Most Popular Articles
With Samara at Helm, WorldSpace Sails out of Chapter 11 ... Almost
Former WorldSpace CEO Noah Samara appears to have pulled of something a personal coup, as his firm, Yazmi, scored a June 25, 2010, closing on the purchase of the remaining assets of the bankrupt satellite broadcaster from its Debtors in Possession for a sum of $5.5 million.
It looks like Samara will be at the helm of his old company as it prepares to emerge from Chapter 11 proceedings conducted in a U.S. bankruptcy court. It's a storybook ending to a convoluted story that saw Samara fail at his first attempt to buy out the same assets for $27 million a little more than a year ago. Since that time, John Malone's Liberty Media very nearly took the salvage rights but walked away from the deal for reasons that remain undisclosed.
WorldSpace's sail out of a Chapter 11 dry dock may not be a smooth one. Chris Forrester reports in Rapid TV News that plaintiffs in a class action lawsuit against WorldSpace have requested U.S. bankruptcy judge Peter Walsh to serve a subpoena on the reorganized firm during the conclusion of Chapter 11 proceedings.
The subpoena would require WorldSpace to surrender a number of detailed internal business records from 2006, a year in which the company tendered an IPO. The lawsuit, brought by Midland Partners, asserts that WorldSpace may have deliberately misled investors by inflating subscriber numbers in its prospectus.
A hearing is scheduled for July 12, 2010.
Acceptable Use Policy blog comments powered by Disqus
[an error occurred while processing this directive]
Today in Radio History
The history of radio broadcasting extends beyond the work of a few famous inventors.
EAS Information More on EAS
The feed provides feeds for all US states and territories.
Need a calendar for your computer desktop? Use one of ours.
Information from manufacturers and associations about industry news, products, technology and business announcements.
Minneapolis Public Schools upgrades their aging equipment with new Audio over IP technology
Browse Back Issues[an error occurred while processing this directive]
Also in the August Issue
- Trends in Technology: Work Smarter not Harder
- FCC Tees Up Some Late-Summer Business
- What’s “Next” for Radio?
- Field Report: JBL LSR308
- Tech Tips: How To Be in Two Places at Once