Dolans selling shares to fund Voom buy

[joep]

March 02, 2005

Dolans selling shares to fund Voom buy

NEW YORK -- With the future of the Voom satellite TV service still unclear despite late Monday's announcement by Cablevision Systems that it plans to shutter it, Cablevision founder and chairman Charles Dolan and his son Tom seem ready to fund Voom by selling at least some of their shares in the cable operator. Cablevision CEO and Dolan son James, meanwhile, seems to remain focused on closing down the money-losing operation after a deadline for a possible sale expired Monday. Merrill Lynch analyst Jessica Reif Cohen said in a report Tuesday that Charles and Tom Dolan have filed for the sale of about 27,340 Cablevision shares, equating to $850,000 as of Monday's closing stock price. The filing, "although for a nominal amount, is significant as it signals the (Dolans') commitment to personally finance Voom's development costs, and suggests that further sales could transpire," she said. (Georg Szalai) FULL STORY

http://www.hollywoodreporter.com/thr/business/brief_display.jsp?vnu_content_id=1000819600

 

[rang1995]

filing an intent to sell doesn't mean they will or have to,but it's a start..i think it's still part of this P$%#g match for now

 

[Bruce]

This has been posted before, go to the SEC's site and you will see these type of Transactions since November of 04.

 

[joep]

This has been posted before, go to the SEC's site and you will see these type of Transactions since November of 04.

It is still noteworthy considering the timing of the filing with Voom’s fate up in the air.

 

[Bruce]

It is still noteworthy considering the timing of the filing with Voom’s fate up in the air.

Not really, here is the link, I have gone back as far as July 04, and think about what the story said, $850,000, that might be enough for about two days since Voom loses about $75 million a quarter.

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001053112&owner=include

 

[joep]

I guess what I’m really focusing on is the excerpt:

The filing, "although for a nominal amount, is significant as it signals the (Dolans') commitment to personally finance Voom's development costs, and suggests that further sales could transpire,"

 

[The Stone Man]

Wouldn't you love to be in a position where you could call 850K a nominal amount? I know I would.

 

[Vicki]

Wouldn't you love to be in a position where you could call 850K a nominal amount? I know I would.

I'd like to be in the postion of calling $85 a nominal amount...I'm not, but I upgraded my service to $90 for VaVaVoom today, anyway!

I hope that my little $20 per month increase may help the cause...'cuz I feel pretty certain that Charles Dolan can pick up the rest of the tab...and intends to!

 

[The Stone Man]

Atta girl. It's worth it.

 

[Bruce]

Wouldn't you love to be in a position where you could call 850K a nominal amount? I know I would.

Of course, but to them, it might just be for new bathroom fixtures, or he is buying each one of his grandkids Hummers, but that reporter to think $850k is enough for Voom knows nothing about the business and should not report on it.

 

[bryan27]

$850,000 is more than enough for some auxiliary services that may go away March 4th. It is also enough to cover the rental of 6 satellite transponders for 1 year.

 

[who_the]

And didn't he only sell Type A shares? He still holds his gorilla position of Type B in trust.

 

[SeattleVoomer1]

And all this time The Stone Man...

Wouldn't you love to be in a position where you could call 850K a nominal amount? I know I would.

I thought 850K would be pocket change for you! Another illusion crushed.

However, we're still enjoying HDTV here in Seattle under mostly clear skies, Gill

 

[The Stone Man]

Sorry Gill....not quite there yet. And my avatar is a lot younger and better-looking than the real thing!!! Might as well dispell all illusions this week.

Enjoying Voom under dark skies (6:00 AM) in Centennial, Colorado, The Stone Man