Following Axium International’s bankruptcy filing, its assets have been bought by former competitor Entertainment Partners. Here’s the announcement:
Entertainment Partners Acquires Assets of Axium International
Burbank, CA – January 31, 2008 Entertainment Partners, a 100% employee-owned company and the leading provider of payroll and production management solutions for the entertainment industry, announced today its acquisition of a number of the assets of bankrupt entertainment payroll company Axium.
The move was described as an effort to help mitigate the impact of the Axium closure. “In the interests of preserving the integrity of the historical and current data for our clients and the industry, we have purchased certain of the assets and assumed none of the liabilities of Axium International through the bankruptcy proceedings,” explains Entertainment Partners President and Chief Executive Officer Markham L. Goldstein.
Included in the acquisition are significant software assets and the servers housing the assets. Entertainment Partners did not acquire accounting or payroll data but has made arrangements to assist the trustee’s delivery of confidential information to the appropriate parties. The trustee will be generating 2007 W2s and responding to requests for confidential data.
Entertainment Partners emerged as the prevailing bidder among several other entities. “It was important for us to let the industry know that we are committed to helping everyone get past this crisis. These assets will go a long way in helping us to establish the continuity and stability our clients have come to expect from Entertainment Partners,” adds Goldstein.
