Halcyon's descent into bankruptcy has been public for nearly six months now, but it seems that a realistic bidder has finally emerged for the one worthwhile property they own: Terminator. Deadline Hollywood revealed today that Halcyon has selected Lionsgate as the "stalking horse bidder" for the franchises' rights. Don't know what the means? Don't worry, I didn't either. Nikki Finke explains:

"So what's a stalking horse bid? An initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company. This allows the distressed firm to avoid receiving lowball bids on its assets. That said, I hear Lionsgate will be named the stalking horse bidder in the bankruptcy sale of the Terminator franchise. Sources tell me it wasn't a competitive auction. (Sorry, Joss Whedon, your $10,000 offer for the rights didn't cut it.)"

Of course this doesn't mean that Lionsgate will without challenge end up as the final owners of the property in question, but that last line is a strong wink that no other major studios found the franchise to be worth the financial fight. There's no word on what Lionsgate came in bidding at, but one would assume it is in the ballpark of the $25 million Halcyon paid just two years ago. Whatever the commitment on the line, the winning bidder likely wouldn't waste much time before they tried to turn a profit by making a new Terminator film.

Which then raises the question as to whether or not they'll be rebooting or continuing the Terminator: Salvation thread. Which would you prefer?