ADV Films shuts down, parent transfers assets to other companies

[Roy Mustang]

A.D. Vision, the parent company of ADV Films, has announced that it is shutting down after transfering its assets to several other companies that will continue its operations. AEsir Holdings has acquired selected programming from ADV's film library along with other intellectual property. The SXION 23 (Section23 Films) home video distribution company will assume account servicing and distribution operations for AEsir's assets. Valkyrie Media Partners has acquired 100% of ADV's Anime Network television unit, while Seraphim Studios has acquired ADV's Amusement Park Media production unit.

Former ADV Films staffer Chris Oarr has notified ANN that several former staffers have been hired by SXION 23 and the other companies.

Update: All of the new companies are officially based in Houston, the home of A.D. Vision. SXION 23's business filing was dated on May 20, while AEsir Holdings, Valkyrie Media Partners, and Seraphim Studios were filed eight days later on May 28. SXION 23, Valkyrie Media Partners, and Seraphim Studios share the same address in western Houston, 8 miles (13 kilometers) from A.D. Vision. Sentai Filmworks, another business entity for which A.D. Vision and Amusement Park Media handled distribution and production, is also located in western Houston.

Update 2: SXION 23, Valkyrie Media Partners, and Seraphim Studio are filed under Griffin D. Vance IV's name. Griffin Vance was A.D. Vision's former Senior Vice-President of Business and Legal Affairs, but he now operates his own law practice. Vance's law firm shares the same postal address as SXION 23, Valkyrie Media Partners, and Seraphim Studio.

Update 3: The Anime Network confirms that, since it "has always been a separate entity from ADV," it will continue to operate.

ADV Films shuts down, parent transfers assets to other companies

[font="Book Antiqua"][color="Red"]Col. Roy Mustang[/color][/font]

[KhakiBlueSocks]

[font="Trebuchet MS"][SIZE="4"][color="RoyalBlue"]So, does this mean what I think it means: that we're not going to see any more dubs from ADV???[/color][/SIZE][/font]

[ShiroiHikari]

Can't say I didn't see this coming, but it's still kind of shocking.

[MasterDias]

That's not what it means, well, ADV has not really produced any dubs for awhile anyway...however, ANN has kind of a misleading and confusing title on that.
If I've gotten this straight, ADV ceases to exist as a name, but this shouldn't affect their day-to-day operations at all...since everyone basically knows these companies are almost certainly created by John Ledford & friends to protect their assets from creditors.

ADV's staff is basically continuing under new company names.

[ShiroiHikari]

Yeah, so it's not as bad as it initially sounds, I guess.

Besides, dubs aren't really viable in the current economic climate. I wasn't aware ADV was still dubbing stuff, either.

[blkmage]

So basically, ADV gave away all of its assets and even several people to various smaller companies that it has some connections with but are totally separate entities for reals, then died.

EDIT: I am too slow.

[KhakiBlueSocks]

[font="Trebuchet MS"][SIZE="4"][color="RoyalBlue"]I think I understand, but...I'm sorry, I'm still a bit confused. I think I'll catch on to what's going on as more people post.[/color][/SIZE][/font]

[Etoh*the*Greato]

Yeah, so it's not as bad as it initially sounds, I guess.

Besides, dubs aren't really viable in the current economic climate. I wasn't aware ADV was still dubbing stuff, either.

Still shocking though. ADV comprised most of my Anime viewing back when I was an Anime Youngun. I mean, Eva, Nadesico, among TONS of others! With the exception of like, Record of Lodoss War, my entire VHS collection was ADV.

[Kaligraphic]

As mentioned, it's a way of shielding assets from creditors and making debts go poof.

While reading, though, I found myself thinking about Max Payne, rather than anime. Aesir Holdings? Valkyrie Media Partners? The shadowy Mr. Woden?

[rocklobster]

NO! ADV can't go poof!

[ShiroiHikari]

They're not, really. Their assets have been transferred to other companies.

[MasterDias]

Here's something that makes it a bit clearer.

UPDATE: Just got off the phone with Mike Baliff, formerly of ADV Films who is now heading up Sales and Marketing at the new company Section 23 Films. Section 23 has acquired all of ADV's former licenses and most of the staff (including Chris Oarr, Destiny, Michelle, everyone formerly at ADV that mattered), and is picking up publication and distribution of all former ADV titles, so the DVD's will remain available and our orders will just be processed and filled by the new company, so the changeover will be pretty much transparent to you guys. This includes pre-order items in the pipeline but not yet released. They will still be coming out, and the schedule will not change. We'll be updating our catalog over the next few days to reflect Section 23 as the new publisher of ADV's (former) titles. I also think it's worth mentioning that John Ledford is not part of the new company. Thanks very much to Mike for calling me personally to walk us through the changeover. Mike and I go back a long way, maybe 10 or 11 years, and I feel like ADV's former licences could not have fallen into better hands.

from Robert's Anime Corner Blog

[Bobtheduck]

ADV had 40 dollar 26 episode sets, brand new... Compared to Funi's 80 dollar sets...

Their death would be deeply troubling for me...

[ilikegir33]

So long, ADV, so long. Like half of my anime are from you. The only reason this happened was Sojitz. But I will still be buying anime from Section 23, so all is (kinda) well in the end.

[ShiroiHikari]

Guys, they're not really going away. Their titles will still get released. They're just not called AD Vision anymore.

[Roy Mustang]

Its true that how ANN point it is a bit misleading as they will still be around just not called ADV anymore.

From my take, it looks like what Geneon Entertainment (USA) Inc. did a few years back in a way. After all, Geneon is still around, but just handle licences for anime here in the states, but then hands it over to another companies to release them.

The only reason this happened was Sojitz. But I will still be buying anime from Section 23, so all is (kinda) well in the end.

And just think Sojitz now has its hands (well money really) into FUNimation.

[font="Book Antiqua"][color="Red"]Col. Roy Mustang[/color][/font]

[blkmage]

FUN FACT that I got from another forum:

FYI, SXION 23 - "Section 23" - is the part of Texas's bankruptcy code that allows this neat little "form a shell company, transfer assets, torpedo decrepit original company" loophole to be exploited.
http://www.ssb.state.tx.us/Texas_Se...s_Act.php#SEC23

[Roy Mustang]

This was posted on an email group that I'm on. It clears up on what is going on.

To make a long story short, A.D. Vision is splitting up its subsidiaries and assets among a variety of new companies created specifically for that purpose. Reportedly all of ADF Films' anime titles have been transferred to AEsir Holdings, which will continue to have them shipped to consumers by SXION 23, LLC ("Section 23 Films"). ICv2 confirms that Section 23 Films will also take over distribution of DVDs from the Sentai Filmworks and Switchblade Films labels. Valkyrie Media Partners will own and operate The Anime Network. Seraphim Studios will own and operate the Amusement Park Media production unit. The former owners and significant staff of A.D. Vision own these new companies and have transferred to employment with these new companies. In effect, the company and brand names "A.D. Vision" and "ADV Films" are now obsolete, but consumers should not notice any change in the operation and availability of goods and services that A.D. Vision distributed or had scheduled for future release.

[font="Book Antiqua"][color="Red"]Col. Roy Mustang[/color][/font]