Helios and Matheson (HMNY) recently announced that MoviePass was shutting down after failing to find additional funding to finance its operations. It also noted that it was looking at various strategic options including a sale of the whole company or individual assets. Subsequent to that announcement, Ted Farnsworth resigned from Helios and Matheson in order to launch a bid to acquire some of Helios and Matheson's assets (including MoviePass).
This bid attempt was unexpected, although Helios and Matheson's assets can likely be purchased for a minimal amount of money as long as the