WorldSpace Inc fka WRSPQ

[hang ten]

one encouraging thing hinting at Malone's intentions with WRSPQ: in March Yenura (a company controlled by Worldspace founder N Samara) bought the assets of Worldspace.. then 5 months or so later this purchase was terminated. so why couldn't Malone just buy the assets the same way? this way he'd have the assets but not liabilities. now we know he bought the liabilities, (ie all the preference claims) so he can claim the assets anyway. It does seem like a circuitous route for someone who woul want the meat but no potatoes.. what I'm saying is that it seems Malone wants the co as it is.

Yenura was paying around $28m for the assets, Malone paid around $102m for the bankruptcy - paying off all of WRSPQ's creditors.




WorldSpace, Inc. Asset Purchase Agreement Terminated
Thursday, 27 Aug 2009 04:00pm EDT
WorldSpace, Inc. announced that asset purchase agreement providing for the sale of substantially all of its assets to Yenura Pte. Ltd. (Yenura) had been terminated by WorldSpace's debtor in possession lenders (DIP Lenders). The DIP Lenders exercised their right to terminate the Yenura purchase agreement after Yenura had defaulted in the payment of certain amounts payable thereunder and had failed to remedy such defaults within applicable cure periods. WorldSpace is in discussions with its creditor constituents regarding, and is reviewing, its strategic alternatives in light of the notification of the Yenura purchase agreement termination. - - - - - (repeated)