The rich history as New York’s original commercial hub and its storied waterfront location make the Seaport District one of New York City’s most unique settings. WHERE: The Seaport District – New York City’s oldest new neighborhood – located on the East River in Lower Manhattan with unparalleled views of the Brooklyn Bridge, Statue of Liberty and the city’s iconic skyline. WHEN: The Seaport Social Cinema Contest will launch September 12 and close on October 31. The winner will be announced in November at a Premiere Event. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. WHO: Judges for the Seaport Social Cinema will be acclaimed chef and James Beard award winner Sherry Yard, James Sanders, AIA and David R. Seaport Social Cinema is challenging entrants to create 60 second films, posted on Instagram, for a chance to win $60,000. WHAT: The Howard Hughes Corporation® is launching the Seaport Social Cinema contest to celebrate the opening of iPic Theaters at the Fulton Market Building within the Seaport District. IPIC Atlanta is a nine-screen, 426-seat luxury theater now open at the reimagined Colony Square. ![]() The Howard Hughes Corporation and iPic Theaters introduce the Seaport Social Cinema Contest with a chance to win $60,000! Pachulski Stang Ziehl & Jones LLP is serving as legal counsel and Aurora Management Partners is serving as financial advisor as iPic navigates a restructuring process it anticipates will conclude in 90 to 120 days.Simply select the Fulton Stall Market option at the top right corner and follow the prompts for registration. The company also lists a $1.5 million class action settlement among its unsecured creditors. The company’s list of unsecured creditors includes the law firm Yetter Coleman LLP with $2.9 million in claims, as well as Walt Disney Studios with $1.3 million in claims, Sony Pictures with $668,723 in claims, Universal Film Exchanges with $124,740 in claims, and Paramount Pictures with $122,196 in claims. In its initial filings, iPic estimates its total debts are $290.9 million and its total assets are $157 million. “The range of suitors is wide and we’ve had a lot of interest in the past,” said Hashemi. If it sells, the iPic CEO said the company could be an attractive target for a private equity player or a strategic investor such as another exhibition chain. “We were not able to ramp up as quickly as we would like and a big part of that had to do with the development cycle,” said Hashemi. Hashemi noted that iPic had hoped that construction on its locations would take two years, but iPic theaters in New York City and Delray Beach, Florida took five and six years to build, respectively. It initially wanted to open 25 locations in four to five years, but fell short of that goal. He also said that the company had struggled to build new venues at the pace it had anticipated. Our model inspired others to upgrade their circuits and the competition became more fierce.” “Eventually the rest of the industry woke up. “When we started this business back in 2007 there was nobody doing this type of dine-in, affordable, luxury experience,” said Hashemi. In recent years, AMC, Regal, and other chains have followed iPic’s example by outfitting locations with recliner seats and by offering alcoholic beverages and high-end food items at certain venues. Hashemi blamed the company’s financial issues on increased competition in the luxury theater space. For the same quarter in 2018, iPic posted losses of $6.4 million on revenues of $38.7 million. Enjoy your next date night or exciting gathering with friends & family in our auditoriums, lounge, and bar spaces. Year-over-year its losses mounted as its revenues slipped. IPIC Atlanta Movie Theater curates every experience with you in mind by welcoming each guest with exceptional service, chef-driven cuisine and personalized touches, creating a cinematic experience that is unforgettable. ![]() The company lost $9.3 million during its most recent quarter on revenue of $30.2 million. IPic has been publicly traded since February 2018, raising $15.1 million with its initial offering. He acknowledged, however, that its 444 holders of the company’s common stock risk losing some or all of their investment. Hashemi said that the two million members of iPic’s loyalty program will not be impacted and stressed that the company will honor gift cards and will continue to uphold its advertising partnerships on its pre-show programming. This is a restructuring of our balance sheet. Our guests can expect the same level of service.
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