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Prospect Park files Chapter 11 bankruptcy: No future for 'AMC' and 'OLTL'?

Prospect Park files Chapter 11 bankruptcy: Unlikely 'AMC' or 'OLTL' will return
Prospect Park files Chapter 11 bankruptcy: Unlikely 'AMC' or 'OLTL' will return

Ever since ABC canceled “All My Children” and “One Life to Live” fans have been waiting for the iconic soap operas to surface online. Prospect Park has filed Chapter 11 bankruptcy and it is unlikely either soap opera will return from their recent "hiatus".

Prospect Park Networks has filed for bankruptcy according to a March 10 report from Bloomberg News. The Chapter 11 bankruptcy documents were filed on Monday in the U.S. Bankruptcy Court. According to the filed documents the company’s managers “have deemed it advisable and in the best interests of the company and its member to wind-down the company’s business and operations.”

What does this mean for fans of “All My Children” and “One Life to Live”? More than likely their beloved soaps will disappear forever and “All My Children” especially will never have the ending they deserved when the soap was pulled by ABC in September 2011.

Among the 50 to 99 creditors listed in the Chapter 11 bankruptcy papers include ABC, the law firm of Lavely & Singer, the Screen Actors Guild and the Directors Guild. Prospect Park had previously filed a lawsuit against ABC claiming that the network was sabotaging the revival of “OLTL” by poaching characters for use on soap, then killing off two of them and ruining one character for future use in the relaunch.

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