The Supreme Court of NSW has ruled in favour of Bruce Gordon’s WIN Corporation to delay the second meeting of Network Ten creditors organised by its administrator to vote on the broadcaster’s sale to CBS.
WIN Corporation made an application to the Supreme Court on Wednesday requesting that Korda Mentha delay the meeting, which was scheduled of Tuesday 12 September, because it claimed the administrator’s report is missing vital information needed for creditors to make a proper decision on the sale.
WIN’s court application was made on behalf of its CEO and Ten director Andrew Lancaster, who claims he has not been paid his directors fees, according to Fairfax.
Furthermore, WIN is seeking rights for all Ten shareholders to vote on the takeover deal and for CBS’s vote to count for just $1.
Representing Korda Mentha in court yesterday, Richard McHugh, SC, described Gordon as a “disappointed underbidder” who should not be given “a free run” to delay the meeting to advance his commercial interests, according to The Australian Financial Review.
However, McHugh’s argument was no good, with the creditors meeting being delayed by a week (Tuesday 19 September), while the Supreme Court will hear WIN’s case on Tuesday and Wednesday.
Lachlan Murdoch’s 21st Century Fox is tipped to join the case to have its complaints heard around Korda Mentha’s administration of Ten.
This latest news is just another twist in the whole Ten-CBS saga.
Murdoch and Gordon’s joint bid for Ten was the overwhelming favourite once the Australian Competition and Consumer Commission (ACCC) announced it would not oppose the offer.
However, in a shock move, Ten’s receivers (PPB Advisory) and administrator (Korda Mentha) made the decision to instead hand over the reins to US media giant CBS.
B2B marketers could learn a thing or two from their B2C colleagues, argues WP Engine VP APAC sales Mark Randall in this guest post. It surprises me how many B2B organisations are not quite hitting the mark when it comes to reaching their audience. When talking directly to businesses, many brands are missing an opportunity […]
The majority of adverts uploaded to Facebook aren’t created for Facebook as its priority. This is causing huge inefficiencies and poor performance for brands, many of whom are facing up to shrinking budgets. Tom Phillips (main photo) managing director at Connecting Plots shares lessons from 12 campaigns they optimised for auto brands… It’s no secret […]
On Wednesday, 21 October 2020, the PR industry was bolstered by the launch of the Public Relations Institute of Australia’s (PRIA) first University Mentoring Program in New South Wales, adapting the traditional face-to-face program to a virtual format for the first time. In collaboration with the University of Technology Sydney (UTS), the PRIA NSW Young […]
JCDecaux has developed a dynamic digital campaign with live timetable data where commuters can access their money from MyPayNow while waiting for the bus. In an exclusive nationwide Out-Of-Home campaign, JCDecaux’s SMARTFRAME digital assets are broadcasting bus arrival times, letting commuters know how far away their next bus is – and just how easy it […]
Rokt has today announced an investment of US$80M. The capital will help accelerate research & development and support the expansion of its client base into new verticals and geographies as Rokt continues to make e-commerce smarter, faster, and better. The funding round was led by Rokt’s largest institutional shareholder TDM Growth Partners , and supported […]
PayPal Australia and Buy From The Bush have joined forces to launch a new online marketplace to showcase rural Australian small businesses in time for Christmas. The expanded partnership aims to build stronger connections between bush businesses and Australians in cities and suburbs across the country. The new Buy From The Bush Marketplace is an […]