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Simon Fuller wants to propose his own plan for future of bankrupt ‘Idol’ owner
By Chris Cooke | Published on Thursday 18 August 2016
Simon Fuller, who previously raised objections about the plan put forward to bring ‘American Idol’ owner CORE Media out of bankruptcy, is now considering coming up with his own plan, the entertainment industry veteran has told the courts.
As previously reported, shortly after the final edition of ‘American Idol’ aired earlier this year, CORE applied for chapter eleven bankruptcy protection, seemingly in part because of demands made by Fuller for allegedly unpaid consultancy fees. Fuller has not had an executive role at CORE – previously called CKX – for some time, but continued to consult on the shows he created that the TV business now owns, which includes ‘So You Think You Can Dance’ as well as the various ‘Idol’ franchises.
CORE appointed a committee to work out a way of restructuring the company to bring it out of bankruptcy. But then Fuller filed legal papers requesting access to more information about the firm’s affairs, seemingly in an attempt to derail the deal that the media company was close to reaching with its other creditors. CORE hit out at that intervention, and then basically asked the bankruptcy courts for permission to cancel the company’s legacy contracts with Fuller.
In the latest development, according to The Hollywood Reporter, Fuller made another filing with the courts on Tuesday, in which he states that he is “currently evaluating the possibility of seeking permission from this court to file a competing reorganisation plan that would enhance recoveries for all constituents in these chapter eleven cases”.
Although the specifics of what that plan might be are a bit sketchy, it is thought that Fuller could propose him taking some sort of executive role with the media firm once again. His court filing states that: “Given that Mr Fuller, as the creator of ‘Idol’ and ‘SYTYCD’, is intimately familiar with the debtors’ business operations, he is in the best position to help navigate the reorganised debtors to profitability”.
The courts are due to next consider CORE’s restructuring plans on 22 Sep.
