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Ventures LINTA/LVNTA - reason for the tracker - off to wedding, good luck every one & every one always do your own DD.
ORRRR Maffei on ventures "some of these assets have traded up significantly over time & we are not the only ones bidding for these assets, others may have synergy's" .......These are possibly indirect comments but not as direct as many of "smoking gun's" that can dug up for those who paid close attention.
OR...............How about its basically written in plain English buried in Liberty's S-4?
I figured this out about 1.5 years ago with just about 99.99999999% certainty. I don't post much any more mostly keep all my research/thoughts to myself. But since your on topic you are 100% correct.
Liberty Media Corporation Q4 2009 Earnings Call Transcript
On World Space we're – it's an evolving relationship. We are currently a lender to World Space, to the debt in possession (inaudible) because we purchased a loan as a percentage of debt financing to that. We had discussions about a broader relationship that are not yet resolved. Our interest in that – and frankly, it's somewhat of a venture capital-type play. It could take several forms. We obviously like satellite radio. We think it's a great property. Could there be opportunities for satellite radio outside the United States? We're certainly looking at that. In addition, World Space has L-Band spectrum in virtually every place in the world, except the US, Japan, and South Korea. And it's got a couple of satellites in the air that might be of value. Our views, our plans are evolving.
John C. Malone
But if you look at it opportunistically, some years ago, we started a fairly substantial program of investing in distressed debt in the TMT space.
Insert Liberty Ventures last August (LINTA), Liberty Interactive held all of the Worldspace Debt which secured Liberty's rights to the Worldspace underlying assets. LINTA also has most the international relationships in Liberty (besides the spun of Liberty Global).
There is PLENTY of information out there that pretty much confirms this is a matter of WHEN not IF, it has been spreed out over the past several years you just need to piece it all together.
Also I believe what he's referring to is Worldspace's technology that allows for more effective use of spectrum which was properly partnered/shared with Sirius 2.0 which allowed for a significant amount of extra channels with the same amount of bandwidth. Internationally I believe that same spectrum has been recently approved from harmonization in the EU for LTE. Combine that with certain mobile rights and things get very interesting.
Of course this is all in my humble opinion always do your own DD. Good luck.
Actually it wasn't your article I was talking about that was the 1st to pick up on the comments (even though you did have a speculative article just like every one else in 2009/2010). There was an article written by www.insideradio.com (that now is a paid article) I was referring to about picking up on the comments. You may be now officially be one of the 1st in the circle of the Sirius blogosphere to take heed of what I knew for 100% was going on since March (vs the general consensus) for some time now.
Funny thing is Brandon I do remember distinctly in 2010 when I tried to tell you to take another look at what the court doc's say and the Media says and you and your mod at the time ShadowsSpy, "ROFL PMP LOLOLOL!!". Even until now I still have not seen any direct evidence published (other than speculation) from any media outlet to date. The closest thing I've seen is what is just being picked up now, (the emphasis on Greg Maffei's comments.) I do see your defiantly on the right track and seeing what many have missed. We all knew it was speculation for years........but where is the PROOF??
Good luck digging there is a ton of info out there you just need to piece it together. After this whole thing blows over I will publish my research for all to see.
Good luck to all.
I'm surprised it took you all that long to find that. I would have thought that CC would have been posted here right away given how easily accessible & publicized that CC was. I heard it live and was stunned to finally hear the words come directly from the horses mouth. I was even more shocked to see only 1 radio based publication pick up Greg Maffei's direct statements (almost an entire week later.) & now finally here.
FYI there is a lot more public information out there that is pretty much as direct as Greg Maffei's comments in that CC. Its scattered all over the place and I haven't seen any outlet pick up on it yet.
Good luck to all.
There is nothing interesting about it. Its NOT the same company. "Worldspace Search" there is also another Worldspace software company that has nothing to do w/ this one. Every one take a chill pill it takes all but 2 seconds some times to do a little DD. I know were all anxious but 99% of the post have literally nothing to do with worldspace OR even the ones that due anything to do w/ an update to the outlook of the current situation. Have a beer when something happens well know :)
Your misunderstanding, Its not the same company.
Maybe no need for their services anymore
What We Do
Kurtzman Carson Consultants LLC (KCC) serves as a Claims and Noticing Agent that streamlines and simplifies every aspect of the corporate-restructuring process. Our administrative-support solutions reduce the cost of restructuring by streamlining each step in a Chapter 11 case. Our clients not only enjoy KCC's time and cost efficiencies, but also the peace of mind that they can focus on more important matters. KCC provides industry expertise, professional-level client service and proprietary technology to help alleviate the administrative burdens associated with today's complex corporate restructuring.
KCC’s claims administration and noticing services span companies facing domestic U.S. restructuring as well as insolvency proceedings abroad. With resources in the U.S., Canada, Europe, Germany, Russia and Ireland, KCC can provide claims administration, noticing, document production, balloting & solicitation and disbursement services all around the world.
http://www.kccllc.com/corporate-restructuring/what-we-do/
??
Yea, I just don't see it being a mistake. I also don't see it as being positive or negative but between our buddy bob being off payroll and being removed off kcc directory......my bet is something is up.
Good find, there goes that theory......
I stand corrected, your right I did a search from "all documents".......I guess we both agree on "who knows"...
I don't think that's a mistake....The title of the page where the link is not listed on is "ACTIVE cases", when you search its a document search. IMO its not a mistake pretty much "over" or not an active case any more........What the end result is? I guess well find out soon. Of course I could be wrong.
You cant change businesses and keep the NOL's active it must be a continuation of core business
Actually the analogy has everything to do with Worldspace, if your some how suggesting the come back of Worldspace India, via a sale to another company to use the worldspace name means our shares will be active.
Circuit city which filed for bankruptcy then was TOTALLY LIQUIDATED. Still exists via Circuitcity.com because the right's were sold in bankruptcy. Did the Circuit city share holders receive any compensation?
Only thing that happened is the rights to use the worldspace brand name were sold off to another company. In reality with just the info we have means 0 to us, other than some "news" when we had not had any for months.
See my response to NY73's post......I guess Its good that they were able to sell off the name in India, but I don't think (at least with the info released solely to public)that this matters that much.
Exactly. I wouldn't be all giddy over this news just yet
IE: http://www.circuitcity.com/ -bankrupt circuit city
owned by tiger direct.
+100000000000000
Congrats your speculation quotes on the internet have been republished......
http://www.advanced-television.com/index.php/2011/06/20/worldspace-yet-another-year-passes/
Liberty always has a "master" plan. Trust me when I say if they are shelling 1.02 B for 70% of BnN there is a MUCH bigger plan for it.......What that plan is I also am not sure. BnN is the worlds* largest book seller, I'm sure they did there home work. Interested to see how this all turns out......
A ham sandwich can sue in this country. Filing and winning a lawsuit are literally 2 separate ends of the spectrum.......
Sections 362 (automatic stay), 363 (use, sale or lease of property) and 364 (obtaining credit) of the Bankruptcy Code authorize a court to grant adequate protection of a party’s interest in property. [1] Section 362(d)(1) of the Bankruptcy Code permits a party to seek relief from the automatic stay where its interest in property is not adequately protected. Accordingly, a party is entitled to adequate protection of its interest if the automatic stay prevents it from enforcing such interest. Section 363(e) of the Bankruptcy Code permits a party to seek adequate protection of its interest in property when a debtor seeks to use, sell or lease such property. Section 364(d)(1)(B) of the Bankruptcy Code requires a debtor to provide adequate protection to a creditor where the debtor obtains credit or other debt secured by a lien on estate property that is senior to the creditor’s lien on such property.
The Bankruptcy Code does not specify what constitutes adequate protection. Rather, Section 361 of the Bankruptcy Code provides the following three examples of what may provide adequate protection of a party’s interest in property: [2] 1) a cash payment or periodic cash payments to the extent that the party’s interest declines in value as a result of the debtor’s actions; [3] 2) an additional or replacement lien to the extent that the party’s interest declines in value as a result of the debtor’s actions;[4] or 3) such other relief, as will result in the realization of the “indubitable equivalent” of an entity’s interest in property.[5]
In addition to those set forth in Section 361 of the Bankruptcy Code, depending upon the specific factual circumstances at issue, myriad other forms of relief also may constitute adequate protection.[6]Generally, however, when adequate protection is granted in connection with the automatic stay (the purpose of which is to maintain the status quo and provide the debtor with a breathing spell from its creditors) debtors are often required to protect the collateral. Accordingly, adequate protection in the stay context may take the form of simply requiring the debtor to pay taxes, maintain insurance and keep current on senior indebtedness.[7] Where adequate protection is granted in connection with the debtor’s use, sale or lease of property, it may take the more active forms of periodic cash payments (such as the payment of a portion of rent on encumbered property) or additional or replacement liens (typically in connection with a debtor’s use of cash collateral). When granted in connection with the issuance of priming liens, the adequate protection granted to the primed creditor generally takes the form of additional and replacement liens and periodic cash payments (such as current interest).
Regardless of the form that it takes, however, the granting of adequate protection is not designed to protect a party’s entire interest in property. Rather, the “amount” of adequate protection required is limited to the amount of a party’s interest in property. If a party’s claim is greater than the value of its interest in property, the excess portion of the claim is unsecured and not entitled to protection. To illustrate, if a creditor has a $2 million claim secured by $1 million of collateral, the creditor would be entitled to adequate protection on only $1 million of its claim with the remainder of the claim being classified as unsecured. [8] Where a creditor’s claim is less than the value of the property securing the claim, the creditor is protected by the excess value, known as an equity cushion, and may not be entitled to additional adequate protection until the collateral has decreased in value to a point at which the secured claim is threatened. For example, if a creditor’s $2 million claim is secured by $5 million of collateral, the creditor will have a $3 million equity cushion and may not be entitled to periodic cash payments to protect against a decline in the value of the collateral because the decline would affect the excess value and not the creditor’s $2 million interest. If, however, the value of the collateral declined to $2.1 million, the creditor’s $2 million claim likely would be threatened and the creditor would be entitled to some additional form of adequate protection. [9]
Because adequate protection is intended to protect the value of a creditor’s interest in property, a question that often arises is whether the value to be protected is the value of the interest as of the date of the request for protection or the date of the commencement of the debtor’s bankruptcy proceeding. The literal text of the Bankruptcy Code supports the view that adequate protection should be provided only from the date of the request for such relief. [10] Courts generally adhere to this rule as well, often justifying the result on the creditor’s delay in seeking protection. [11] For example, assume that, as of the petition date, a creditor’s collateral were worth $2 million and over the next month the collateral decreased in value to $1 million. Assume also that the creditor, with knowledge of the debtor’s bankruptcy proceeding, did not seek to modify the automatic stay or condition the debtor’s use, sale or lease of the collateral until after it had declined in value. Under such circumstances, courts will find it difficult to justify granting adequate protection for the period when the creditor did not seek to assert its rights, even though the value of the collateral declined during such time. The real lesson, of course, is that creditors must be diligent in protecting their collateral and must move for adequate protection as soon as possible after a debtor’s filing for bankruptcy in order to protect against any decline in the value of the collateral.
An additional concern in the adequate protection context that affects a debtor’s ability to deal with claims in its plan of reorganization is the valuation of the collateral to be protected. There are numerous methods for valuing property and many reasons for choosing one method over another. [12] Where a method is used to yield a high value, it will have the result of increasing the amount of a creditor’s secured claim. Similarly, using a method that yields a lower value reduces the size of the secured claim and may result in a larger undersecured claim. While it would appear that a secured creditor would benefit from a higher valuation (because its claim would receive better treatment in a debtor’s plan of reorganization), in the context of an adequate protection motion that may not always be the case. Indeed, if a particularly high value is assigned to collateral, it may form the basis for a court to determine that a sufficient equity cushion exists to protect the creditor and may result in no additional adequate protection being granted to the creditor. [13] Similarly troublesome, a lower valuation may result in a finding that more tangible adequate protection is required, but will increase the size of a creditor’s unsecured claim, which could result in a lower ultimate recovery under a debtor’s plan of reorganization. While a valuation for purposes of adequate protection is not binding upon a later valuation performed for a different purpose, it would be difficult for a court to ignore the existence of the earlier valuation. [14] Accordingly, parties must be wary of the ultimate treatment of a claim when deciding upon a valuation methodology in the context of an adequate protection motion.
________________________
[1] See 11 U.S.C. § 362(d)(1); 11 U.S.C. § 363(e); 11 U.S.C. § 364(d)(1)(B) (2001). The provision of adequate protection pursuant to Sections 362 and 363 of the Bankruptcy Code will be made upon request of a party whose interest in property is affected by a debtor’s actions under such provisions. Adequate protection under Section 364 of the Bankruptcy Code is mandatory and a debtor must establish that it has adequately protected the interest of a lienholder in the debtor’s property prior to obtaining a loan with security equal or senior to the lienholder’s interest.
[2] 11 U.S.C. § 361 (2001). Section 361(3) of the Bankruptcy Code states that granting a party an allowed administrative expense claim (the highest priority of unsecured claim) pursuant to Section 503(b)(1) of the Bankruptcy Code is not considered adequate protection. While the statute was drafted to protect a party from being forced to receive as adequate protection a “mere” administrative expense claim, it does not preclude a party from consenting to take an administrative expense claim alone or as part of other adequate protection.
[3] Periodic cash payments are generally applied to the secured portion, as opposed to the undersecured portion, of a creditor’s claim because adequate protection payments are designed to compensate a creditor for a decline in the value of its collateral.
http://www.turnaround.org/Publications/Articles.aspx?objectID=1789
[4] Additional or replacement liens are commonly granted as adequate protection to a pre-petition secured creditor in order to protect it from new and often senior liens granted to the debtor’s post-petition lender. Such liens also customarily are granted as adequate protection to the debtor’s pre-petition secured creditors where the debtor is authorized to use such creditors’ cash collateral.
[5] The “indubitable equivalent” does not mean that collateral needs to be replaced with an identical type of collateral.
[6] The type of adequate protection generally depends upon the type of collateral in question. Where leased real property is at issue, adequate protection of the lessor’s interest in the property may take the form of current lease payments. If the value of the collateral is not declining, then adequate protection of real property may be provided by the maintenance of insurance, the payment of taxes and appropriate reporting of the debtor’s financial status to the lessor. Where the collateral is inventory and accounts receivable, a debtor may provide adequate protection by supplying current accounting information and additional or replacement collateral where the creditor possesses a lien on after-acquired inventory and accounts receivable.
[7] See In re Briggs Transp. Co., 780 F.2d 1339 (8th Cir. 1985) (payment of taxes); Allied Credit Corp. v. Davis (In re Davis) , 989 F.2d 208 (6th Cir. 1993) (maintenance of insurance); Ridgemont Apartments Assocs., Ltd. V/ Atlanta English Village, Ltd. , 110 B.R. 77 (N.D. Ga.) aff’d without opinion, 890 F.2d 1166 (11th Cir. 1989) (current interest payments to oversecured creditors).
[8] The automatic stay generally prevents the undersecured creditor from foreclosing on its collateral. Certain courts had held that an undersecured creditor was entitled to be paid interest on the undersecured portion of its claim in order to adequately protect such creditor for the delay in foreclosure caused by the automatic stay. The United States Supreme Court, however, rejected this position in holding that undersecured creditors are not entitled to compensation under Section 362(d)(1) of the Bankruptcy Code for any delay in foreclosing on collateral caused by the automatic stay because doing so would be inconsistent with the language and intent of Sections 506(b) (entitlement to post-petition, interest, fees and costs), 552(b) (post-petition effect of security interest) and 362(d)(2) (relief from the stay where the debtor lacks an interest in property and the property is not necessary to an effective reorganization) of the Bankruptcy Code. United Savings Ass’n of Texas v. Timbers of Inwood Forest Assocs., Ltd., 484 U.S. 365 (1988).
[9] Generally, courts have held that an equity cushion of 20 percent or more is adequate, while a cushion of 11 percent or less is insufficient. See e.g. , Kost v. First Interstate Bank of Greybill (In re Kost), 102 B.R. 829 (D. Wyo. 1989).
[10] As noted above, the language of Sections 362(d)(1), 363(e) and 364(d)(1)(B) authorize adequate protection upon the happening of a specified event. Literally read, such language indicates that relief should be granted so as to adequately protect the creditors’ interests as of the date of the request.
[11] See In re Carson, 190 B.R. 917 (Bankr. N.D. Ala. 1995) (awarding adequate protection from the date the motion for relief is filed and collecting authorities for same); In re Continental Airlines, Inc., 146 B.R. 536 (Bankr. D. Del. 1992) (same); In re Best Prods. Co. , 138 B.R. 155 (Bankr. S.D.N.Y. 1992) (same). But see In re Ritz-Carlton of D.C., Inc., 98 B.R. 170 (S.D.N.Y. 1989 (awarding relief from petition date).
[12] Liquidation, going concern, market and myriad other standards may be utilized in the valuation of collateral.
[13] See In re Glenn, 181 B.R. 105 (Bankr. E.D. Okla. 1995).
[14] With respect to the value to be assigned to collateral Section 506(a) of the Bankruptcy Code provides that “[s]uch value shall be determined in light of the purpose of the valuation and of the proposed disposition or use of such property … ” 11 U.S.C. § 506(a) (2001).
This is just the beginning my friend, chapter 1 page 2. Real $ hasn't moved to Siri yet, be patient and you will be highly rewarded.
If we had just a penny for every theory we've speculated on in the past 2 years what happens w/ worldspace wouldn't matter because we'd all be rich :D
Bebops quote about video was taken from another assumption\rumor on the net taken from Liberty's CC no offense I wouldn't look much into it. Mel has over and over again "We are a PURE satellite radio play, laser focused on Satellite radio solely (Mel's past presentations Liberty investors relations ect...). If there's anything to be taken from Liberty's CC I'd say the comment about what to do with Liberty's access capital "Investing in companies that are perceived to being failed & being so lucky as to possibly finding another Sirius" is a bit more relevant to this situation I would think. Of course anything can happen clocks ticking .............ZZzZzz lol
Hrmmmm aug 31st last court date.......shortly after when liberty can take over 50% siri with out affecting the NOL's........I smell some sort of complex split/spin/merge from the good folk @ liberty preserving both NOL's perhaps trading that 10% of siri they need for X% of worldspace in a new co.........My guess
You mean tender offer? I get it I'm saying that the number is made up there were rumors of a Liberty buy out @ 2 when we were at 1. As far as a good deal, its not a good deal unless your into selling yourself short........Sirius will be worth more than 16B in due time.
Congrats........BTW if Liberty purchased Sirius for 4 bucks you (and me) are a shareholder will be robbed. Sirius will be worth A LOT MORE in the future if management continuous this performance. Liberty also for the most part does not buy out companies so that nonsense rumor is exactly what it is a rumor. Use your head, do you really think "some one" on the internet knows Liberty's intention AND what they are going to pay?
Article is riddled with bad information
"particularly when it was announced that Liberty also purchased the remaining assets of Worldspace, a bankrupt satellite radio broadcaster. Hmmm, there’s a familiar ring to that. "
SEEKING ALPHA?!?! Geez, don't believe everything you read please. Just about numskull with a keyboard and internet connection can write an article to be published via SA. In fact they are in in the middle of law suite for some of the questionable articles published.
http://www.sec.gov/Archives/edgar/data/1388855/000118518511000371/ex99-13.htm
NOL restrictions are lifted mid August for Liberty/Sirius. No expert on what can be done in spin offs and reverse mergers HOWEVER....the good folks @ Liberty are...........So if there's any one who can do it its Liberty IMO.
Greedy is a relive word. What is being greedy? You have people who were lucky enough get in @ .05 who sold @ .30 who % wise were up more than you currently because they didn't want to be "greedy"......IMO don't sell yourself short because your "up to much" with out a TRUE logical reason for selling. There's nothing wrong with taking profits obviously. But IMO don't sell just because we are @ 2 I'm up nearly 500% today I won't sell until something MATERIAL happens that gives me a logical reason to sell or a personal financial reason. At the direction we are heading now there will be plenty of upside IMO we've just begun you just need to be extremely patient and understand what is real news and whats garbage. Of course this is just my opinion.
Jesus +1000!!! There is a man who truly understands what's hes invested in. Any one selling Siri @ these levels does not truly believe or understand the future potential of not only the company but also the players involved in running the company and there track records. I also am extremely suspicious/anxious for Aug 2011 lift on NOL restrictions......could be part of the worldspace plan.
I hope its option 2. However the good news for me is in my mind I've already written this off as a loss so I can't really lose. I'm still hopeful......I like the factual logical analyst though......
Also did the same (Liberty via Livenation) recently here
Azoff ruled out buying EMI Group Ltd. or Warner Music Group Corp., two record companies that are for sale.
“Greg and I have been besieged by every bidder out there who’s interested in EMI and Warner,” said Azoff, who said Live Nation isn’t interested in owning a record company. “The catalog of EMI and Warner is the best that ever existed. It’s not to be.
1 year later....................
Live Nation enters bid battle for Warner Music
http://www.bizjournals.com/losangeles/news/2011/04/01/report-live-nation-bids-for-warner-music.html?ana=yfcpc
Exactly.
Also I believe worldspace has licenses for south america and Caribbean they never made use of...not sure if those left w noah as well, not to mention that spar bird in storage.
I don't think any of us know how much Liberty paid for those creditor claims. I could imagine very little given Worldspaces financial condition. What I'm saying is the total amount of those secured creditor claims (Not what Liberty paid for them) is about 116M.