http://biz.yahoo.com/ap/070124/apfn_loral_cablevision.html?.v=1
Loral Wins Suit Against Rainbow, Sees $51 Million Windfall; Cablevision Considers Options
NEW YORK (AP) -- Loral Space & Communications Inc., which operates a fleet of telecommunications satellites, said Wednesday it won a jury verdict worth $51 million.
The New York Supreme Court jury verdict came against Rainbow DBS Holdings, a satellite unit of New York-area cable operator Cablevision Systems Corp.
"We did not believe under the terms of the contract that we were obligated to make an immediate payment, however, the jury determined otherwise," Cablevision said in a separate statement. "We are considering our options and have no further comment at this time."
In March 2001, Loral agreed to sell its stake in Rainbow DBS Co. LLC to Rainbow DBS Holdings. Rainbow Holdings was to pay $33 million when the company's assets were sold, according to a regulatory filing by Loral in last September.
In March 2005, Rainbow DBS sold a satellite to EchoStar Communications Corp., but Rainbow Holdings said Loral was not entitled to any payment. Loral sued in September 2005.
In electronic after-hours trading, Loral shares lost a penny to $43.81 after finishing the regular Nasdaq session at $43.82. Cablevision shares rose 38 cents to close earlier at $30.69 on the NYSE.
Loral Wins Suit Against Rainbow, Sees $51 Million Windfall; Cablevision Considers Options
NEW YORK (AP) -- Loral Space & Communications Inc., which operates a fleet of telecommunications satellites, said Wednesday it won a jury verdict worth $51 million.
The New York Supreme Court jury verdict came against Rainbow DBS Holdings, a satellite unit of New York-area cable operator Cablevision Systems Corp.
"We did not believe under the terms of the contract that we were obligated to make an immediate payment, however, the jury determined otherwise," Cablevision said in a separate statement. "We are considering our options and have no further comment at this time."
In March 2001, Loral agreed to sell its stake in Rainbow DBS Co. LLC to Rainbow DBS Holdings. Rainbow Holdings was to pay $33 million when the company's assets were sold, according to a regulatory filing by Loral in last September.
In March 2005, Rainbow DBS sold a satellite to EchoStar Communications Corp., but Rainbow Holdings said Loral was not entitled to any payment. Loral sued in September 2005.
In electronic after-hours trading, Loral shares lost a penny to $43.81 after finishing the regular Nasdaq session at $43.82. Cablevision shares rose 38 cents to close earlier at $30.69 on the NYSE.
