HHSE BLOG: Further Settlement / Resolution Status
Post# of 7290
(Total Views: 442)
Posted On: 02/02/2022 9:13:11 AM
HHSE BLOG: Further Settlement / Resolution Status in HHSE (Pre-Form 10) Matters
Tuesday, February 1, 2022
Good Afternoon HHSE Friends & Followers - Over the past few years, The Hinds Law Firm (formerly known as "Hinds-Shankman" when they were handling some cases for Hannover House), had been sending invoices and demands to the company's prior address (at 300 N. College in Fayetteville). At some point, these demands turned into a lawsuit and their declaration documentation states that they properly served the parties (at the wrong addresses). In any event, when former HHSE President Fred Shefte filed for personal bankruptcy in February of 2021, the issue of a disputed balance with this L.A. law firm became known due to their visible presence in Mr. Shefte's case.
Hannover House was notified early last month that the Hinds-Shankman claim was scheduled to be converted into a properly matured default judgment. Accordingly, Hannover House sent a response to the court - and to James Hinds - which resulted in a delay of this certification and sparked direct communications between the parties.
Accordingly, we are pleased to announce that a settlement has been made - and that the litigation matter will be promptly closed. The settlement terms require that HHSE pay monthly installments (that work within the company's current cash flows), but that the overall amount is substantially less than the default balance would have been.
As HHSE continues to work towards a successful future with MYFLIX as the revenue locomotive (and feature productions as a complementary cash-flow source), we are pleased to clean up prior disputes from the 2016 - 2018 time period in which the indie film marketplace imploded. Those following HHSE closely will recall that the initial decline in the indie DVD market in 2015 - 2016 was offset by implementing "theatrical releases" which elevated a title's stature and enabled qualification for lucrative Netflix licenses. But as both of those benefits changed from "it's a theatrical release" pitch to "what level of box office did it achieve" questions from buyers, the full transition into streaming became self-evident as the path that the market now requires.
Unlike the 20+ other indie suppliers that did NOT survive the paradigm shift and collapse of the DVD market, HHSE is grateful that we have endured, we have evolved, and we have resolved nearly all of the prior disputes that arose during those tumultuous years. MyFlix looks poised for great success, and we are honored to have an army of loyal shareholders and dozens of program rights owners (controlling over 15,000 titles!) that have stuck with us to help make this happen!
Go HHSE / Go MyFlix... this is the path to our success!
Tuesday, February 1, 2022
Good Afternoon HHSE Friends & Followers - Over the past few years, The Hinds Law Firm (formerly known as "Hinds-Shankman" when they were handling some cases for Hannover House), had been sending invoices and demands to the company's prior address (at 300 N. College in Fayetteville). At some point, these demands turned into a lawsuit and their declaration documentation states that they properly served the parties (at the wrong addresses). In any event, when former HHSE President Fred Shefte filed for personal bankruptcy in February of 2021, the issue of a disputed balance with this L.A. law firm became known due to their visible presence in Mr. Shefte's case.
Hannover House was notified early last month that the Hinds-Shankman claim was scheduled to be converted into a properly matured default judgment. Accordingly, Hannover House sent a response to the court - and to James Hinds - which resulted in a delay of this certification and sparked direct communications between the parties.
Accordingly, we are pleased to announce that a settlement has been made - and that the litigation matter will be promptly closed. The settlement terms require that HHSE pay monthly installments (that work within the company's current cash flows), but that the overall amount is substantially less than the default balance would have been.
As HHSE continues to work towards a successful future with MYFLIX as the revenue locomotive (and feature productions as a complementary cash-flow source), we are pleased to clean up prior disputes from the 2016 - 2018 time period in which the indie film marketplace imploded. Those following HHSE closely will recall that the initial decline in the indie DVD market in 2015 - 2016 was offset by implementing "theatrical releases" which elevated a title's stature and enabled qualification for lucrative Netflix licenses. But as both of those benefits changed from "it's a theatrical release" pitch to "what level of box office did it achieve" questions from buyers, the full transition into streaming became self-evident as the path that the market now requires.
Unlike the 20+ other indie suppliers that did NOT survive the paradigm shift and collapse of the DVD market, HHSE is grateful that we have endured, we have evolved, and we have resolved nearly all of the prior disputes that arose during those tumultuous years. MyFlix looks poised for great success, and we are honored to have an army of loyal shareholders and dozens of program rights owners (controlling over 15,000 titles!) that have stuck with us to help make this happen!
Go HHSE / Go MyFlix... this is the path to our success!
(0)
(0)Hannover House Inc. (HHSE) Stock Research Links
Scroll down for more posts ▼