The copyright holder behind 2012 Navy SEAL drama Act Of Valor wants to be sure its property doesn’t get lost in the Relativity bankruptcy shuffle. Responding to a motion about the bidding process on Relativity’s sale, IATM said it has an issue with language that says the winning bidder takes control of contracts with no obligation to liens.
The hit movie was licensed to Relativity, and an account is set up for related revenue. IATM’s slice of the pie is protected with a security interest on the account, so the rights-holder points up that the bidding terms might be “inconsistent” with those of its deal. The company also mentioned in its filing that is has “a property interest Act Of Valor: SWAT,” likely an unannounced sequel. Now IATM says a buyer will have 30 days after the sale of Relativity to make a deal to fund and distribute Act Of Valor: SWAT or lose rights to it.
The motion to solidify the bidding procedure will be heard at a bankruptcy hearing Friday. The Relativity auction is set for September 16.
Act Of Valor, about a group of SEALs out to free a captured CIA agent, grossed $70 million domestically after opening in February 2012. Relativity purchased four Super Bowl spots to advertise the film.