Miller Barondess secured a major victory on behalf of Alcon Entertainment in their effort to acquire derivative rights to select films from the Village Roadshow Entertainment Group bankruptcy—rights that would allow Alcon to produce sequels, prequels, and remakes of major titles such as Wonka, The Matrix trilogy, Sherlock Holmes, and the Ocean’s Eleven series.
The Miller Barondess team was led by partners Dan Miller and Colin Rolfs. (Village Roadshow Entertainment Group USA Inc., 25-10475 (Bankr. D. Del. Nov. 5, 2025)).
In March 2025, Village Roadshow filed for Chapter 11 protection. Following a competitive auction process in May 2025, Alcon Entertainment was designated the successful bidder, with an $18.5 million bid for the derivative rights. Warner Bros. was named the backup bidder with a $17.5 million bid.
After the court approved the sale of the derivative rights to Alcon, Warner Bros. and Regency Entertainment objected to the sale. Warner Bros. later submitted a revised $18.5 million bid and, after that offer was declined, increased its proposal by an additional $1 million the day before the derivative rights sale hearing, which was also rejected.
Warner Bros. sought to block the transaction, contending that Alcon did not make the highest and best offer, the rights are non-assignable financial accommodations and personal service contracts, and Alcon had not provided adequate assurance of future performance. Regency also objected on the grounds that the rights between the Debtors and Regency are non-assignable personal service contracts.
After Dan presented Alcon’s witnesses, cross-examined the opposition, and argued the case over a day and a half in October 2025, the U.S. Bankruptcy Court for the District of Delaware approved the sale and rejected all challenges. In its ruling, the Court found that Village Roadshow properly exercised its business judgment in selecting Alcon as purchaser and that Alcon provided adequate assurance it could perform under the assigned agreements, clearing the way for transfer of the derivative rights. The ruling not only granted Alcon the derivative rights but also completed its acquisition of Village Roadshow’s extensive feature-film library, one of the largest independent portfolios in the industry. This was a complete victory for Alcon.
Read the Ruling granting derivative rights; and the Ruling denying Warner Bros.’ emergency motion to stay the effect of the sale order pending its appeal.