Equity woes

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toucan-man

toucan-man

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Jul 13, 2008
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Abstract from another not so good story...

December 5th, 2008

NEWS IN BRIEF

By The Arkansas Democrat-Gazette

Silver Point Finance, a Greenwich, Conn.-based company that is owed $41.5 million by Equity Media Holdings Corp., has filed a complaint to foreclose on the Little Rock-based broadcast company.
 
Ya know? I'd sure like to help 'em out.
But... I left my wallet and $50 million in my other suit.

Those balloon payments are a bitch, aren't they?
 
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If I knew it would even make a bit of difference, I'd be happy to send them a bit of money.. (key word being ...bit) but it sounds like they're in a bit over their head. It's a shame too, because they really do have good programming.
 
Pismire said:
Well I was going to set my Dad up with G18 for Christmas. Think I'll hold off now. This stinks.
Click to expand...

They may stay on the air. Creditors don't want losses, and 41.5 million is not exactly spare change. I would think that "preserve their assets" means preserve incoming revenue. For that to happen, they need viewers and advertisers. What do you all say?

Here are a few more details:

Creditors Foreclose on Equity Media - ArkansasBusiness.com
 
I doubt they will shut down for a while if it even happens. Looks like most of the world and our country is in about the same condition to scale. Everyone can't just quit and twittle their thumbs on the street corner with just their clothes on their backs. The banks still want income. Everyone will push to run business in a very lean fashion.

Work harder for less pay, cut costs and it will turn around.
 
toucan-man said:
They may stay on the air. Creditors don't want losses, and 41.5 million is not exactly spare change. I would think that "preserve their assets" means preserve incoming revenue. For that to happen, they need viewers and advertisers. What do you all say?

Here are a few more details:

Creditors Foreclose on Equity Media - ArkansasBusiness.com
Click to expand...

Thanks for the link.

take possession of the Company for purposes of preserving the value of the Company's assets,"
Click to expand...

It's up to the creditors exactly what "preserving the value of ... assets" could mean. This can mean making sure fixed assets stay attached to the business.

They will look at the corporation's books and asset inventory. Cash flow will enter into the creditors decision of what to do.
 
I think bailouts are probably good in a way...except not to insurance companies! I just don't care for insurance companies (personal peeve).

Bailouts must lead to productive self sustaining businesses. Our Governement already has an extensive private welfare system. It does not need to be expanded to the commercial level. My taxes are high enough being single with no children. Why should I have to bear most the burdeon of society's debts or lack of doing?
 
Pismire said:
Well I was going to set my Dad up with G18 for Christmas. Think I'll hold off now. This stinks.
Click to expand...

you should upgrade the dish to a dish with a motor so at least your dad can watch sports throughout the arc and not just be fixed to g18, no matter what happens to RTN. :D
 
There's a thought for sure. Bummer is when he got a pizza pan 10 years ago he tore down the ol' 12 footer that I helped install when I was a kid. Could have used that now. Oh well, can't teach old dogs new tricks I guess. I am still going to set him up. Mom hogs the dish network and he doesn't get to watch the games much. :eek:

Getting back on course here...I sure hope Equity pulls through this. Their stock is at .0008, wife says it's time to buy. Not sure. On a brighter note though I just won a kul2 from Sadoun on Ebay. Now I can get RTN in my bedroom. :)
 
Maybe they should put a [DONATE HERE] button on their website. Viewer might want to pitch in a few bucks to keep the stations going.
 
Sadoun - maybe you should buy a commercial on their network! - :up
I'll bet their prices are very attractive right now! - :eek:

. . . meanwhile, I'm still looking for that other suit with the fifty million in the pockets... :D
 
Chapter 11

Equity Media, U.S. TV Station Owner, Seeks Bankruptcy (Update1)

By Erik Larson

" Dec. 8 (Bloomberg) -- Equity Media Holdings Corp., the operator of English- and Spanish-language television stations in 41 U.S. cities, sought bankruptcy protection after defaulting on a $41.5 million loan.

The company, an affiliate of Univision Communications Inc., listed assets of more than $100 million and debt of more than $50 million on a Chapter 11 petition filed today in U.S. Bankruptcy Court in Little Rock, Arkansas, where it’s based. "

Here's the story:

Bloomberg.com: Worldwide
 
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"...cease operations... "

My, oh my. Hopefully it won't come to this:

" The complaint specifically alleges that Equity Media's chairman, Richard Rochon, informed Silver Point that "he would never work with Silver Point to facilitate an orderly bankruptcy of the Borrowers to sell assets." Instead, Rochon said the board members would resign and allow the stations to cease operations, or " 'go dark' and walk away from the company," according to the complaint. "

Equity Media Files For Chapter 11 Reorganization - ArkansasBusiness.com
 
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