It was only a matter of time. Prospect Park, the company that licensed then killed “All My Children” and “One Life to Live,” has filed for bankruptcy protection.
This is the company run by Jeff Kwatinetz and Rich Frank. The bankruptcy doesn’t affect Kwatinetz’s music management business or his ongoing lawsuit with ABC over the soaps.
But it does speak to the fact that Kwatinetz really never had the resources to launch “All My Children” or “One Life to Live” on line in 2013. He managed to get through one season before throwing in the towel and blaming ABC for his problems.
In short order Prospect Park built an expensive studio, hired hundreds of people ran up bills in Connecticut, alienated the unions and made a mess of things.
Kwatinetz’s past issues with Britney Spears, Kelly Clarkson, Mike Ovitz and The Firm are well documented.
Just as a reminder: Kwatinetz himself is suing Prospect Park, claiming that a non compete clause in his contract is invalid. This would suggest that he’s trying to leave the company he co-founded. His partners say he can’t start a similar company if he does leave.
And that, my friends, is a soap opera.