2ND UPDATE: Now I hear Lionsgate’s bid was $15 million, plus a gross corridor, for the rights to The Terminator franchise. That’s pocket change! (See my previous today: Halcyon Chooses Lionsgate As Stalking Horse Bidder In Bankruptcy Sale Of Rights To ‘The Terminator’ Franchise) Or is it?

According to an insider familiar with the deal, if you go by Terminator: Salvation‘s $380 million worldwide gross, the 5% first-dollar gross Halcyon gets from future Terminator movies is worth conservatively $15M-$20M million a pop. Or at least $30M-$40M if not more, assuming Lionsgate completes the new trilogy that started with T4. (“And why would they plunk down $15M in cash unless they intended to do just that?”) Halcyon gets to keep the revenue stream from T4, which with DVD and TV revenues just beginning to come in could be worth tens of millions more. “So it’s not a bad deal at all. And it’s entirely possible someone else may come in and top the Lionsgate bid,” the source tells me. “Bottom line: I wouldn’t lose any sleep worrying about the Halcyon guys’ finances. They’re going to do just fine out of this.”