What do you call a bad idea that just won’t die?
Theodore Farnsworth, the President of MP’s parent company, resigned and has offered to buy the assets of the failing concept, as well as other, perhaps more valuable ones including the production company MoviePass Films and MovieFone, a listing and information service.
Now, clearly insiders have better insight on the value of a company’s assets than outsiders, so he may know something others don’t.
But, if the program made economic sense when he was running it (and it is gasping for air), why would it be better now?
Perhaps because a Chapter 11 would wash away most of the debt?
There are a few other flies in the ointment including an investigation by the New York Attorney General for securities fraud and a class action suit.
So, a rocky road to resurrection at best.