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The ADV dissolution is final

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The ADV dissolution is final

Old 09-02-09, 09:32 PM
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The ADV dissolution is final

I knew they weren't doing so hot, but I missed the part where ADV completely went under:

A.D.VISION, INC. CONCLUDES SERIES OF ASSET TRANSACTIONS

HOUSTON, September 1, 2009 A.D. VISION, INC. ("ADV" or the "Company") announced today that June 1, 2009, the Company concluded a series of transactions that are expected to result in seamless delivery of home video products and television programming to customers.

Through an asset purchase agreement, AEsir Holdings, LLC ("Aesir") acquired a subordinated interest in selected programming from ADV's film library together with other intellectual property subject to all liens and security interests of the Company's senior secured lender. The transaction requires Aesir to assume specific obligations and scheduled liabilities of the Company under legacy license agreements associated with the acquired programming.

Concurrently, the Company concluded an asset purchase agreement with SXION 23, LLC, doing business as "Section23 Films," a home video distribution company, under which it assumes account servicing and distribution operations in connection with the library acquired by Aesir, subject to all liens and security interest of the Company's senior secured lender.

John Ledford, ADV's President and CEO, states "We believe the actions we initiated and completed provided the same or more value to the Company's secured lender and its programming licensors while giving other key stakeholders such as employees and customers some potential value or the reasonable probability of realizing value."

In a separate transaction, Valkyrie Media Partners, LLC ("Valkyrie") acquired a 100% equity position in Anime Network, Inc. ("ANI"), formerly ADV's television unit, pursuant to a stock purchase agreement between ADV and Valkyrie. That transaction includes an assumption by Valkyrie of specific liens and security interests of the Company's senior secured lender.

In another separate transaction, Seraphim Studios, LLC acquired Amusement Park Media, the production unit of A.D. Vision, Inc.

Further announcements are expected from the respective acquiring entities over the coming days.
Old 09-02-09, 11:05 PM
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Re: The ADV dissolution is final

What the-? I can't tell from the article - does this mean the brand is gone forever?
Old 09-02-09, 11:27 PM
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Re: The ADV dissolution is final

RACS
...UPDATE: Just got off the phone with Mike Baliff, formerly of ADV Films who is now heading up Sales and Marketing at the new company Section 23 Films. Section 23 has acquired all of ADV's former licenses and most of the staff (including Chris Oarr, Destiny, Michelle, everyone formerly at ADV that mattered), and is picking up distribution of all former ADV titles, so the DVD's will remain available and our orders will just be processed and filled by the new company. That means the changeover will be pretty much transparent to you guys. This includes pre-order items in the pipeline but not yet released. They will still be coming out, and the schedule will not change. We'll be updating our catalog over the next few days to reflect Section 23 as the new distributor of ADV's (former) titles. I also think it's worth mentioning that John Ledford is not part of the new company. Thanks very much to Mike for calling me personally to walk us through the changeover. Mike and I go back a long way, maybe 10 or 11 years, and I feel like ADV's former line of products could not have fallen into better hands.

UPDATE: Chris MacDonald over at ANN has written an editorial regarding what happened:

"So really, what was announced today? While the details will come out in the next few days, it's pretty obvious that it's not much more than a corporate restructuring that moves intellectual assets away from a dysfunctional corporate entity that has credit problems and hostile shareholders."

That seems about right to me based on what we were told today, so he's pretty much on the mark. The only real question is who will be running things now and making decisions at the new companies - not that it really matters - but I'll have a few more feelings of my own regarding this in this weeks newsletter...
What does all of this mean? It's good bye to the name ADV Films (A.D. Vision). And for the consumers, it shouldn't affect much if at all. The new releases are still coming out. The November solicitations just came out today under the Sentai Filmworks label. For those who are still confused, read Chris MacDonald's article @ ANN linked above.
Old 09-03-09, 09:40 AM
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Re: The ADV dissolution is final

Essentially, ADV screwed over their debt holders. I think crap like that should be illegal.
Old 09-07-09, 11:31 PM
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Re: The ADV dissolution is final

Will next year be a possible blow-out of Discontinued and OOP releases from ADV?

So much for a live action Neon Genesis Evangelion ???
Old 09-08-09, 01:01 PM
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Re: The ADV dissolution is final

Originally Posted by xage View Post
Will next year be a possible blow-out of Discontinued and OOP releases from ADV?
If we see anything, it will be from RightStuf.com. Right now, they had all of the former ADV label products under Section23 Films now. I guess at this point in time, it's hard to say what will happen.

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