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Judge Rejects Bid to Stop Sale of Studio

December 14, 1986

A federal bankruptcy judge last week rejected an effort by owners of Laird International Studios in Culver City to block the sale of the historic studio.

Judge William J. Lasarow overruled the objection to the sale filed recently by Kings Point Corp., which has owned the studio since 1977. The Culver City-based company has filed for Chapter 11 protection under the U.S. Bankruptcy Code.

Curtis Danning, bankruptcy trustee for Kings Point, said he will sell the 14-acre studio at an auction Dec. 15. Danning said the bidding could reach as high as $30 million.

Warner Hollywood Studios, Sunset Gower Studios and billionaire Marvin Davis and producer Grant Tinker are among prospective buyers of the studio, where such classics as "Gone With the Wind" and "Citizen Kane" were filmed.

Danning decided last month to sell the studio to help pay off the company's creditors. He said he set a date in federal bankruptcy court to allow Kings Point or others to challenge the sale.

The auction will take place at 1 p.m. in the Westwood Plaza Holiday Inn, 10740 Wilshire Blvd. in West Los Angeles.

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