Lachlan Murdoch and Bruce Gordon planned to discontinue leasing TEN offices in Sydney, Melbourne and Adelaide if they were successful in their network takeover.
The supplementary report from administrators KordaMentha, which details the differences between the Illyria / Birketu and CBS bids, it reveals:
B&I Transaction document made provision for the repudiation of the leases relating to Pyrmont, Melbourne and Adelaide. Operationally seen as moderate to high risk.
What isn’t clear is the plan they have for TEN operations currently located at Pyrmont, Como and Hutt Street, but there have long been various rumours of News Corp, SKY News, FOX Sports replacing TEN-generated content.
In addition to office space, those premises include studio filming for TEN Eyewitness News, The Project, The Living Room, Studio 10, Have You Been Paying Attention?, The Loop, The Wrong Girl, sports programmes and more.
The CBS bid made no proposal to exit the three sites.
Yesterday the NSW Supreme Court heard lawyers from Gordon’s Birketu argue it was a “disappointed over-bidder” and that TEN’s employees had been “poisoned” by not being allowed to properly consider a competing bid. ABC reports lawyers for 21st Century FOX also questioned why FOX would only receive less than 2 cents in the dollar, contrasting other creditors who received a full payout.
But Richard McHugh SC, acting for administrators KordaMentha said, “There is no substance in the Birketu and Illyria complaint.
“The bid had conditions which made it less attractive and less certain.”
The hearing continues.