WIN Corporation has given up on its attempt to try and have creditors of Network Ten vote on the joint bid by Bruce Gordon and Lachlan Murdoch against the one by CBS.
Representing WIN in court yesterday, Dr Andrew Bell SC tried to amend the company’s legal action against Ten administrator Korda Mentha so that the broadcaster’s creditors could vote on the two proposed takeover bids when they next meet on Tuesday 12 September, according to The Australian Financial Review.
However, WIN has abandoned its attempt to amend its case, as it was not willing to pay the price of having the current hearing adjourned.
WIN is now continuing its case against Korda Mentha, claiming that both of its reports to Ten creditors were missing vital information needed for them to make a proper decision on the sale of the broadcaster to CBS – namely the execution risk that the CBS deal carries.
