The war between ABC and Prospect Park Networks over “One Life to Live” and “All My Children” continues to rage on, but today Prospect Park Networks took an expected step: filing for Chapter 11 bankruptcy.
According to Variety.com, the online production company filed for bankruptcy earlier today in a federal court in Delaware. In a statement released by the company, they explained that “PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities. The company is optimistic about the prospects for a smooth transition into bankruptcy.”
So what does this mean for Prospect Park? And how does this affect their lawsuit with ABC?
The drama just never stops for Prospect Park’s “All My Children” and “One Life to Live,” with the latest shocking news regarding the online sudsers coming from the L.A. Times. According to the publication, Prospect Park is shelving ‘One Life to Live’ until the lawsuit it launched against ABC in April is resolved. Additionally, the company will focus on producing “AMC,” with writers having already started work on scripts for the second season of the show.
As the old saying goes, a happy employee is a productive employee. And that must be a mantra Prospect Park believes in. According to the actors who have signed on to the serial dramas, “All My Children” and “One Life to Live,” the production company — headed by Jeff Kwatinetz and Richard Frank — has batted a thousand when it comes to being respectfully in charge. And the end result, as the performers preview, is pure magic.