UPDATE 5:30 PM: After producer Stanley M. Brooks and AFTRA couldn’t reach a settlement over residual payments stemming from the LOGO series Sordid Lives, Brooks’ Once Upon a Time has filed for bankruptcy. It follows a last-ditch effort by Brooks who on friday sent AFTRA, WGA, DGA and MPI a “final” $500,000 settlement offer. “It is with tremendous sadness and regret that we announce that Once Upon A Time Films has been forced to follow the path of other respected companies affected by the Axium collapse and seek relief under the insolvency laws, which we have done this afternoon,” the company said in a statement. “After lengthy negotiations all weekend and with many extended deadlines, at noon today it became clear that a deal was not attainable. All of us at Once Upon A Time are proud of our 21 years of making award-winning movies and telling stories – and thank every cast, crew, network and creative partner we’ve collaborated with over this time.”

As for the future, Brooks said he is “not finished” with producing movies but for now will take a break. “This took a lot out of me to lose the company I have been building for 21 years, so I’m gonna need some time to let it go and go through the 12 stages of grief,” he said.

PREVIOUS 4 PM: The prolonged dispute between producer Stanley M. Brooks and AFTRA, WGA and DGA over residuals from the LOGO series Sordid Lives will most certainly end in court: a state court of a bankruptcy one. Brooks sent the guilds his “final” $500,000 offer on Friday. After several extensions and counter-proposals, the two sides failed to come to an agreement, leaving Brooks and his Once Upon a Time Films with the option to face the guilds in court, starting with the court date with WGA tomorrow, or file for bankruptcy. The entire amount awarded to the guilds, which they are pursuing through the legal system, is about $1.5 million, including penalties. “Despite AFTRA’s serious good faith effort to carefully review and understand the merits and practical implications of the settlement offer to the cast members of Sordid Lives: The Series, Once Upon A Time Films, and its attorneys have refused to meaningfully address our basic concerns — including clarification of what exactly the proposed settlement sum consists of and how future residual payments to performers were to be guaranteed and paid — and have withdrawn their offer to settle. AFTRA is prepared to move forward with confirmation of the stipulated award which is scheduled for Friday, October 22 in California State Superior Court,” the actors’ union, which has been leading the fight with Brooks.