Daejong International Film Awards to sell trademark rights

The Motion Picture Association of Korea's president Yang Yoon-ho speaks during a press conference in Jongno District, central Seoul, on June 27. [YONHAP]
The Daejong International Film Awards will be selling its trademark rights in a public sale, the Motion Picture Association of Korea said through its legal representative on Monday.

This follows the bankruptcy of the association, the award’s host, which has been in a liquidation process since earlier this month. The association has over 800 million won ($574,000) in debt.

Whoever earns the trademark rights in the bidding will manage the awards going forward.

Bidders with preemption will place the lowest bid and the bidding will continue to recruit additional potential buyers who offer more favorable conditions. The lowest bid is 56 million won, including VAT. Written bids will be received until Friday and the final buyer will be revealed on Monday.

However, the highest bidder will not automatically win the sale as they will have to pass an evaluation by an assignee, which will examine the bidder’s ability in organizing the awards. Only nonprofit corporations will be able to participate in the bidding and they must submit documents proving their qualification.

The final sale will also depend on whether the bidders with preemption exercise the right to purchase.

Currently, the Seoul Film Industry Federation (translated) is a potential buyer with preemption. The federation is a successor to the Motion Picture Association of Korea.

Established in 1962, the Daejong International Film Awards is Korea’s longest-running film awards. Last month the host association was declared bankrupt and the prospect of the awards ceremony has become gloomy.