Bruce gets brake on Ten deal
WIN owner Bruce Gordon has managed to slow progress on the sale of the Ten Network to CBS.
CBS swept into negotiations between Mr Gordon’s investment company Birketu and Ten’s administrator KordaMentha with its own takeover offer, which was almost immediately approved by the group in charge of the ailing network.
But Mr Gordon has now secured a Supreme Court of NSW ruling to delay a planned creditors meeting from going ahead next week, claiming there are deficiencies in the second creditors' report that need to be addressed.
It was alleged that the administrator failed to provide sufficient reasons behind its support of CBS's takeover proposal, while also arguing that the administrators should have considered selling Ten to Mr Gordon and his bidding partner Lachlan Murdoch prior to its collapse.
These substantive arguments will be heard in court on September 12 and 13.
Mr Gordon and Mr Murdoch were in line to take over Ten pending Federal Government amendments to media ownership laws.
But the CBS bid quickly made the billionaire investors “disappointed underbidders”.
Richard McHugh SC, lawyer for the administrator, argued in court that the duo should have filed their application “weeks or months ago”.
“They shouldn't be given a free run to advance their commercial interest.”
Justice Black noted the brief period between the second hearing day (September 13) and the rescheduled creditors' meeting (September 19), but ruled he would not hear the case next week, suggesting it might not be resolved in the six-day period.
“Whichever judge hears the matter next week will have to do the best he or she can,” he said