MoviePass liquidating, may owe money to 12,000 subscribers

MoviePass liquidating, may owe money to 12,000 subscribers


Movie-ticket subscription service MoviePass and its parent company filed for Chapter 7 bankruptcy liquidation late Tuesday and may owe money to subscribers.

The filing means they will be sold for parts, with the proceeds distributed to their creditors, ending any possibility that MoviePass could be revived after the service shut down in September.

The company on Tuesday filed a 174-page list of more than 12,000 subscribers it may money to, totaling about $1.2 million, which amounts to an average of nearly $100 per person. 

The subscribers were listed as unsecured creditors, and it was not immediately clear if they would get paid back. The company, which listed their claims as “disputed” in a court filing, also filed a list of those subscribers matched up to their email addresses.

MoviePass, which once offered unlimited movie tickets for $10 per month, is liquidating.

MoviePass once gave subscribers access to unlimited movies for $10 a month.

It was a classic too-good-to-be-true business model. The company quickly ran into financial hurdles, technical challenges and industry opposition.. Even after it shut down, MoviePass was reportedly still charging some customers’ credit cards.

In addition to its own failures, MoviePass encountered competition from movie chains that launched their own movie-ticket subscription offerings.

MoviePass is shut down:Discount service brings the curtain down

Check your bank account:Former MoviePass users say discontinued service is still charging them


Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.