‘One Life to Live,’ ‘All My Children’ producer Prospect Park Network files for bankruptcy
Prospect Park Networks, the production company that briefly revived “All My Children” and “One Life to Live” after those series were canceled by ABC, has filed for Chapter 11 bankruptcy, according to documents filed Monday in U.S. Bankruptcy Court and obtained by TheWrap.
The documents note that the company's managers “have deemed it advisable and in the best interests of the company and its members to wind-down the company's business and operations.”
The company lists estimated assets of between $50,000,001 and $100 million, with liabilities of $10,000,001 and $50 million.
According to the documents, Prospect Park has between 50 and 99 creditors. Its biggest creditor, ABC, has a claim of $1,732,400. That claim, the company says, is “disputed subject to setoff.”
Other creditors include the law firm Lavely & Singer, the Screen Actors Guild and the Directors Guild.
Prospect Park licensed the two soaps from ABC in 2011, with plans to revive both shows online.
However, the revivals ran into another of obstacles: Prospect Park filed suit against the network claiming it had attempted to sabotage the relaunch of “One Life to Live” by borrowed back a number of characters — and then killing off two of them and similarly ruining a third character for future use.
There was also a labor dispute with the International Alliance of Theatrical and Stage Employees that put the soaps on hiatus, but was eventually settled.
Prospect Park had no comment for TheWrap on the bankruptcy filing.
Pamela Chelin contributed to this report.