The leading movie chain's multiplex buffet is a hit for movie-hungry fans, but the stock has been cut in half since peaking late summer.
Helios and Matheson's struggling multiplex buffet suspends its service, and it wouldn't be a surprise if it doesn't come back.
Efforts to recapitalize the provider of tickets to multiple movies for monthly fees have failed, the parent said.
After a wild eight-year ride, Helios and Matheson Analytics Inc (OTC: HMNY) officially shut down its subscription movie theater service MoviePass last weekend. In a matter of years, MoviePass went from an unknown startup to a major disruptive force to a financial albatross for parent company Helios. MoviePass launched back in 2011, charging early customers $40 per month to see one movie per day of the subscriber’s choice at any theater.
Click here to read the full article. The corpse of MoviePass -- the cinema subscription service that flamed out last year after running out of cash -- could be yours for as low as $250,000.The court overseeing the sale of MoviePass's assets has set June 18 as the deadline for interested bidders. The proceeding comes after MoviePass parent Helios and Matheson Analytics filed for Chapter 7 liquidation in January, after sustaining massive financial losses. In its bankruptcy filing, Helios and Matheson listed the estimated value of assets at between $1 million-$10 million.However, none of the personally identifiable information on former MoviePass customers (such as emails addresses) will be part of the bankruptcy sale, which may arguably be the most valuable piece of the now-defunct service.The investment firm advising the Helios and Matheson's bankruptcy trustee has set bids for MoviePass at a minimum of $250,000. In March, as part of the Chapter 7 proceeding, the assets of Moviefone were won for the fire-sale price of $1 million by Cleveland O’Neal III, creator and producer of syndicated daytime entertainment show “Made in Hollywood.”It's unclear who would want to buy the remains of MoviePass at any price, never mind the fact that thousands of movie theaters across the U.S. remain closed during COVID-19 and moviegoing is likely to see a very slow return to previous levels.So what would a potential buyer of MoviePass actually be getting?According to court documents, the assets include all proprietary software and code used by MoviePass for the operation of its mobile app, website and services; certain sample polling analyses containing selective operating metrics prepared by MoviePass; and five domain names: moviepass.com, moviepass.com.mx, moviepass.jp, moviepass.net and moviepass.org.uk.Also included in the MoviePass sale are ownership rights to the defunct service's trademarks plus a trio of patents: U.S. Patent Nos. 8,484,133 B1 ("Secure Targeted Personal Buying/Selling Method and System"); 8,612,325 B2 ("Automatic Authentication and Funding Method: Date of Patent"); and 9,135,578 B2 "Secure Targeted Personal Buying/Selling Method and System").Bids for the MoviePass assets must be submitted by 5 p.m. ET on June 18, 2020, to the bankruptcy trustee’s financial advisor, Miami-based investment banking firm Cassel Salpeter & Co (casselsalpeter.com), as well as to Alan Nisselson, a partner at New York law firm Windels Marx who is serving as the bankruptcy trustee for Helios and Matheson. To qualify to submit a qualified bid, potential bidders must furnish financial information showing they're able to make good on their offer and provide a "good faith" cash deposit of 10% of their proposed bid.The auction -- assuming there is one -- is scheduled to take place telephonically on June 25.
MoviePass made a splash in 2017 with its outrageous deals to see unlimited movies in theaters. Keeping that original deal alive proved too tough to keep up, but does that mean it isn't worth it anymore?
The rollout of Regal Unlimited, a year after AMC Stubs A-List, seems to make Helios and Matheson's currently suspended MoviePass app obsolete.
MoviePass charged multiple fees to previous members after the company and its services were discontinued. Former customers were charged $9.95 to their account as well as a mysterious $5.64 charge. Yahoo Finance’s Dan Robert, Heidi Chung, and Kristin Myers discuss on YFi AM.
MoviePass, the discount theater service beloved, at one time, by three million subscribers, will shut down on September 14 after struggling to raise sufficient funds to keep the company afloat. Yahoo Finance's Jennifer Rogers and Myles Udland discuss the latest.
Toll Brothers, Cree, Alibaba, Disney, Sony and Helios and Matheson Analytics are the companies to watch.
MoviePass had all the workings of a genius tech start-up but was unable to execute its business model effectively. What does this mean for other unprofitable public companies?