Spoiler <blockquote class="twitter-tweet" lang="en"><p>Astros, Rockets, AT&T & DTV have filed their amended Chapter 11 CSN Houston reorganization plan, including changes suggested by Judge Isgur.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527482415342575617">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>One change includes Comcast among entitles that will not incur liability in the case unless they are found to have committed certain wrongs.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527483050209198080">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Those include breach of fiduciary duty, willful misconduct or gross negligence. Isgur was firm on altering wording in this section.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527483369886449664">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>The other change involves the cash, accounts receivable, furniture, fixtures and equipment, which total more than $26 million.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527483573163413505">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Under the new plan, the teams will bid $26.2 million to purchase all the collateral. That will lead to an eventual auction of the assets.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527484443565363200">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>This is a way to turn over downtown studio cables, wires and computers to the new Root Sports without AT&T & DirecTV having to pay anything.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527484884504166401">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>It also helps ensure, the plan proponents believe, that Comcast gets fair payment for its assets.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527485028872097793">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>To the layman's eye, this appears to address the concerns that Judge Isgur had about the original plan last week.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527485257398751234">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Final arguments in the CSN Houston confirmation hearing are now set for 3 p.m. Thursday.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527485438928236544">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>To recap: Rockets games will continue on CSN Houston until further notice. Network schedule currently runs thru Nov. 9.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527486701069799424">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>If Judge Isgur approves AT&T/DTV purchase tomorrow, he still will give Comcast time to appeal to federal district judge or to 5th Circuit.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527486985502326785">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>So the switchover from CSN Houston to Root Sports Houston still could require a few days.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527487128192548864">October 29, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
I tend to agree. However, one thing sticks in my mind. If a stay is denied, the transfer will happen. If confirmation is later overturned on appeal, I don't see how you put the toothpaste back in the tube.
Sincerely appreciate all who have kept us up to date with info and helping those of us that don't quite get the legal side without explanation. Thank you. Hope this ends and begins today! I want my Root!!
We need to get a Clutch Fan's e-card started to thank David Barron for the great work he's done keeping the masses as informed as possible.
<blockquote class="twitter-tweet" lang="en"><p>The judge hasn't yet indicated how much time each side will be allowed for closing arguments, but I'm guessing an hour for each.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527907669274009600">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Judge Isgur also has not indicated if he will make an immediate ruling on whether the reorganization plan will be confirmed.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527907794054578176">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>CSN Houston has issued a program schedule through Nov. 9, so that may be a good guess as to when Root Sports Houston could begin.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527908174251429890">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>This, of course, presumes he OKs the reorganization plan and that Comcast is not granted a stay that would delay the network's launch.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527908353188847618">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
[rQUOTEr]Comcast attorney Craig Goldblatt begins his closing argument: “The plan that is before the court is unlawful and cannot be confirmed.” Goldblatt says this doesn’t mean that any reorganization plan is futile, only that this one is not. Goldblatt is citing once more the 1111(b) election, which relates to its request to be paid its entire $100m secured loan over time. Teams claim the 1111(b) election is invalid, since its plan calls for AT&T/DTV network to get network without liens. Goldblatt says he is surprised proponents want to ignore 1111(b) rights, which he says have been a focus of recent Supreme Court decisions. “This is not a little thing,” he said. “A lien is a constitutionally protected (asset).” Goldblatt on the plan: “The lengths to which it goes to defeat Comcast’s rights are quite extreme.” Goldblatt says the amended plan still does not allow for a legal, proper sale of the furniture, fixtures and equipment. Goldblatt on teams' efforts to deal w/FFE issues: “They are trying to fit a square peg into a round hole. "No matter how hard they try to jam it in, the peg just doesn’t fit.” He says lien must remain in place. Isgur to Goldblatt: “I’m not doing a deal where you lose your lien and your collateral." More from Judge Isgur: "I’m not sure that’s what they (teams) intend, but I’m not going to do it.” Goldblatt is now saying the teams gerrymandered creditors for voting purposes and that no properly configured group has accepted the plan. (Actually, he uses the phrase "improper gerrymandering." I guess this implies there is such a thing as "proper" gerrymandering.) Still on voting issues: Goldblatt says the court should not let the NBA allow its $500k claim against CSNH to be treated as unsecured. McLane’s lawyer earlier said he is voting for plan because “it is in the best interests of the teams and the city of Houston.” Goldblatt also objects to exculpation for the teams, DirecTV and AT&T as a “generalized get-out-of-jail free card” not granted to Comcast. Astros' Paul Basta: Basta says Comcast is being treated fairly but “is trying to block the plan for their own strategic reasons.” Basta says Comcast is using 1111(b) election as a “sword” to defeat the plan and the sale to AT&T and DirecTV.[/rQUOTEr]
<blockquote class="twitter-tweet" lang="en"><p>Judge Isgur: “I will confirm the plan.”</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527946616800808960">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> !!!!!
[rQUOTEr]Judge Isgur: “I will confirm the plan.” Judge Isgur says he believe the Astros and Rockets acted in good faith on the reorganization plan. Also proving good faith, Isgur says, is Comcast exec Jon Litner’s testimony that the plan is in the network’s best interests. The judge says that he rejects the validity of Comcast’s 1111(b) election and that Comcast gets an unsecured claim. Isgur says the changes in the FF&E process now ensures that it is a legit sale that eventually could benefit Comcast. The judge said the Comcast lien on the FFE will stay in place until Comcast gets the FFE or the sale proceeds. He says McLane voted for the plan because “he is a good community-spirited man” and voted in good faith. Judge Isgur says Comcast as a creditor, if not a competitor, is better off with the plan that without it. He says the case “has gone on long enough” and he would liquidate the network if he couldn’t confirm plan. “Comcast’s recovery is better here than if we don’t confirm the plan,” Judge Isgur says. Judge Isgur says teams can launch new network whenever it wants as long as it does nothing to harm Comcast appeal rights.[/rQUOTEr]
Dude, you're fast. I have barron's twitter feed in one tab and Clutchfans open in another. As soon as it hits his feed, you have it here. Are you a robot?
[rquoter]Astros statement: “We are very pleased with Judge Isgur’s confirmation of the plan to reorganize the Network under AT&T and DirecTV. Throughout this long process, our main goal has been to provide broad coverage of Astros games for our fans throughout our region. This new Network will allow us to achieve this goal. There are still a few obstacles that we have to overcome, but today’s decision is a big victory for Astros fans and the City of Houston.”[/rquoter] [rQUOTEr]Rockets CEO Tad Brown: “On behalf of Leslie Alexander and our organization and, more than anything, our fans, we are very appreciative of Judge Isgur’s ruling and look forward to getting our games on as quickly as possible. We want to stay focused to make sure that we get the network on the air to the entire market as quickly as possible." [/rQUOTEr] [rQUOTEr]A plan to create a new sports network — Root Sports Houston — received approval from U.S. Judge Marvin Isgur in the year-long bankruptcy case of Comcast Sports Net Houston, the network created in 2012 by the Astros, Rockets and Comcast. Isgur approved the team-sponsored reorganization that will sell the network for $5,000 to AT&T and DirecTV, which will contribute $50 million in new capital to relaunch the channel. The relaunched channel — Root Sports Houston – will be available on AT&T Uverse, DirecTV and Comcast cable and end a contentious tow years in which Rockets and Astros games have not been seen in most Houston-area TV households. No immediate date has been set for the new channel. Previously, Isgur had said he would leave a week for Comcast to appeal. http://blog.chron.com/sportsupdate/...n-bankruptcy-plan-clears-way-for-new-network/[/rQUOTEr] <blockquote class="twitter-tweet" lang="en"><p>It remains unclear when the new network will launch, but expect it to be some time in mid-November.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527960070467104768">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>DirecTV has no comment at this time.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/527960217422934016">October 30, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
Early on those who had dealings with Isgur said he was a practical and fair Judge. That proved to be correct. Though none of us liked how long it took, the Judge did due diligence and hopefully got this resolved. Hopefully the 50M that ATT/DTV will invest in the Network will be for the type of programming that people liked with CSNH.
