WorldSpace Inc fka WRSPQ

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WORLDSPACE from SIRI board:

Posted by: WoodyDog Date: Monday, December 14, 2009 11:30:32 PM
In reply to: None Post # of 14353

http://www.rapidtvnews.com/index.php/200912135425/worldspace-sats-considered-for-de-orbiting.html

Worldspace sats considered for de-orbiting | Print | E-mail
Chris Forrester
13-12-2009
The lawyers advising the unsecured creditors to Worldspace’s Chapter 11 bankruptcy have considered plans for de-orbiting the two Worldspace satellites.

A Liberty Media subsidiary is now effectively in control of Worldspace, and Liberty CEO Greg Maffei last week confirmed that Liberty is working with Sirius satellite radio to expand its pay-radio service internationally.


Thanks to the monthly billing statements filed at the Delaware Bankruptcy Court on Dec 10 we can confirm that on Sept 14 and 15 one of the lawyers involved at Arent Fox LLP (co-counsel to the official committee of unsecured creditors) in the long-running liquidation of Worldspace’s assets had assorted telephone conversations and meetings in regard to “Liberty’s attempt to block payments to professionals and potential responses and implications”.


The following day a telephone conversation took place that covered “funding issues, need to de-orbit satellites…”


The assorted discussions, which took place throughout September, were largely concerned with the position of Liberty coming in as the new owner of Worldspace’s debt obligations.


It could well be that the de-orbiting options were reviewed in case Liberty did not come through with fresh funding (which subsequently did happen