Creditors Slam 'One Life To Live' Producer's Ch. 11 Plan
Law360, Wilmington (September 18, 2014, 8:28 PM EDT) -- Creditors of bankrupt Prospect Park Networks LLC, which tried to extend the run of soap operas "One Life to Live" and "All My Children" online, blasted the production company's disclosure statement on Thursday, saying it omits key information and touts a plan that cannot be confirmed.
The official committee of unsecured creditors contends the disclosure statement fails to provide information about how PPN values its primary asset — a $95 million breach-of-contract suit against the ABC television network — or how that litigation will be handled under the Chapter 11 plan.
Moreover, the plan itself violates the Bankruptcy Code because it...
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