Abob Teff

Damn. Farnsworth and Lowe have resorted to going through peoples' wallets and taking their cards just to slow down usage.

tanman

Abob Teff

By agreeing to pay 25% interest for a 10 day loan AND paying the interest in full up front.

Feel free to correct my math, but I think that is an APR of 876%.

fujishig

Not only that but I'm sure they skip to the front of the creditor line if/when the company goes under, and I'm sure they feel like there's at least 5 million worth of assets to liquidate.

Abob Teff

For the record, MoviePass's own website still says

outcastja

My local AMC upgraded all their theaters to recliner seating. Each ticket ranges from $14 to $16 depending on the day/time. So their A-list program is worth it for me. I will continue to use my MoviePass annual pass I got from Costco and collect stub points until my plan ends and/or when MP goes out of business. The points I earned from AMC and Regal has more than covered the $90 I spent on MP.

tanman

Ahh...I see there's the answer. So even if they can't pay back a $5 million 10 day loan (WTF?) they will still likely get their money back in some kind of assets. That's just insane that they need a 10 day loan worth $5 million.

tanman

One of the biggest problems with MP going under is I guarantee you AMC's A list sub will increase in price.

I really do wish they had been successful as I really do think this business model could work without asshats running the company. Unfortunately this isn't good for the consumer because now other companies and their investors will be far less willing to risk such an endeavor.

dex14

AMC currently guarantees the price for a year.

Red Hood

By putting collateral business assets and/or personal guarantees on the line. I won't be surprised that they went on the assets route and put our data as the asset on line in case they default the loan.

Timber

I haven't kept up with all the MP shananagans since I haven't seen a movie in a couple of months. I understand the surge pricing, but 11am on a Saturday is a surge? And what's the reason I can't see Mission Impossible?

Decker

1) Yes, surge pricing isn’t really based on surges, it’s just charging a premium on the weekend to get them more money because most people want to see new movies on the weekend.

2) The reason is they’re running out of money and think they can save some by barring folks from going to the biggest movie of the month.

Abob Teff

I know that I am put in the “hater” camp for being a pragmatist, but tanman’s sentiments echo my own.

I believe there is a viable product here. MoviePass proved that before Helios and Matheson got their hands on it. Sinemia proves that.

Unfortunately, that viable product was seen by a couple of grifters as their way to live out their dreams of getting into Hollywood and becoming power brokers in the movie business.

Abob Teff

The sad thing is that the failure of MoviePass has brought down other companies and their employees with it. We’re really talking the entirety of Helios and Matheson. That covers their tech and consulting business and RedZone (gps/mapping tech company). Those assets may or may not be on the line as collateral, but they are all brought down by the stock situation.

I’m not sure about MP’s assets, but I still believe there is value in the company’s tech. I don’t know that the data holds the value it once did (at one time, over 1/3 of the value of Blockbuster in its heyday was its customer data). Data is too readily available these days.

Orbi-Wan Techno

Saw Teen Titans Go! To The Movies using MoviePass today, and did not have to pay a surcharge..

dex14

Wow. $8 service charge today.

RichC2

No service charge for Sorry to Bother You today, spent $12 on two craft beers and popcorn. I'm going to miss the pass.

Perkinsun Dzees

Saw Mission: Impossible - Fallout this afternoon and did not have to pay any surcharge.

dex14

It looks like a bunch of movies / times were removed entirely.

Abob Teff

Video from the last executive staff meeting has surfaced:

Abob Teff

nasesco417

I just opened the app and thought, what the heck, let’s see if anything isn’t surge pricing and I might be able to use this for the first time in a couple weeks. Every theater just shows MI, and all showings blacked out of course. No other movie. Just blacked out MI. All theaters. Good lord.

Abob Teff

A recent Tweet in response to a customer:


The next big question is how will MP react to the plethora of cancellations. Will they try something to get people to stay/come back? Will they just keep their head in the sand and claim nothing is wrong?

By my calculations, their next quarterly report is due around August 15. One thing of interest I saw while poking around their SEC filings was a reference to changing their fiscal year. It was mentioned as a heading in one of the 8-K filings about the reverse stock split, but I couldn’t find any information in the filings or on line. Are they trying to avoid having a quarterly report come out immediately after the miserable quarter they have had?

DJariya

App is completely useless tonight. MI: Fallout blacked out and no other showings listed. The end is near...

stingermck

Yup no movies showing up anymore.

They just posted on Facebook.