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Wednesday, July 27, 2016

Update on Alchemy / Anderson BK Matters

Greetings HHSE Friends & Followers - there have been a lot of legal activities in the past few days from creditors and debtor-parties in the bankruptcy cases of Our Alchemy, LLC and Anderson Digital / AN Connect.  But the bottom-line status as of today is encouraging for creditors.

1).  Creditor's Committee - Court has approved the formation of such a committee. Fred Shefte has been nominated by twelve supplier studios to appear on this committee... at this time, no other individuals have been officially put forward to serve on the Creditor's Committee.

2).  Accounting Representation - Court has approved the hiring of a CPA accounting firm.

3).  New Appearances - A total of fourteen (14) suppliers have filed notices of appearance through counsel.  Two banks and two labs have filed (and all four appear to have various forms of secured claims or lab liens).

4).  Notable Developments - under the request of SEAL, Anderson Merchandisers has filed a series of motions to terminate their deal with Our Alchemy, LLC.  The details of their motion are not posted. But counsel speculates that a determination may have been made that "unwinding" the sale of Anderson to Alchemy (which, ostensibly would require repayment of the $30-mm in estimated payments), may be less problematic for Anderson than facing the wrath of multiple allegations.

With about $60-mm in actual debts (subject to the verification of the newly hired accountants), the receipt back from Anderson of $30-mm could result in a significant recovery for creditors... on top of all other assets, inventory, film distribution rights, preferential recoveries and accounts receivable.