Investor hopes of recovering some of their Medical Capital securities fraud losses were dashed today when the court appointed receiver made the following announcement in his Fourteenth Status Report:
The film asset “The Perfect Game” was released in Mexico on April 2, 2010,
and on April 16, 2010 in the United States and Canada. Box office receipts have not met projections and the Receiver does not expect a return from the theatrical sales of the film. The Receiver has terminated the distribution agreement for cause, and has taken various actions to protect the receivership’s interest in the film.
Latest box office receipts for the movie have totaled approximately $1.1 million since the movie’s release in April.
Upate: On September 23, 2010, the Medical Capital receiver sought court approval to sell a yacht named “Home Stretch” for $1.8 million. No word yet on whether there will ever be a sale of MedCap’s ownership interest in Vivavision Inc., whose only product was a live video feed of a hamster in a cage.