Ann: SALE AND RECAPITALISATION OF TEN, page-9

shareholders get nothing.

so it would seem Murdoch and Gordon probably in the end got more from letting it drop into Administration and ensuring their guarantor fee comes through than losing their shares and the fees and having to stump up to CBA for the loan as well. Bit of loss mitigation there methinks. Nice little charade about wanting to buy it though.

As an aside though, i also like it because chances are CBS won't let it be the NewsCorp / Fox cash cow anymore paying through the nose for content that doesn't get traction here....

now, if only the previous board had run it that why, can't think why they might not have....