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The proximate cause seems to be a $100M claim from WB against VREG regarding additional finance costs for matrix revolutions circa 2021. VREGs counter(?) suit w
by donavanm 2y ago
The proximate cause seems to be a $100M claim from WB against VREG regarding additional finance costs for matrix revolutions circa 2021. VREGs counter(?) suit was recently kicked back and told to go to arbitration. VREG also claims to have spent $19M pursuing their legal claims/response so far. My read is legal costs + no productions in the pipeline + no recent profitable activity + a likely ~$100M arbitration result is exactly whats led to bankruptcy.