at least with the CBS deal alsmost all creditors got paid.
accorsing to the brisbane times, Lachlan Murdoch and Bruce Gordon’s bid for Network Ten was $3 million higher than CBS’, but was too complex and would have seen secondary creditors getting just 2 cents in the dollar
Darren Davidson in The Australian suitably talking up the bid by the boss. It was a photo finish he implies, though the administrators report doesn’t imply that at all.
Things getting interested in court.
The lawyer for Gordon sounds pathetic. They really are clutching at straws because they didn’t get their way.
KordaMentha being accused of “poisoning staff against the Birketu/Illyria bid”. How pathetic not to think the staff could tell the difference between the two bids.
I am pretty sure staff at Ten wouldn’t want either of those assholes near the network and would categorically support the CBS bid.
That’s like telling the staff to vote to get themselves retrenched.
That should have been the end of it?
I’m no legal or business expert, but when Murdoch and Gordon forced ten into administration they lost all control and grounds for ownership. If they had not done that and waited they would’ve ended up with the network. Now it’s backfired and they’re crying to the court.
I still see no logic in anyone wanting those two fuckwits owning ten.
As others have said…if employees voted for their bid they would be voting for themselves to be sacked and see the closure of five newsrooms.
A nice analysis from Crikey of the 2nd report to creditors:
It’s clear that Gordon & Murdoch are just wreckers who weren’t even serious about their bid:
You have to wonder about the seriousness of Murdoch and Gordon — while they monstered Ten into administration in June, they could not make the late August deadline for bids set by the administrators…
“Although dated 24 August 2017, the B&I Transaction was submitted on 25 August, 2017 at approximately 8.30am and was expressed to be open until 25 August, 2017 at 5pm, unless extended by Birketu and Illyria, after which time it lapsed,” KordaMentha’s supplementary report notes…
And finally there’s the cheek of the joint bid relying on the Commonwealth Bank renewing the $200 million revolving credit facility to Ten that was originally guaranteed by Murdoch, Gordon and Packer’s private companies. The new facility will be guaranteed by Gordon’s company Birketu and Illyria, which is Murdoch’s private company… a repeat of the situation that contributed to Ten’s slow fall into administration in June and allows the two to profit from Ten without risking any of their own money.
In fact, while CBS has put up over $200 million of its own money, Murdoch and Gordon propose to use very little of their own money and rely on the CBA loan as the main part of their bid’s financing, and to be paid by Ten, which is astounding. When bidders won’t use their own money, you have to wonder why. They either can’t afford the capital, don’t want to risk it in what is a high-risk venture (for them but not for CBS) or they just don’t think Ten is worth the possible pain.
Hopefully it makes the supreme court’s decision easy, and award costs against Gordon & Murdoch if they waste any more time trying to wreck.
Lachlan and Gordon obviously thought that they couldn’t afford to chew up any more money. Why should they, when they already contributed enough of their own deep pockets, and obviously they want a return in their investment. Which is quite simple. They are really dripping in the red ink. If I spent all that money on a loss making network, I would do the same. How can you guys not see that?
OMG! Really? They cut the business, the lose is caused by their own mis-management. They created the business to lose out, so they thought they could do a Packer and buy it for a buck.
They should not be rewarded for doing what they have done to the network! They purposely got rid of OneHD cause it was taking viewers away from Fox. Don’t get me started on the sport right deals they did!
They dont belong at ten, nor should they own it, they caused the issues, it’s time they took their cricket bat and ball and disappeared into the sunset!
Right blame on it two people rather than a whole group of people to their downfall.
Some would argue the opposite, that they were acquiring expensive sports rights for OneHD at the time, and that they weren’t breaking even on the money, that they have spent on those sports rights. Buying live sports comes with a massive cost. I would get why you’d say they purposely got rid of the channel because it was competing with Fox Sports. What sports rights, besides letting go the AFL for NRL that you are referring to.
At the end of the day it’s the people at the top of the food chain who are responsible. And you don’t get any higher than board members and significant shareholders
They purposefully withdrew their support for another loan, forcing Ten into administration in hopes that it would put pressure on the government to change media laws so that they could snatch the network up.
When that didn’t work, they refinanced another loan and joined forces, still with hopes of snatching the network.
Now they’ve been outmaneuvered by CBS and have done nothing but whinge. They need to stop acting like children and accept the CBS takeover, they blew it.
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The AFR’s Joe Aston on the Murdoch lackey at The Australian Darren Davidson’s ludicrous calculations that makes it look like CBS was an underbidder.
Lachlan Murdoch and Bruce Gordon planned to discontinue leasing TEN offices in Sydney, Melbourne and Adelaide if they were successful in their network takeover.
This is disasterous stuff… closing down offices!!! Sacking people. Ten wouldn’t really be a network under this proposal. They would completely fuck the joint.
Again under all metrics the CBS deal is better.
Your analysis is crazy and lacks insight. It is though you are barracking for hundreds of people to lose their jobs and for ten to be a mere relay station for news corp. Usual nonsense from you.
More here from the AFR…much of what has been said the CBS deal is better and that of course the News Corp press extremely bias in their coverage.
News Corp is doing all it can to make sure the Murdoch-Gordon bid gets through. If it fails, one wonders if News Corp will continue to give space to Ten’s reality shows on its websites next year.