“Checking in on Charter: A judge has allowed Charter Communications Inc. (Nasdaq: CHTR) to extend its bankruptcy “exclusivity period” through Nov. 22 amid opposition from lenders about the MSO’s reorganization plan.
Those lenders have raised questions as to whether Charter’s plan violates its original loan agreements. Charter, which is looking to trim about $8 billion in debt through plan, has high hopes to emerge from bankruptcy this summer.”
“A judge denied a motion Wednesday to create an equity committee to represent shareholders in Charter Communications Inc.’s bankruptcy.
U.S. Bankruptcy Judge James Peck denied the request made by hedge fund Q Investments, which said it lost $14 million on its equity investment, Reuters reported.’
“Q Investments LP, a holding company with a fund that owns 4.7 percent of the Class A common stock, contends that Charter is solvent and that Charter’s Chapter 11 reorganization plan is a “sweetheart deal” that benefits bondholders and insiders while wiping out existing shares.”
“A New York company has completed its acquisition of defunct retailer Circuit City Stores Inc.’s e-commerce business and relaunched what it calls a “new and improved” CircuitCity.com Web site.
Port Washington, N.Y.-based Systemax Inc. (NYSE: SYX) said in a statement that it plans to compete with other online retailers by offering discounted prices, fast shipping and a wide selection of products, as well as offering photo galleries and videos of thousands of consumer electronics and computer products. The company paid $14 million in cash for the site and related assets, plus a share of revenue over 30 months generated using assets it picked up from the former Richmond, Va.-based company.”
“Wendy’s International Inc. is hoping that Pilgrim’s Pride Corp.’s bankruptcy case will halt a lawsuit brought by a Pennsylvania woman who lacerated her mouth with a piece of chicken cartilage while munching on Wendy’s chicken nuggets.
Attorneys for Wendy’s, a unit of Wendy’s/Arby’s Group Inc., want a bankruptcy judge to halt the lawsuit – even though the fast-food company is not in bankruptcy – because Pilgrim’s Pride indemnified Wendy’s against liabilities. The woman had filed suit last year against the restaurant chain and Pilgrim’s Pride, the supplier of Wendy’s all-white-meat Crispy Chicken Nuggets.”
“DirecTV makes false claims to Charter Communications customers to capitalize on Charter’s bankruptcy, Charter claims in Federal Court. Charter claims DirecTV launched a national advertising campaign with false statements that Charter is being liquidated and that its services will end or be substantially impaired.”
Maybe there is hope for change:
“The U.S. Trustee, a Justice Department agency that oversees bankruptcies, objected to documents filed by bankrupt U.S. cable TV operator Charter Communications (CHTRQ.PK) explaining its reorganization plan, court documents show.
In a filing with the U.S. Bankruptcy Court for the Southern District of New York on Thursday, the U.S. Trustee said the Charter’s disclosure statement is “deficient” and “fails to contain adequate information.”
Here is a visual display of a Charter Communication’s install. Note the cable wrapped around the covered air conditioner unit that later this year will be uncovered.
Rather than take more taxpayer money. Hard to disagree with that!
Reading Tea Leaves by Randy Wilson 