Props to MoviePass Originator Stacey Spikes for Buying MoviePass out of bankruptcy. He has set up this page that I just signed up for:
iwantmoviepass.com
I CAN'T WAIT TO HAVE MY MOVIEPASS BACK!!! THOSE WERE GREAT TIMES AT THE MOVIES FOR ME!!!!
MoviePass Could Make A Return: Here's What To Watch For
4:14 pm ET November 12, 2021 (Benzinga) Print
Movie theater stocks have been rebounding in the last year with recent months hitting post-COVID-19 pandemic box office records. Could the return of a subscription service that helped bring more people to movie theaters provide more upside for movie stocks?
What Happened: Stacy Spikes, the co-founder of MoviePass, is bringing the company back in a relaunch that could be a big event for the movie theater market.
A bankruptcy court judge approved Spikes’ bid, according to Business Insider. The bid amount was not disclosed publicly.
“I can confirm that we acquired MoviePass out of bankruptcy on Wednesday,” Spikes told Business Insider. “We are thrilled to have it back and are exploring the possibility of relaunching soon.”
The news follows a report by CinemaBlend from earlier this year that MoviePass could rise from the dead. MoviePass plans to relaunch a movie ticket subscription service next year.
“We believe, if done properly, the theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights.”
MoviePass was part of a bankruptcy auction from parent company Helios and Matheson in June 2020. No bids were placed at the time of the original auction with the minimum bid set at $250,000. Helios and Matheson valued the company between $1 million and $10 million at the time.
Spikes confirmed his bid was below the $250,000 amount. The bid did not include customer data or email addresses from the original MoviePass.
A website has been created at iwantmoviepass.com, where users can sign up to be notified when the service launches.
