Deadline Hollywood is reporting that Santa Barbara-based hedge fund Pacificor has purchased the rights to the Terminator franchise from the Halcyon Holding Corp. for $29.5 million. Interestingly, this is the same Pacificor whom Halcyon accused in a lawsuit of extortion, bribery, and fraud and demanded $30M in damages.

Halcyon will receive $5 million for every Terminator movie made from now on, as well as retains the rich revenue streams from the movies Terminator 3 and 4. An arrangement also was made that the sale now wipes out the debt Halcyon owed to Pacificor and all the other creditors.

Back on May 9, 2007, rights to the Terminator series passed from producers Andy Vajna and Mario Kassar to the privately funded Halcyon Co. (formed by entrepreneurs Victor Kubicek and Derek Anderson) for a reported $30 million. It was Pacificor that lent Halcyon the money to conclude the deal.