PUBLIC NOTICE OF CHAPTER 11 363 SALE: Film Rights Owned by American Sterling Company

PUBLIC NOTICE OF APRIL 27TH BID DEADLINE IN BANKRUPTCY SALE OF CERTAIN FILM RIGHTS

1. Case Information. The name of the chapter 11 case is In re: American Sterling Corporation, which is pending before Bankruptcy Judge Erithe A. Smith as Case No. 8:20-bk-13201-ES before the United States Bankruptcy Court, Central District of California, Santa Ana Division (the “Bankruptcy Court”).

2. Company Information. American Sterling Corporation (“ASC”) is the holding company for multiple wholly owned subsidiaries, all of which were dissolved and/or liquidated pre-petition.

3. Assets to be Sold. ASC is proposing to sell, subject to overbid, as is, where is, without representation or warranty any interests it holds in the films The Annihilation of Fish (“TAOF”), likely created in 1996, and Dark Matter, likely created in 2006 (the “Residual Interests”). Such interests may include rights pursuant to copyright declarations and security agreements filed with the U.S. Copyright Office.

4. Bidding Procedures.

1. ASC has filed a motion with the Bankruptcy Court seeking approval of the bidding procedures set forth below, and a sale of the Residual Interests pursuant to such procedures. The motion will be heard on May 11, 2021 at 10:30 a.m. PST, with the hearing conducted remotely per the courtroom rules of the Honorable Erithe A. Smith, United States Bankruptcy Judge.
2. The stalking horse bid is $20,000. Any initial overbid must be at least $1,000.00, or $21,000, with further incremental bids in the amount of $500. Any overbid must be accompanied by a deposit of 10% of the proposed purchase price and proof of the ability to perform. Click here to see the Motion to Approve the Proposed Sale which includes the entirety of the bidding procedures.
3. The Deadline to submit an initial overbid is April 27, 2021,12:00 p.m. PST, with final bidding to take place at the same time as the United States Bankruptcy Court hearing to approve the sale which is May 11, 2021 at 10:30 p.m. PST.

5. Additional Information. For information regarding the sale or attendance at the hearing, please contact ASC’s counsel, Nanette D. Sanders, Ringstad & Sanders LLP, at 949-851-7450 or [email protected].