Kinowelt co-founder Michael Koelmel is back on the streets after being released on bail early Wednesday afternoon after spending the past two nights in a prison cell.

Despite the negative headlines, brothers Rainer and Michael are still sticking to their plans to take over the core assets of their bankrupt media empire from November 1 as the Leipzig-based Neue Spielfilm Vertriebs und Marketing GmbH.

Their acquisition agreement will come into force once the Euros 32m acquisition price has been transferred by tomorrow (October 31).

The reasons for Koelmel's arrest had been the main talking point in the German film industry over the past two days reaching fever pitch at the beginning of the Connecting Cottbus "Coco Special" industry event at this year's FilmFestival Cottbus.

The controversy surrounding Koelmel had even made it to the first item on ARD's evening news programme.