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Vajna Tentatively Purchases 50% Stake in Potential 'Terminator 3'

September 17, 1997|JAMES BATES

Half-ownership of the rights to a potential "Terminator 3" film were tentatively sold this week for $7.5 million to producer Andrew Vajna as part of the liquidation of defunct producer Carolco Pictures, lawyers involved in the case said Tuesday.

Carolco is liquidating via bankruptcy proceedings, and the money is expected to go into a trust, after which it is scheduled to be distributed to creditors, said Richard Wynne, a bankruptcy lawyer working on the Carolco case.

No "Terminator 3" film is planned at this time. Vajna, whose productions include "Evita" and "Nixon," is getting a stake in any sequel that is made. The other half is owned by producer Gale Anne Hurd, producer of the previous "Terminator" films.

The "Terminator" films, starring Arnold Schwarzenegger, were among Carolco's most successful films, with "Terminator 2: Judgment Day" remaining one of Hollywood's biggest-grossing films worldwide.

The sale would need approval in U.S. Bankruptcy Court after an auction-like procedure is held that would allow anyone interested in outbidding Vajna the right to make an offer.

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