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[Slashdot] - MoviePass Might Return In 2022


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MoviePass co-founder Stacy Spikes successfully bought back the company out of bankruptcy and wants to relaunch it next year. Insider reports: Spikes had placed a bid of an undisclosed amount to the trustee handling the bankruptcy of Helios and Matheson Analytics (HMNY), the former parent company of MoviePass. "I can confirm that we acquired MoviePass out of bankruptcy on Wednesday," Spikes said in a statement to Insider. "We are thrilled to have it back and are exploring the possibility of relaunching soon. Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community. We believe, if done properly, theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights." Spikes told Insider that since this summer, he'd been working on putting the money together to place a bid to get the company back. He said he made the offer last month. Though Spikes would not disclose the amount, he said his bid was lower than the $250,000 minimum the trustee set in 2020. Customer data and email addresses were not part of the sale, Spikes said. Spikes hopes to relaunch MoviePass sometime next year. A new site has been created for the relaunch, iwantmoviepass.com, and its logo will now feature a black background with white lettering, ditching its previous red background. Spikes founded MoviePass with Hamet Watt in 2011, creating a service that let moviegoers see a certain number of movies a month in theaters for one monthly price. After struggling to stay afloat for years, in 2017 the company was bought by HMNY. HMNY was delisted from the Nasdaq in 2019 and both MoviePass and HMNY filed for bankruptcy in 2020. At the time of MoviePass' bankruptcy filing, it said it was under pending investigations by the FTC, SEC, four California district attorneys, and the New York attorney general. This June, Farnsworth and Lowe settled with the FTC and reached a $400,000 settlement with the California district attorneys.

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