News: TEN Creditors of Australia's Ten Network vote in favour of CBS bid, page-18

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dleb

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20/09/17

17:17

Post #: 27349176
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Originally posted by trippa99 ↑

How about bring it back out of VA given the only reason it is in VA is due to Murdoch and Gordon forcing directors hand by taking away access to funds that were available. If not for the letter they sent threatening the ceo, there was no other reason for it to be in VA so we are talking about shareholders losing all value due to a deliberate act to enable a takeover for next to nothing.

I have never before seen a VA where it is considered business as usual except for the fact shareholders will lose everything.

So many unanswered questions. I am glad ASIC are involved querying non-disclosures by TEN and also arranging a second Administrator to double check on Korda who has question marks around what was known given he was in there nearly 4 mths beforehand doing work.

I believe smaller shareholders got screwed due to greed by the larger holders but note this looks like a WIP from many years back. The historic tax losses and held franking credits offers over $400 million in value on their own and for the buyer to get these benefits along with 4 free television licences that are rare commodities that will make lots of money if managed properly. Tens debt is nominal compared to Seven and Nine and it looks like achieving savings beyond $70 million per annum which would turn around its nominal loss and make it a strong gain.

If they manage to get it, they will probably dress it up and on-sell back to the public for over $1 billion (AKA Channel 9) and will have lots of tax offsets to not pay a cent of tax on the gain. They will talk about how it has been fixed when it is merely a case of it no longer getting hacked to pieces.

Ten group is a very attractive asset and CBS/Murdoch-Gordon are effectively getting it for free and I dont think it matters which one gets it as they are working in unison to screw us and pretending they are competitors trying to save the company (give me a break). Some here may not realise but owner/controller of CBS is older brother of Bruce Gordon.

Klue may be happy to give his equity to the wealthy but I am not happy how this has all eventuated by making out some crisis that does not exist in order to strip our wealth to give to the rich.

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Good Summary trippa re: ( ASIC are involved querying non-disclosures by TEN) I hope they do their job in the interest of 17000 Australian Shareholders !

TEN Price at posting: 16.0¢ Sentiment: None Disclosure: Held
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News: TEN Creditors of Australia's Ten Network vote in favour of CBS bid, page-18

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