Admin Rodney Posted February 12, 2013 Admin Share Posted February 12, 2013 Another one bites the dust... http://www.deadline.com/2013/02/oscar-nomi...ing-bankruptcy/ Is that where Teresa Nord was working? Quote Link to comment Share on other sites More sharing options...
John Bigboote Posted February 12, 2013 Share Posted February 12, 2013 That was Teresa's goal, don't know if she made it. I shared that on FB... wow! Can't believe it! Quote Link to comment Share on other sites More sharing options...
KJ'd Beast Posted February 12, 2013 Share Posted February 12, 2013 It's no big deal. It's not Chapter 7 Chapter 7 Business and Corporation Bankruptcy Chapter 7 business and corporation bankruptcy typically causes a business to cease all operations, depending on the amount of and type of debt and the advisement of the bankruptcy trustee. For example, a company could be closed or it could be sold to another investor if approved by the bankruptcy trustee. Furthermore, in a Chapter 7 filing, corporations and partnerships do not receive a discharge; instead, the corporation or partnership is dissolved. As in the case of an individual filing Chapter 7, however, most debts, depending on their nature, are discharged. Chapter 11 Personal Bankruptcy & Business and Corporation Bankruptcy Chapter 11 bankruptcy is available to both individuals and all types of corporations, businesses and partnerships. Instead of discharged debt like the Chapter 7 bankruptcy plan, Chapter 11 is a restructuring of existing debts. Moreover, a corporation, business or partnership remains in complete control of its assets, whereas in Chapter 7 business divisions are either closed or sold. Chapter 13 Unlike Chapter 7 and 11, Chapter 13 bankruptcy exists mainly for individuals and is the rarest form of bankruptcy filed. In fact, it is nearly the opposite of chapter 7 bankruptcy. For example, in a Chapter 13, instead of an individual's non-secured debts being discharged, the individual presents a plan to repay the debt within a period of three to five years. Quote Link to comment Share on other sites More sharing options...
Admin Rodney Posted February 12, 2013 Author Admin Share Posted February 12, 2013 It's no big deal. It's not Chapter 7 I imagine its a big deal to those artists/animators who are sent packing. From a corporate perspective it's primarily a way to shed responsibility, especially to creditors. Quote Link to comment Share on other sites More sharing options...
Wildsided Posted February 12, 2013 Share Posted February 12, 2013 its really sad that a company that's winning awards for what it does has to file for any kind of bankruptcy. Quote Link to comment Share on other sites More sharing options...
largento Posted February 12, 2013 Share Posted February 12, 2013 I remember reading somewhere that Teresa had gone back to Blue Sky, along with her husband, so I think they're unaffected Quote Link to comment Share on other sites More sharing options...
*A:M User* Roger Posted February 14, 2013 *A:M User* Share Posted February 14, 2013 Wow - guess things must be bad everywhere. Weren't they the guys that did the Coca Cola polar bears? Quote Link to comment Share on other sites More sharing options...
Hash Fellow robcat2075 Posted February 14, 2013 Hash Fellow Share Posted February 14, 2013 They also have the dubious distinction of being the only studio ever to ask me to interview with them. Quote Link to comment Share on other sites More sharing options...
*A:M User* Roger Posted February 14, 2013 *A:M User* Share Posted February 14, 2013 Well, you're doing better than me. I think I will probably never work in the field. Quote Link to comment Share on other sites More sharing options...
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