My guess is, he just assumed everyone would pay the $3.40 (alleged) asking price, and so the idea that Comcast could have the perk of being able to pay the 'lowest equivalent carrier fee' probably seemed (naively, we now know) like no big deal. They were PARTNERS after all. This fiasco is a tragedy of such epic proportions on so many levels. Greed, corruption, stupidity, incompetence.. It's practically Shakespearean!
Please please please please don't do this again, many of us want a thread for news. We know your view in Crane, maybe you are right. Either way, please please please don't start this again and get the thread frozen. Please
looks to me like everyone involved has done wrong things. the naive, disconnected, disinterested-in-all-this-crap fan in me wants only one thing: the moon. in other words, everybody issue their mea culpae, get the right subscriber rate and get on the other carriers, the Astros get decent TV money compared to the rest of the market, the Astros and Rockets sign and keep all their home-grown superstars, they both win multiple championships, and we all get to see it on TV. Is that too much to ask? :grin:
You know at some point in situations like this, everyone has to give. I'd say, the fans have given more than their share.
<blockquote class="twitter-tweet" lang="en"><p>Comcast files notice with bankruptcy court that it will not enter bid to buy CSN Houston out of bankruptcy. Details to come.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/statuses/445691827534827520">March 17, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
http://blog.chron.com/ultimateastros/2014/03/17/comcast-backs-out-of-csn-bankruptcy-bid/ Comcast backs out of CSN bankruptcy bid Posted on March 17, 2014 at 6:42 pm by David Barron in General Comcast said Monday it will not enter a bid to purchase Comcast SportsNet Houston out of Chapter 11 bankruptcy, throwing a new dose of uncertainty into the five-month-old saga over the future of the Astros-Rockets-Comcast partnership. The announcement by the four Comcast units that forced the troubled network into bankruptcy, including the subsidiary that put up a $100 million startup loan, came in a two-paragraph submission to U.S. Bankruptcy Judge Marvin Isgur. Isgur will preside over a scheduled hearing in the case Tuesday. “Comcast initiated this bankruptcy proceeding in the belief that the Chapter 11 process would permit the network to reorganize, thus preserving the network’s value and the jobs of many employees,” the statement read. “Much has happened, however, in the nearly six months since this involuntary case was filed. In view of these developments, Comcast is no longer prepared to purchase the network.” The statement concluded, “Comcast remains open to considering any proposal by the debtor for reorganizing the network successfully in Chapter 11, including through an auction or through further efforts to obtain additional carriage.” The statement came less than a week after Astros owner Jim Crane said he expected Comcast to make a bid for the portion of the network that it does not own. The Astros own 46.5 percent of Houston Regional Sports Network, the parent company of CSN Houston, to 22.5 percent for Comcast and 31 percent for the Rockets. Crane, who said the Astros believed Comcast “is going to make an offer to either lend the network some more money to proceed, or put an offer out to both teams,” was not immediately available for comment. A Rockets spokesman was not immediately available for comment, and a Comcast spokesman said the company had no comment on its submission to the bankruptcy court. Comcast officials said in previous court filings they were prepared to offer a stalking-horse bid that would serve as the floor for a possible auction of the network, which is currently seen by fewer than 40 percent of Houston’s 2.2 million households and has been unable to turn a profit since its September 2012 launch. That option, however, apparently is out the window in the wake of the Monday filing. There was no immediate indication of the decision’s impact on the future of CSN Houston and whether the partners might approach a potential sale to another carrier such as Fox or whether it would attempt to broker a sale with DirecTV or AT&T U-verse, which could provide additional carriage along with funding to keep the network operating. CSN Houston owes the Rockets and Astros each more than $27 million in unpaid rights fees. Comcast and Crane also are involved in a separate legal proceeding in which Crane’s Houston Baseball Partners Group sued Comcast, NBC Universal and former Astros owner Drayton McLane, alleging they conspired to withhold details about the pricing structure of CSN Houston when Crane was negotiating to purchase the team. The Astros opposed the Chapter 11 designation and have appealed Isgur’s order to U.S. District Judge Lynn Hughes.
I said awhile ago that this would either end in a buyout, or would be a prolonged slow/painful death resulting in bleeding the network dry of any and all assets till there was nothing left. Looks like the stagnation will promote the latter. To think, this could have all been done with if they simply let the parties walk away 8 months ago...
Based on Crane's earlier comments, I'm guessing a buyout offer was presented and rejected by one or both teams. I'm also guessing Comcast will let someone else set the starting bid price if this goes the auction route. Or it could that Comcast is hoping that the Judge will hold the Astros feet to the fire in regard to them looking out for the best interests of the Network should an offer comes in that makes the Network profitable. The Network being profitable has nothing to do with the Astros being AL West competitive profitable.
Comcast walking away from the mess they helped create sure doesn't look like they care about the "best interests" of the network. The teams aren't going to agree to any deal that has them losing money in the short term or long term. The only entity that can withstand the bad deals are Comcast. Also, even with an auction, I doubt that the Rockets or Astros would willingly give up their veto rights... and with that being the case, I doubt anybody would bid on a network with those stipulations in place.
Not buying out the Astro doesn't equal walking away not sure how you took that leap. Any one of the partners could have placed a stalking horse bid. Comcast chose to recall their stalking horse bid. For the best interests of this thread... Let's agree to disagree.
Where did it say they were walking away or are you just speculating that based on them not wanting to buy the Astros out at this time. Could this also be just posturing to make sure the bankruptcy has a better chance of holding up?
“Comcast initiated this bankruptcy proceeding in the belief that the Chapter 11 process would permit the network to reorganize, thus preserving the network’s value and the jobs of many employees,” the statement read. “Much has happened, however, in the nearly six months since this involuntary case was filed. In view of these developments, Comcast is no longer prepared to purchase the network.” That statement seems to imply that Comcast was very much interested in buying the network early on... and filed the bankruptcy to keep the Astros from leaving, and thus preserving its value. Now, they either don't see as much value in the network, or they realize that the other providers will likely never budge from their stances to make a buyout worth it in their eyes. Like I said before, the only way this network survives as currently constructed is with a buyout... the Astros and Rockets are not going to stick around or approve deals for any network not in position to make a profit. By Comcast no longer being interested in taking over, it's essentially cutting off life support for CSN-H.
<blockquote class="twitter-tweet" lang="en"><p>Astros on Comcast's statement it won't bid to buy CSNH out of Ch. 11: "Comcast drove the network into bankruptcy for the stated purpose...</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/statuses/445772791199973376">March 18, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>"of preventing us from terminating our media rights agreement and to buy the Network out of bankruptcy. Now, after forcing the city, fans...</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/statuses/445772955797057536">March 18, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>"and teams through this ordeal for the last 7 months, they're pulling out. Market conditions haven't changed. Comcast's tactics have."</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/statuses/445773060738543616">March 18, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
John "Took Astros to playoffs for the first time" McMullen who has legacy of signing local player to biggest contract in MLB history and first 1 million dollar contract? Bud Adams who got Houston the NFL in the first place by strong arming and fighting for it? When it went bad with Bud we had 1 year lame duck and the Texans were making their own horrible decisions in a few years. Our town was too cheap to buy a stadium. Drayton gutted the team, moved them to the AL (same as losing the Oilers really) took 80 million from this crap network and ran off. Because of him we have been without MLB in this town for 6 years, and will never have NL again. Because of him we can't watch the Rockets. No single owner has ever screwed TWO teams up. He didn't risk anything. He got his 80 million and knew he would not have any involvement in the creation of the network. Sink or swim his money was paid.
