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April 19, 2024
Workers Compensation Bill 2024: One percent of employee’s salary to contribute to workers’ compensation fund in Kenya.

April 15, 2024
Colorado Worker Shows Head Injury Happened as a Consequence of a Knock on the Head at Work

April 4, 2024
Callfornia Division of Workers' Compensation Pharmacy and Therapeutics Committee Meeting Scheduled for April 17, 2024

April 3, 2024
California Division of Workers' Compensation Posts Adjustments to Official Medical Fee Schedule (DMEPOS)

When a company reaches the point that it can’t meet it’s financial obligations, typically it’s bedtime for the organization. Time to bring in a judge to clear up the balance sheet bird’s nest. For the most part, creditors generally accept the fact that they will have to write off a majority of what they’re owed. In the case of WRS Motion Picture & Video shutting down on Aug. 3, creditors weren’t the only ones with a fortune at stake.

It would be impossible to put a value on what General Motors Corp. stands to lose if it can’t retrieve footage of car crash tests and other video tapes needed for product liability cases stored at WRS. GM’s case was convincing enough to prompt an emergency federal court hearing. US District Judge M. Bruce McCullough granted GM permission to fund WRS’s operations for 10 days by posting a $265,000 bond. This amount of time was deemed ample enough for GM to retrieve its footage.

Word that National Bank of Canada had foreclosed on $4.4 million in WRS loans wasn’t good news for the entertainment industry either. WRS’s business was to duplicate, restore and safeguard films in a massive vault. Based out of Pittsburgh, PA. WSR also has a satellite facility in Los Angeles. Many studios have master negatives and original footage of classic films that were shut in when the company was shut down.

As with the exception of GM, no one has been able to take film from the company vault since Aug. 3. The bank’s foreclosure triggered WRS’s bankruptcy filing on Aug. 24.