Challenge from Murdoch, Gordon looming on TEN.

There are several new reports on TEN that indicate the CBS takeover is not a done deal.

Fairfax reports WIN Corporation made an urgent application to the NSW Supreme Court yesterday on behalf of its CEO and TEN director Andrew Lancaster, who claims he has not been paid his directors fees.

They are also seeking rights for all shareholders to vote on the proposal and for the weighting of CBS’s vote to be reduced to $1.

21st Century FOX is also said to be preparing to front court this week to have its complaints heard about how the administration has been conducted.

News Corp notes lawyers for both Bruce Gordon and Lachlan Murdoch are seeking to defer the creditors meeting, arguing the administrators report to creditors was deficient in several respects.

The complaints included failure to present other alternatives to the CBS bid, liquidation or the resignation of the administrator. The Murdoch-Gordon bid offered existing shareholders 25% of their stock.

A spokesman for administrators KordaMentha said the insolvency house “has no plans at this stage to defer the Second Meeting of Creditors scheduled for Tuesday 12 September”.

“The report to creditors was comprehensive and compliant,” he said.

Hearings will be held today and tomorrow in the Supreme Court of NSW to determine whether the meeting should be held at a later date.