I too hope for the former. Very much so. Even if the latter happens, at least it'll be possible to get new DVD copies instead of keeping the tapes circulating so to speak.

The weird thing is that MYC & Associates only lists itself as having rights to some of Utena; specifically, the 4 DVDs in the Black Rose arc and one VHS from the Student Council arc (The Legendary Spice, I believe). I tried to contact MYC about the Utena rights:

I wrote:

I'm interested in some of the copyrights available for Case No.
09-12530, specifically those associated with the show Revolutionary
Girl Utena. I see the following copyrights for that show:

PA1227749 Revolution Girl UTENA Impatience and Longing
PA1227754 Revolution Girl UTENA The Beginning of the End
PA1227756 Revolution Girl UTENA Darkness Beckoning
PA1125133 Revolutionary Girl UTENA: The Black Rose Blooms
PA938910   Revolutionary Girl Utena: The Legendary Spice

What rights are being sold for each of these? I understand that the
rights to the show itself were not held by Central Park Media, but
that these copyrights might include translations and subtitles, audio
dubbing (particularly the English language dub), packaging, and DVD
menus and extras.

I am also curious if there are any additional rights for sale for
Revolutionary Girl Utena. The copyrights listed cover only a portion
of Central Park Media's release of that title; other CPM releases
include:

Revolutionary Girl Utena: The Rose Collection Vol. 1
Revolutionary Girl Utena: The Rose Collection Vol. 2
Revolutionary Girl Utena: Temptation
Revolutionary Girl Utena: Unveiling
Revolutionary Girl Utena: Revelation
Revolutionary Girl Utena: Finale
Revolutionary Girl Utena: The Movie

Do you know if copyrights for these other releases are available, or
if they have already been sold or reverted to another owner?

Finally, I have seen Terms of Sale documents listed for other sales on
MYCCorp; is there anything similar I would have to fill out or do to
qualify to bid on these rights? Are there minimum or suggested bids
for any of these rights?

The short answer I got from John Cronin (MYC's representative on the sale) is he didn't find the other Utena titles I listed in the agreements he has available. He also didn't want to tell me exactly what rights were for sale on each agreement because he isn't an IP lawyer; he'd prefer that somebody make an appointment to come into the office and perform their own due diligence before possibly making an offer. Which is lovely, except for the fact that MYC is located in New York and I'm in Los Angeles. So...anybody who lives close enough to NY game to find out exactly what Utena rights are up for sale? I think the big question is if CPM even retained the rights to the subs and dub, or if those reverted to Enoki Films (and if CPM does retain something more than packaging rights, why only to those few releases)?

For the curious: the complete list of CPM assets for sale.

Hey that was a really good way to find out. I wonder who might've bought it...

Hey, it's well past time I posted an update on this. So: I contacted Enoki Films USA to ask about the sale of CPM's Utena rights, and was told that any rights CPM had to Utena expired years before their bankruptcy, and that while there may be copyright registrations for Utena dubs and subs in CPM's name, Enoki actually holds the rights to the dub and sub. This is good, if only because it means that the rights to the series aren't fragmented.

Also of interest (not that I asked): the wording of Enoki's reply strongly suggests that a certain company is in the process of license-rescuing Utena. That's one of the reasons I'd been so interested in the dub rights - with dub costing about $10,000/episode to produce, rescuing a pre-dubbed SKU lets a company target a broader audience at a $400K discount. Enoki's reply didn't indicate any timeline for an actual license announcement (I get the feeling that either negotiations are still underway, or that even if they're finished there's still a fair amount of paperwork to be signed).

ADV's reissues have used the CPM masters because ADV isn't in the financial shape to do anything they don't absolutely need to, from all I've seen (they really weren't even present at Anime Expo under their own name, though there was an "MofC Ltd." booth there that sold only ADV discs). Enoki's email indicated they thought the licensor was going for the remastered video, though for all I know that was still a point of discussion and subject to just how much the would-be licensor was ready to pay.