Sony Pictures Entertainment Inc. and Lions Gate Entertainment Corp. have decried the bidding procedure under which hedge fund Pacificor won the rights, held by Halcyon Group, to make future Terminator sequels. Pacificor, which had backed Halcyon's acquisition of the Terminator rights in 2007, had agreed as part of its bid to forgive a $38-million debt which it claimed it was owed by Halcyon. Halcyon had denied that it owed Pacificor the money. "Our bid was the highest and best bid," Pamela Webster, Sony's attorney, told the Los Angeles Times. "The only reason that bid wasn't accepted is because the auction had been rigged by the settlement agreement." But Judge Ernest W. Robles said in his ruling that he did not agree. "What ultimately matters is a dollars-and-cents determination of what makes sense from the perspective of all the parties that have a significant amount of money at stake," he said.

11/02/2010