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Creditors Release Preliminary List of JKP Assets

Creditors Release Preliminary List of JKP Assets
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Mar 22, 2006 3:00 PM PST    Text size: 
WOODLAND HILLS, Calif. — A designated group of unsecured creditors in the Jill Kelly Productions bankruptcy case has released a preliminary list of the company’s assets that will be put up for auction on April 17 in a Woodland Hills courtroom.

The committee’s attorney, Aram Ordubegian, said his office has received numerous requests for information of specific assets that will be available at the auction, and although the final, comprehensive list will come from JKP itself, the creditors “scoured the various asset lists prepared by JKP” in an effort to assemble a “second best” list.

Though it is impossible to assign a specific monetary value to them, the company’s substantial library of packaged DVDs represents the greatest asset.

An inventory spreadsheet shows a total of 207,767 burned and packaged DVDs, with more than 500 titles ranging from a single copy of the original production “Tyler’s Crazy Horny” to 2,112 copies of “Stone of Pleasure” from European studio Blu Pictures, which had been distributed in the U.S. by JKP production arm, JK Distribution.

There are another 65 unreleased masters in various formats including Betacam, DVD and DV cam, some with multiple softcore, hardcore, X and double-X versions.

The DVDs, masters and the rights to use the JK Distribution name all will be awarded to the highest bidder along with several hundred thousand dollars in accounts receivables. Among the larger accounts due the company are $67,275 from adult retailer Doctor Johns, $62,500 from British company Broadcasting Ltd. and $24,927 from Bayside Distribution.

On the other side of the ledger are JKP’s substantial debts. The company lists 85 creditors, with more than $3 million in liabilities, including a $400,000 Internal Revenue Service tax claim. The company’s largest and only secured creditor, XGen, is first in line to be paid with proceeds from the auction and also has been offered the opening bid of $700,000.

XGen is owned by Michael and Frank Koretsy, who also own Pleasure Productions. If no one outbids XGen, the Koretsky’s will effectively take control of JKP.

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