But they just told us the company was worth $328M. And they have no interest in the company, even at a price much less than that? Shocked I am.
I would think they would like to have everything ready for the Rockets opening game, but it will depend on the ruling. Best case scenario it gets done quickly and ATT/DTV get the channel on by the end of the month. Worst case scenario it continues to drag on for a while. I'm hoping best case, but the way this thing has gone I'm not betting against worst case (not to imply I have any info to suggest it will drag on).
Good question. I'm not sure. I'm not certain how the hearing today is being looked at. Is it a function of the ongoing BK suit or is it just a hearing to determine info for the pending decision on allowing the sale. From the things I have read it seems like this is a decision that determines a disagreement relating to the sale to ATT and as the overseer of the BK Isgur has the ability to render a final decision. It reads like it is more a mediation type situation, where he is mediating the valuation of the Comcast loan, rather than an actual court case where there is a suit filed. If that is the case it, I would expect his decision is binding to both parties.
<blockquote class="twitter-tweet" lang="en"><p>Each side gets 90 minutes for closing, so we should be done shortly after 5 p.m.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519923798695772163">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Judge Isgur has said he may rule from the bench after today's hearing, but he also may delay a decision until Friday.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519924330021810176">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>At any rate, there are other contested issues with the Rockets/Astros-backed plan opposed by Comcast.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519924578391707648">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Accordingly, it could be several days before Judge isgur makes a final ruling on whether to approve the plan.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519924685942050818">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>This is getting deep into the weeds, but the judge this morning asked the attorneys to focus on two questions of law.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519924801193148417">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>One is whether the Comcast assets should be valued as of 9-27-13, when Ch. 11 petition was filed, or when network emerges from bankruptcy.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519924975164485633">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Also in question is how to handle unpaid rights fees owed Rockets and Astros.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519925160871473152">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>The teams are waiving immediate payment of these claims to facilitate the network transfer to AT&T and DirecTV.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519925268572819456">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Judge Isgur is on the bench, and we are about to begin. Astros/Rockets plan proponents are up first.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519925725382844416">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Astros attorney Paul Basta says under any scenario based on 9-27-13 date, the Comcast affiliation agreement is of negligible value.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519928016915660800">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Basta cites 5th Circuit case (US v Stembridge) in saying value of secured claim for which recovery is “crammed down” is as of petition date.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519929255967621121">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>For us laymen, that essentially means he says 5th Circuit law supports Comcast receiving only limited repayment.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519929381373108225">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>That is to the teams' advantage, since they are paying the secured claim to help facilitate network sale to AT&T/DirecTV.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519929637494075392">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Basta also argues if collateral is worth more on sale date than petition date, credit goes to teams that did AT&T/DTV deal, not Comcast.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519931326636765184">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>“Comcast didn’t do anything to get us to the other side of the river,” Basta said. Comcast “is trying to leach” off teams’ work to save net.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519931634012139520">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
If Judge says it could be today or Friday...will be Friday. Let's hope this doesn't drag on too much more after that.
<blockquote class="twitter-tweet" lang="en"><p><a href="https://twitter.com/dfbarron">@dfbarron</a> I repeat what I wrote yesterday -if the value is so great why isn’t Comcast buying it.That’s the slam dunk scoreboard end it all ?</p>— Gene Egdorf (@GeneEgdorf) <a href="https://twitter.com/GeneEgdorf/status/519941381138427905">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>By the way, Leslie Alexander and Jim Crane are both in the courtroom this afternoon.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519943586830622720">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
I think a certain judge should be given excellent season tickets to a couple of certain professional sports teams to push this deal through before a certain basketball team starts their season.
<blockquote class="twitter-tweet" lang="en"><p>Judge Isgur has ruled that Comcast's interest in the collateral “is of inconsequential value.”</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519952623554686976">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
Spoiler <blockquote class="twitter-tweet" lang="en"><p>Basta just wrapped up his portion of closing. He says it is unfair for Comcast to “ride the coattails” of teams, who cut deal with AT&T/DTV.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519937954605977600">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Goldblatt says appropriate date for valuation is for the date that the plan is approved, which differs with teams’ position.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519939277086797825">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>However, he believes that even if the judge elects for petition date, Comcast assets still have consequential value.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519939357122510848">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Goldblatt argues that Comcast affiliation deal is a contract whose proposed use begins with the reorganized network.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519940467409293312">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Therefore, he says, as a matter of common sense, the Comcast assets should be valued as of the effective date.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519940695399075841">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>Goldblatt said a “touchstone” in bankruptcy law is you can’t use secured debtor’s collateral to make money ...</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519944389574295553">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>... and then treat secured creditor as if the business has been liquidated.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519944464522309633">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>He says collateral should be valued at reorganization value, not liquidation value.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519944602174779392">October 8, 2014</a></blockquote> _____________________________ <blockquote class="twitter-tweet" lang="en"><p>Judge Isgur has ruled that Comcast's interest in the collateral “is of inconsequential value.”</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519952623554686976">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet" lang="en"><p>This is, in effect, a victory for the teams and a step toward the AT&T/DirecTV sale.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/519952761773780992">October 8, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
