WorldSpace Inc fka WRSPQ

[bepop12345]

Foxy's-Interesting post from SIRI board.

Siri board post by Foxy:

Liberty moves in and buys up the debt... then becomes the DIP financier; while negotiating an asset purchase agreement with the unsecured creditors and claimants.

I'm guessing that the unsecured creditors and claimants were was asking for too much for their unsecured claims... entities such as Yenura Pte. Ltd -- which is Noah Samara's Singapore based company who owned most of the company... or even Stonehouse Limited, which was one of Samara's "money connections".

So Liberty pulls out of negotiations and says, you're on your own -- but we still own your debt.

This left Worldspace with no recourse and backed them into the corners, so now they're claiming that they're going to de-commission and deorbit the satellites. A move of desperation to force Worldspace to do something.

In Worldspace's filing today, they note that they're asking to de-commission or sell the satellites and related assets in bankruptcy.

This is getting good. Let's see who blinks first... but again, my guess is that Samara and company were asking for too much.