with steps to raise cash and shore up its stock. “To cut to the chase, the settlement cannot be approved as submitted,” Judge Morgan Zurn of Delaware Chancery Court wrote in a 69-page opinion
Florida detectives are searching for an attacker who beat a 63-year-old man who asked him to move from reserved seats into an adjacent space. The attack happened on July 10 at an AMC Theater at 2315 N. Federal Highway in Pompano Beach, Florida shortly before 10 PM. The movie the victim purchased tickets for was
A bankruptcy court judge today gave a green light to a reorganization plan for Regal parent Cineworld, the key step needed for the giant movie theater chain to emerge from bankruptcy next month. At a hearing, in an order from the bench, Judge Marvin Isgur of U.S. District Court for the Southern District of Texas
The nation’s biggest movie theater advertising network National CineMedia said tonight it’s filed a voluntary Chapter 11 petition in U.S. District Court in the Southern District of Texas – where one of its biggest shareholders and customers, Regal parent Cineworld, has just presented a restructuring plan to emerge from bankruptcy itself. Cineworld filed in
The judge in a case brought by meme stock shareholders against AMC Entertainment declined to approve a settlement unveiled earlier this week that would have allowed the exhibitor to move ahead with plans to convert its AMC Preferred Equity units (APEs) to common stock, among other measures. AMC on April 3 entered into a binding
Giant theater chain Cineworld will convene a meeting of its shareholders on April 20 related to the Chapter 11 process currently underway in a Texas bankruptcy court. The meeting, which is in-person only, is required by UK securities law, Cineworld said today, “in circumstances where the value of the company’s net assets is less than half
AMC Entertainment will debut its new retail popcorn line at hundreds of Walmart locations on March 11 – Academy Awards weekend, the company announced this morning. CEO Adam Aron’s latest push to diversify the giant movie chain, from a gold mine to an AMC-branded credit card, will include three flavors of both microwave and ready-to-eat
Bankrupt Regal parent Cineworld said it had multiple bids for all or some of its assets in initial expressions of interest due last week. Its business includes Regal in the U.S.; Cineworld and Picturehouse in the UK and Ireland; and “rest of world” cinemas in Central and Eastern Europe, and Israel. Cineworld attorney Joshua Sussberg
Regal parent Cineworld said it’s opted to pursue a sale of assets and the process “is well under way” with non-binding bids due February 16. The company said in a bankruptcy filing this week that it’s reached out to 30 “potential transaction parties” including many competitors. If the debtors (Cineworld and its affiliates) find one
Judge Marvin Isgur on Wednesday told parties to the Cineworld bankruptcy that they need to speed things up as debtors and creditors hash out a restructuring plan for the giant movie chain, including closing theaters, wrapping up lease negotiations with landlords, and advancing an overall sale process. “We are not going to stick around forever.
When a film as heavily promoted and well-regarded as Universal’s She Said gets body-slammed at the box office, it’s wise to pay attention. This weekend, the journalism procedural drama, about the pursuit of sexual predator Harvey Weinstein by two reporters from The New York Times, will take in perhaps $2.27 million in 2,022 theaters. That’s
A little over a month after the U.S. Securities and Exchange Commission sued two former top execs at MoviePass and its parent company, Helios + Matheson, for fraud, the Justice Department today unsealed an indictment charging those same executives, Theodore Farnsworth and J. Mitchell Lowe, each with one count of securities fraud and three counts of wire
National CineMedia is suing Regal Cinemas, one of its founding partners, for hiding behind Chapter 11 to cancel a longstanding and legally binding contract – a twist in the bankruptcy saga of Regal parent Cineworld. Regal created National CineMedia with AMC and Cinemark in 2007 to provide in-theater advertising in and it still owns a
It’s fascinating to watch local governments—New York, San Francisco, Los Angeles, New Orleans—rush to enact Covid vaccine requirements for entry to the publicly accessible spaces of private business, including, yes, movie theaters. I’m not equipped to judge the ultimate propriety or efficacy of such mandates. Frankly, the complexities posed by breakthrough, uncertain vaccine longevity, variants,
AMC Entertainment wants to buy back and revive a handful of bankrupt theaters that are staggering like the rest of the industry under little to no revenue. AMC, pushed by the Department of Justice, sold the theaters when it acquired Georgia-based Carmike Cinemas in 2016. Now it’s filed a motion in U.S. District Court for
In a lawsuit that offers a glimpse of COVID-19’s economic threat to the Broadway industry, Jujamcyn Theaters, owner of five major Broadway venues, is suing its insurance companies after the insurers offered to pay a mere $250,000 of what Jujamcyn claims should be “tens of millions of dollars” in losses due to the coronavirus shutdown.
A federal judge Tuesday upheld New Jersey Governor Philip Murphy’s closure of movie theaters in the state, dismissing a motion for an injunction by the National Association of Theatre Owners and five cinema chains that would have allowed them to open their doors. Judge Brian Martinotti ruled that the state is not infringing on the
A federal district court in Idaho, US, ended a Republican-backed law that banned trans people from changing their birth certificates Friday (August 7) in a stunning victory for activists. The District Court of Idaho ruled that recent changes made by the Idaho Department of Health and Welfare violate a current injunction from a 2018 law.