From what I read off reddit about Starlink at night or prime time its slows down to a crawl
EchoStar/Dish raises doubts about 'ability to continue as a going concern'
- Thread starter MitchDeerfield
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I never really did VCR- didn't like messing with the tapes, setting timers...and never rented movies. But love DVR.
- Nov 29, 2003
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I just read this, by the way, had to put my ipad pro in reader mode to view-
EchoStar and its subsidiaries tried to offer new debt earlier this year to refinance some of Dish Network’s commercial debt, but debtholders didn’t like the offer.
One of them, U.S. Bank Trust Company National Association, has filed a federal lawsuit seeking to undo Dish Network’s restructuring, alleging it violated debt agreements of Dish Network’s satellite TV subsidiary and amounted to stealing billions of dollars worth of wireless network assets from debt holders.
The lawsuit complaint was initially filed in federal district court in Denver but this week was moved to be heard in the federal courts’ New York Southern District.
The complaint alleges the restructuring “transferred billions of dollars of assets from Dish Network Corporation and its subsidiary, DBS, out of the reach of existing creditors, in exchange for nothing. Defendants then offered the stolen property back to creditors of DISH Network and DBS, but only on the condition that they accept steep discounts on their claims.”
The bank’s complaint alleges the deal was meant to protect Ergen’s ownership of the businesses instead of possibly reorganizing them through a bankruptcy process designed to protect debtholders.
“The transactions are exactly what they appear to be: bad faith maneuvers designed to hinder, delay, and defraud creditors of DBS and of DISH Network, lower the trading price of those creditors’ bonds, and divert value from creditors to shareholders,” the bank’s complaint said.
So my question is, are these types of lawsuits enough to keep new private lending away from Echostar/Dish, until they are settled, which can take years in Federal Court, unless a settlement of course?
We all know Echostar/Dish has months to handle the debt issue, so you would think they would hurry up and make a deal with this Bank for example, so to open up any possibility of investments.
- Nov 29, 2003
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I am not so sure, the lawsuit was just moved this week, to be heard in the federal courts’ New York Southern District.
The article I just posted was dated May 16.
The banks after Echostar is like the dog chasing the car. What are they going to do when they catch it?
Strip it for parts and move on, continuing to do business as usual? The real question is what will happen to the car.
Dog will write it off and move on like it's any other Thursday. (not a great analogy in the first place IMO)
Doubt the banks are overly concerned here, just doing their due diligence. It's Dish trying to find a way to be viable going forward without a very clear path to doing so.
The dog caught the car when Dish won the bid for spectrum rights.
Banks collecting assets on this deal is like someone parachuting a Ferrari to an Afgan in the mountains.
He would likely use it as a shed for his goats.
Banks don't want hard assets, they want money.
Right. And in the interim the banks interest is ensuring Dish doesn't play a shell game with assets to devalue their investment or diminish the plummeting value of what collateral they have left.
“Through a brazen series of related transactions,” billions of dollars of assets were transferred from Dish and its subsidiary DBS, according to the lawsuit filed Friday. They were removed from the reach of existing creditors, in exchange for nothing, according to the complaint. “Through this action, plaintiffs now seek to recover those wrongfully acquired assets.”
Dish Bondholders Sue Struggling Company Over Asset Transfers
(Bloomberg) -- Bondholders of struggling Dish Network Corp. sued the satellite-TV provider, demanding it unwind transfers that they said put valuable assets out of the hands of creditors and violated lending terms.Most Read from BloombergMusk Makes Surprise China Visit in Search of Tesla Revenue...
Way to go Charlie,he didn't even show up at the quarterly earnings report.Wasted all those dollars on spectrum that will probably never be used,at least by echostar.Shame as we have been with Dish for 15 plus years.Also way too many channel disputes under the guise of keeping our bills lower....cough coughThe financial situation at EchoStar/Dish Network looks dim, as the newly combined entity issued an ominous warning via this SEC filing that raises "substantial doubt" that the company can continue as a going concern.
EchoStar/Dish raises doubts about 'ability to continue as a going concern'
'Dish's business is spiraling toward bankruptcy,' says MoffettNathanson's Craig Moffett. Dish shed 314,000 pay-TV subs and 123,000 Boost wireless customers, and EchoStar dropped 59,000 satellite broadband subs in Q4 2023.www.lightreading.com
Other carriers have just as many nowadays. Dish was the first to dig in their heels.
P.S. I have been with 22 yrs, but uncertain about going past.
lol longtime no see kab,I hadn't been here in ages.When the news broke about dish possibly filing for bankruptcy I thought I would see what satguys had to say.
It's really disappointing to me,so many years ago Charlie Ergen was a pioneer,might even call him a renegade.But sadly all the money seemed to corrupt him.That's just my opinion,but he definitely isn't the same as he was way back when.
Dish Network is not going away anytime soon, it still is a viable business on it's own. Some capital venture company might end up with it, but it won't just close up shop. Heck, someone even tried to restart Orby.
Have been with them just months from their start date, about 28 years in a couple of months, without lapse. I am looking around to be prepared and see what I would do to should the need arise. I virtually never lose service and hope they can continue for a few more years. Also depends if they continue the very good current customer rate I get.
