Comic-Con Decision Looms

It’s been rumored for weeks.  Now we may be just hours away from a decision.  San Diego Tourism Authority chief executive Joe Terzi says a decision on whether to proceed with this years San Diego Comic-Con is imminent.

The world’s biggest comic convention was due to take place in July.  As the Western world seeks a way to relax lockdown and kick-start their economies, after the WHO and China dropped the ball and concealed the reality, social distancing regulations look like a potential solution.

Terzi spoke to the San Diego press and said:

“They are evaluating any financial liability they might have with a cancellation, and once they determine that, they’ll make a decision. Based on our knowledge of the event, it will be very difficult for them to have that event in July. With other events you could do things to keep people separate, but Comic-Con is a whole different animal, it’s a massive sea of people.”

This would be 135,000 people all wanting food, drink, hotels, parking, flights in and out.  It’s a big blow to the city.

AMC In Deep Trouble

One thing this crisis is exposing is the number of business who were running with zero cash reserves and carrying huge amounts of debt.  The consequences of “free” money and seemingly a complete inability to have learned anything from 2008.

Theatre chain AMC is one such company.  It is currently saddled with a massive debt load of $4.9 billion.  It needs to manage this debt and gain protection from creditors while attempting to re-open.

This means bankruptcy.  As American corporate bankruptcy isn’t the same as real bankruptcy they are likely to use this as a shield rather than a mark of shame and failure.

According to Market Watch they are reportedly taking meetings with legal specialists Weil, Gotshal & Manges in an attempt to work through a Chapter 11 bankruptcy filing.

Their 630 theaters remain closed with 25,000 staff on furlough and no rent paid to landlords.  Even if they do reopen this side of July there is very little content as most studios have pulled their summer schedules.