When the judge says in open court that it was either confirm this plan or rule to liquidate, I really don't think there's any ground to support a stay pending an appeal. Comcast is better off with this reorg than they are with a liquidation.
[rQUOTEr]No big surprise, but Comcast just filed official notice of appeal in the CSN Houston bankruptcy case. Judge isgur will hold a hearing on assorted aspects of the case at 2 p.m. Friday. Comcast says judge erred (1) in confirming Ch. 11 plan, (2) in not allowing 1111(b) designation for Comcast secured loan, (3) in holding that Comcast loan was treated fairly by plan under section 1129(b) of bankruptcy code, (4) in ruling that plan was accepted by a class of creditors that will not receive full repayment, (5) in saying plan did not discriminate against Comcast's claims, and (6) in saying that exculpation clauses in plan were lawful.[/rQUOTEr]
Are we sure about that? They are locked into something like paying a billion dollars in broadcast fees over the next 20 years under their current contract - something they could get out of with liquidation.
<blockquote class="twitter-tweet" lang="en"><p>While Comcast pursues CSNH appeal in district court, it has asked Judge Isgur for a stay pending appeal.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/528215856090603520">October 31, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
I know this is probably just something I overlooked but - with Comcast getting their panties all in a bunch about getting 'their 100 million back', doesn't Comcast still owe the Rox and Astros MORE than 100 million in unpaid rights fees? I don't get it. Aren't they coming out ahead just by walking away from this, even WITH the furniture/equipment losses?
So a stay would prevent the network from going live until the appeal is resolved, correct? If so, that would make this request THE deciding factor on wheter or not games wil be on TV within the next few weeks. Isht just got real...
Comcast is locked into paying the overpriced broadcast fees for the next 15-20 years. Assuming they have 1.5 million households x $3.50 / month x 20 years = $1.26 billion. The loan and FFE and all that is all pocket change here for them. The goal, I would think, would be to get out of paying the rates they are contracted to. On a side note, Comcast doesn't owe the Astros/Rockets any media rights fee - CSN-H theoretically would, but it has no money. So regardless if it liquidates or turns into Root Sports, Comcast is not getting their loan and the teams are not getting their backpay media rights fees.
What are the odds of the stay being approved and them preventing the launch of Root Sports Houston? And when will this decision be made?
<blockquote class="twitter-tweet" lang="en"><p>Judge Isgur has denied the Comcast motion for stay pending appeal. This frees Comcast to seek a stay from Judge Lynn Hughes.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/528262892622467072">October 31, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" lang="en"><p>Attorneys say they have settled the Comcast services question, so the transition to new network will proceed while appeal proceeds.</p>— David Barron (@dfbarron) <a href="https://twitter.com/dfbarron/status/528274624908627968">October 31, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
