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While an online revival of Arrested Development worked, it turns out that the Internet doesn’t work so well for soap operas. Prospect Park Networks, the studio that hoped to revive ABC’s One Life To Live and All My Children, has filed for bankruptcy and owes ABC over $1 million.
PPN officially shuttered the online revivals of the two series in August 2013 and is currently involved in an unrelated $95 million lawsuit with ABC, notes Variety. The company claims that ABC conspired to create a “mega-soap” that merged OLTL characters with General Hospital (ABC’s only remaining soap).
The bankruptcy filing has nothing to do with the lawsuit, PPN said. “PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities,” it stated. “The company is optimistic about the prospects for a smooth transition into bankruptcy.”
According to The Hollywood Reporter, PPN’s Chapter 11 filing noted that it owes $862,000 to the two law firms on the case. It lists $50 million in assets plus $10 million in liabilities. It also owes ABC $1.7 million. The company did have to license the soaps from ABC in order to produce the online revivals.
PPN’s bankruptcy filing doesn’t affect the talent company Prospect Park, which also produces USA Network’s Royal Pains and WGA’s Salem.
The two soaps had new episodes posted four times a week for each show when it began. That format was changed to just two episodes a week.