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Studios Seek Millions from Blockbuster Video
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The most common complaint from Blockbuster Video customers over the years was probably the exorbitant late fees, which were eventually curtailed in favor of a subscription-based model.
But now late fees are threatening to break the bankrupt video rental chain itself (if Netflix and Redbox don't do it first).
Universal Studios Home Entertainment joined 20th Century Fox, and Summit Entertainment in filing a claim for tens of millions in unpaid fees owed by Blockbuster this week.
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Universal claims that Blockbuster is making money at the studios' expense and is threatening to pull videos such as "Scott Pilgrim vs. the World" from the stores should their leases not be paid for or the DVDs returned.
Blockbuster hasn't paid $6.4 million for leases to titles including "Charlie St. Cloud," and $13.4 million is due in the coming weeks, lawyers for Universal said in a filing in U.S. Bankruptcy Court.
The filing alleges that Blockbuster is taking advantage of its bankruptcy by accepting shipments of new releases with no intention to pay for them.
Blockbuster agreed to a preliminary bid to be purchased for $290 million this week. It's bankruptcy filing calls for more than 600 of its remaining stores to be shuttered in the coming months including several in LA and Orange County.
Photo by Dave Dugdale via Flickr.
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