October 31, 2001 05:12 PM

The news is enough to make Dracula roll over in his grave. That pop culture icon, the Los Angeles-based Famous Monsters of Filmland magazine, could be on the verge of folding, reports the L.A. Times. The 44-year-old publication has been credited with inspiring such fantasy visionaries as Steven Spielberg, George Lucas and Stephen King, as well as countless other baby boomers weaned on its behind-the-scenes reports on Frankenstein, Wolf Man, the Creature from the Black Lagoon, the Mummy and other horror all-stars. Famous Monsters, or FM as it was called, is due for a court-ordered auction this week. While it is hoped that the sale will bring resurrection to the financially troubled publication, if a buyer does not materialize it also could mark the funeral for Famous Monsters, the Times said. The magazine is reportedly in trouble because U.S. Bankruptcy Judge Arthur Greenwald declared that its publisher, Ray Ferry, fraudulently transferred its ownership to his housemate, Gene Reynolds. Ferry claimed that he owed his housemate back pay and was merely donating his time and equipment to Reynolds.

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