News: Lachlan Murdoch partner in court to delay vote on CBS TV station buyout, page-15

The whole idea of paying back the trade creditors is nonesense. If ten is trading under going concern, there is going to be trade creditors no matter what unless all the supplier need cash on delivery, which is unlikely. By repaying the trade creditors is like making a payment in advance and should not be included to arrive at the Enterprise Value. Anyone who has a finance background would know EV= Debt(not trade creditors)+ Equity. Repaying only $140M and no return to equity holder is basically valuing the whole company at $140M, in which it contains high carry forward loss and can be easily utilised by profit shifting ( charge less on CBS produced program). Also making comparable with Channel nine and 7 would suggest the licience alone worth more than $500M