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Red Dragon Is Top Bidder at $22K for Peach Masters

VAN NUYS, Calif. — Red Dragon Holdings was the top bidder for Peach Entertainment Network’s 200 video masters at an auction held this morning.

Red Dragon, whose CEO is Dewi James, will receive all rights and licenses related to the masters.

The auction included two companies, with Red Dragon winning the bid at $22,000, according to Peach's trustee.

In December, a bankruptcy judge approved the sale of Peach Entertainment Network’s DVD inventory. About 200,000 Peach DVDs were sold to Red Tooth Services for $20,239. Red Tooth is owned by Robbie Conley, a former Peach employee.

Van Nuys, Calif.-based Peach, which filed for Chapter 7 in late September, operated Peach DVD, PeachDVD.com, Red Static, Late Night and Red Dragon Releasing. Its CEO is David James.

Peach, according to the Chapter 7 filing, was seeing dwindling DVD sales, which amounted to only $290,000 this year, after banner years in 2007 and 2008, when Peach saw revenue climb to $2.4 million and $1.8 million, respectively.

In the Chapter 7 filing, Peach said that it was $1.8 million in debt and had $466,000 worth of assets, including video masters worth $114,000 and $203,000 of DVD inventory.

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