Prospect Park bankruptcy

KWAT NOT IN A LATHER: In yesterday’s Showbiz 411, columnist Roger Friedman reported that Prospect Park, “the company that licensed then killed All My Children and One Life to Live, has filed for bankruptcy protection.” While Friedman’s assertion is accurate, the chapter 11 documents, filed yesterday in U.S. Bankruptcy Court in Wilmington, DE, were initiated by Prospect Park Networks LLC—the part of company that was producing the soaps online—by those partners of Jeff Kwatinetz and Rich Frank who financed the endeavor. According to our source—Kwatinetz himself—the Prospect Park label and management company are completely unaffected by the filing and that it’s business as usual, adding that he’s very bullish regarding the Knicks’ move to bring in Phil Jackson. (3/12a)