Contract Terminated Due to Unpaid Balance by Trademark Acquirer
New Owner to Be Decided by November 10
Daejong Award Memorial Tower located at Myeongbo Intersection in Chungmuro
The Daejong Film Awards, the longest-running film awards ceremony in South Korea, has once again been put up for auction. Last year, a non-profit organization acquired the trademark rights, but the contract was terminated after it failed to pay the remaining balance. This has raised concerns that the awards ceremony may not be held this year.
According to the legal representative of the Daejong Film Awards on October 29, the bankruptcy trustee recently reissued a notice for the sale of the Daejong Film Awards trademark rights. The Korea Film Planning Producers Association, which had acquired the trademark rights in February, only paid the deposit and failed to pay the remaining balance, resulting in the termination of the contract in June.
The Daejong Film Awards was established in 1962 and boasts the longest history among domestic film awards. However, after the Korea Film Association, which organized the event last year, went bankrupt, the trademark rights were put up for sale. The trustee in charge of the sale attempted to normalize the situation by signing a conditional contract. However, when the contract fell through, the sale process returned to square one.
This sale will be conducted through the "stalking horse bid" method. A conditional contract is signed with a preliminary acquirer before the public notice, and if a bidder offers more favorable terms during the open bidding, that bidder becomes the final acquirer. If there are no other bidders, the conditional contract holder acquires the trademark rights.
The conditions for the sale are strict. Only domestic non-profit organizations that are not for profit may participate in the bidding. They must also prove their ability to actually host the film awards. The legal representative stated, "There is already an organization that has expressed interest in acquiring the rights," but added, "The trustee is still looking for a party that can offer better terms."
The deadline for submitting bids is November 10. While a new owner of the trademark rights will be determined, the tight schedule makes it unclear whether the Daejong Film Awards will be held this year.
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