Worldspace De-Orbit in Lieu of Sale Contingency Plan Approved
March 24, 2010 By: Steve Garcia Category: LCAPA, LCAPB, LINTA, LINTB, Media Companies, WRSPQ
By Steve Garcia
What is left of Worldspace (OTC BB: WRSPQ) was granted permission(docket #0962 dated 3/24/2010) on March 24th in a Delaware courtroom to either find a suitor for their satellites, or de-orbit them. Liberty Media (NSDQ: LCAPA, LBTYA) attorney representatives were present when the decision was made. Although the satellites are actually owned by Worldspace Satellite Company Limited (SATCO) a non debtor affiliate of Worldspace, the contingency relief sought by Worldspace in the petition filed on March 16th was accepted, in the event they are unable to sell the satellites off.
One way or another, this issue will come to final resolution soon. The long dragged out Bankruptcy has not done any justice to anyone. Especially not all the former listeners of Worldspace, some of whom were stuck when the service went bottoms up with pre paid services they can no longer use to listen to Worldspace and its content which they once enjoyed. Final decisions yet to be made, let’s hope the final chapter and closure to this situation is quickly upon us and not dragged along even more.
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