It wasn’t up to KM - it would have been the creditors who decided to postpone a vote.
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So what happens now then?
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Federal court approval of transfer of shares to cbs and subsequent delisting from asx. Then the FIRB has to approve the purchase.
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From the last line in the Media Release:
The full acquisition remains subject to Court and Foreign Investment Review approval.
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Gordon can pop his head up and challenge in the courts to say that they were unfairly treated in the process and challenge the transfer of shares.
I’m sure that old fart will still manage to fuck this up somehow.
Staff of Ten and companies owed money by Ten, including its program suppliers, CBS and 20th Century Fox, and the Australian Tax office voted overwhelmingly for the offer from CBS, even though the administrators, KordaMentha, put the alternative offer to the meeting, and told them that one option was to adjourn to further consider the offers.
Staff were overwhelmingly in favour of the CBS offer, because it offers a new owner and many are jaundiced by their experiences of Ten under the management of Lachlan Murdoch, who was acting CEO and executive chairman for a substantial period during Ten’s decline.
They also fear job losses under Murdoch and Gordon as they have proposed moving the network to Sky Television’s office,. This is despite written assurances from Murdoch and Gordon as to jobs. have given assurances that jobs won’t be lost. Both bids will honour 100% of entitlements.
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The announcement
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So did Fox vote in favour of CBS? If the vote by creditor value was overwhelming Fox must have voted yes going by this comment
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FOX could’ve voted no, but they are only 1 creditor - employees are about 750 - and their dollar value owed is half of CBS’
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From Seven: “Ten employees were effectively handed the right to sack their bosses and they took it…”
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Let’s be honest, a lot of employees would take that opportunity nowadays.
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The wording on Ten News just then was pretty scathing against Murdoch and Gordon. 
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Wonderful news for all the staff at ten and now some good competition for free to air in Australia and media diversity.
Thank god Gordon and Murdoch didn’t get their way. Their behavior has been atrocious during all of this.
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Mal Walden should have come out of retirement just to report that story
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From The Guardian’s story…
The NSW supreme court yesterday comprehensively rejected the arguments brought by Gordon’s company Birketu, that CBS should not be permitted to vote its entire $348m debt because it constituted a conflict.
Justice Black said such a restriction would discourage creditors, who often had the most to lose in a receivership, from putting forward options to rescue a company.
The last bit made me think that even if the Gordon & Murdoch attempt to stop CBS voting had been successful, they (Gordon/Murdoch) should/would also have been excluded from voting, leaving the ATO & employees (as the next biggest by value voters), and we now know they overwhelmingly voted for CBS anyway.
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