Administrators delay TEN creditors meeting

TEN administrators KordaMentha have agreed to delay a proposed creditors meeting by a week, following legal action by WIN media mogul Bruce Gordon.

The meeting, originally scheduled for Tuesday September 12, will now take place on September 19.

Gordon’s lawyers are seeking a court declaration that the second creditors report “fails to include adequate information” about the proposal by his private company Birketu and Lachlan Murdoch’s Illyria Nominees Television to buy TEN and the reasons why administrators support the proposal by CBS.

Lawyers for KordaMentha expressed disappointment an under-bidder was seeking to delay the meeting and expects the objection to fail.

The matter will return to court next Tuesday for a separate two-day hearing, when a judge will examine claims of deficiencies in the administrators’ report to creditors

Source: Fairfax, News Corp

3 Comments:

  1. You’ll notice Gordon waited until after CBS bought his debt, it’s associated votes and the risk. Gordon has also had WIN join the case challenging CBS’s claims on debt they are owed to reduce their voting power.

    The court granted Gordon’s request for stay on the meeting so it can hear his case next week. Korda Mentha want it settled ASAP and will be highly annoyed to have their work attacked and have to defend it in court.

  2. So a couple of days ago CBS start to play hardball and told FOX to renegotiate its content deal and late yesterday Lachlan Murdoch pulls this one with Bruce Gordon. Bruce Gordon I am assuming wouldn’t be hard to convince to jump in on it , as losing FOX content would also hurt his WIN channels carrying TEN programming. This could get real messy fast as well, if they go in and argue that the deal is not in the best interests of the shareholders as they’re getting nothing out of it. Be interesting to see if CBS end up changing tact in what they want from FOX by Tuesday September 19th and if this then all just goes away.

    Of course these are just my thoughts that may bare nothing to the reality of it all and I may just be entering tin-foil hat territory because I’m making a coincidence into more than it is.

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