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Even in the throes of bankruptcy, Blockbuster can’t seem to catch a break.
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After having the motives of its CEO and largest shareholder recently called into question, now a group of BB’s unsecured creditors have filed a motion questioning the way the company is going about repaying its debts to major movie studios.

According to Home Media Magazine, “Specifically, the creditors are concerned that Blockbuster is rushing millions of dollars in payments to select studios with little or no guarantees they will honor revenue-sharing agreements (which expire Dec. 31) or continue delivering content to Blockbuster under existing or favorable terms.
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The author of the motion and representative of the creditors, Jay Indyke, said the following about his clients’ concerns:

“You don’t just transfer money on pre-petitioned debt in exchange for a promise to negotiate [down the road] in good faith,” he said. “It’s not enough to send people money and hope they do business with you . . . If [Blockbuster has] accommodations in place with studios for appropriate extensions of time, then we’re not going to have issue with respect to the payments . . . If there are studios that have not done it, then we do have issues.”

Are BB’s creditors’ concerns unfounded, Insiders? Would Hollywood studios, who have an interest in seeing Blockbuster survive, cease to give BB favorable terms on content or discontinue revenue-sharing? Hit the comments and leave your opinion.

(via Home Media Magazine)

5 Responses to “Blockbuster Creditors File Motion Questioning Payments to Hollywood”

  1. Member [Join Now]
    mvisco [mvisco]

    Waa Waa. I’m so sick of hearing that BB can’t catch a break. They’ve had more breaks than any of the hundreds of “now-closed” independant video stores who never got a break, instead they were just charged higher prices & then ignored by the studios. Get over yourself BB & get yourselves out of this jam, change your antiquated, confusing rental policies or close your doors.

  2. Visitor [Join Now]
    That Guy [visitor]

    Personally, I do not want Blockbuster to go under. I want Blockbuster to come back STRONG offering something very competitive compared to Redbox/Netflix/Hulu/Vudu/Amazon/Zune/Other. Think about it: they already have the branding, they already have top tier content without delays, they have kiosks that can be reworked, re-marketed, and redistributed to compete and the badass “video store” they once were!

  3. Visitor [Join Now]
    tony1234 [visitor]

    Just a thought…I had to rent a movie from BB the other night. I haven’t rented from them in years. Now I remember why. It cost $5.65 to rent Angels and Demons–not a recent movie. I almost had a heart attack. I just assumed for a movie this old, Maybe $3.50…but $5.65. That’s just too much money. Give me Redbox any day! I know they have overhead, but really, the price is what keeps people coming back to Redbox.

    • Visitor [Join Now]
      Rebbecca [visitor]

      I totally agree with Tony on this. I rather spend a dollar a night for a movie from redbox then to spend over five dollars from blockbuster. Money is what it comes down too. With everything going on everyone is out to save money where they can do it. BB you charge way to much.

  4. Visitor [Join Now]
    tara2199 [visitor]

    The only reason I don’t go to Blockbuster to rent movies, is because I would rather rent a movie for a $1 and if I want to keep it an additional night, it’s up to me. I don’t feel like paying $5 just to keep it up to 5 nights, what if I don’t like it? I think that Redbox and Blockbuster Express and any other kiosks that are around today are a better deal in the long run. In this crappy economy, nobody is going to pay more when there are cheaper deals out there, and if they do, it’s because they haven’t obviously been hit hard enough to change there entertainment habits. Most people today, are not in a good spot, and want cheap entertainment, and I for one am not concerned about Blockbuster closing it’s doors, but if they want to stay in business at all, they’ll need to be giving better deals than Redbox and Blockbuster Express, otherwise, they might as well close their doors.