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Dolan renegotiating E* deal

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Dolan puts up $10 million to keep Voom running

BY HARRY BERKOWITZ
STAFF WRITER

March 10, 2005, 2:29 PM EST

Cablevision chairman Charles Dolan is personally putting up $10 million in cash and company stock to help keep Voom running this month while he tries to rescue the satellite TV service that has split the board and his family.

Yesterday's disclosure of the amount provides more evidence of the great lengths to which Dolan, 78, the billionaire founder who has a controlling stake in Cablevision Systems Corp., is prepared to go to pull Voom back from near-death.

And it indicates that an overhauled board of directors is not easily giving in to Dolan's demands. "The new board of directors is not willing to place shareholder capital at risk and is forcing Chuck Dolan to pursue his entrepreneuial ambitions to develop Voom with his own capital," Fulcrum Global Partners analyst Richard Greenfield told investors.

On Tuesday, the new board suspended the shutdown of Voom until March 31 to give Dolan time to come up with a way to rescue it. He agreed to fund the extra costs of delaying a shutdown.

Dolan is racing to negotiate a deal with EchoStar Communications that would alter the one his son, James, the Cablevision chief executive, signed in January to sell Voom's sole satellite for $200 million.

Yesterday's regulatory filing also gives another peek into how the company is trying to avoid a repeat of the showdown in which Dolan created a new renegade Web site for Voom last week after Cablevision ordered the old one shut.

According to the filing, the agreement signed Tuesday with Dolan to suspend the shutdown of Jericho-based Voom stresses that neither he nor his son Tom, the Voom chief executive, will take actions or issue orders to override Cablevision management. Cablevision has re-activated the Web site.

The filing said Dolan owns 37 million shares, or 14.5 percent of the total shares, worth nearly $1.1 billion. Voom had $660 million in 2004 losses and analysts speculate that Dolan may sell the company to finance future Voom losses.

On Feb. 28, a majority of the old board, including James, had ordered that Voom be shut, leading Dolan to oust three directors and name five new ones, expanding the size by one to 15, including nine directly placed on the board by Dolan.

Yesterday's filing also revealed that the fifth new director, Dolan son-in-law Brian Sweeney, had taken his place on the board after the directors elected by Dolan voted him in. Originally, Cablevision said the full board, which includes six independent directors, would have to vote to expand its size to make room for Sweeney. But yesterday it said that was not necessary because there was a vacancy among the Dolan-elected board seats.
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'Dolan is racing to negotiate a deal with EchoStar Communications that would alter the one his son, James, the Cablevision chief executive, signed in January to sell Voom's sole satellite for $200 million.'

Would not the above paragraph contradict with what it says on the bottom paragraph?

'According to the filing, the agreement signed Tuesday with Dolan to suspend the shutdown of Jericho-based Voom stresses that neither he nor his son Tom, the Voom chief executive, will take actions or issue orders to override Cablevision management. Cablevision has re-activated the Web site.'
 
bruce said:
'Dolan is racing to negotiate a deal with EchoStar Communications that would alter the one his son, James, the Cablevision chief executive, signed in January to sell Voom's sole satellite for $200 million.'

Would not the above paragraph contradict with what it says on the bottom paragraph?

'According to the filing, the agreement signed Tuesday with Dolan to suspend the shutdown of Jericho-based Voom stresses that neither he nor his son Tom, the Voom chief executive, will take actions or issue orders to override Cablevision management. Cablevision has re-activated the Web site.'

It is a complicated mess. Thus the difficult tightrope Dolan is walking
 
FrankJo said:
Most of you voomers are pathetic. Once the sale of your satellite is complete, your finished. Ergan isn't gonne give it back, he needs it.
READ A BOOK OR SOMETHING!

I can't believe the hate you have for a satellite service and why you don't want competition. Why you want VOOM to go away/ Tell you what, if you want VOOM to go away just don't visit the VOOM forum anymore and cover your head with blankets. You have been wrong for two months now. No reason now to change your score

How many rants do you see on D* or E* here or VOOM's doing it on their thread. Relax...enjoy the service you have and let us enjoy ours for as long as we have it.
 
I can't believe the hate you have for a satellite service and why you don't want competition.

I don't have hate for Voom, but most of you folks aren't realistic. Voom has been around for almost a year and a half, and you can't claim 50,000 subs? Sorry, But C. Dolan doesn't seem like such a genius to me. He's 2 years too soon.

And BTW, in two years, e* and d* will have equal the number of offerings that voom would have if its still around, which it won't be.
 
What is wrong here is that Vurbano is freaking out and unfort... can't stop himself from running around stating the sky is falling.

Vurbano, we all love you but you need to calm down. Drink some water and relax. Maybe a week away from the computer and more tv time will calm you down.

We don't know what's going on in the boardroom today, tomorrow or even next week and if we live our life for the next couple of weeks just based upon what the sec filing says then we'll all be wondering the infamous "What If".

Voom could already be gone today as the message on the website said,"By the end of the month". According to the way Cablevision is ran tomorrow is the end of the month, at least Mr. Dolan has guaranteed all of us VOOM subscribers the ability to watch the service until March 31st.

Mr. Dolan has already announced that funding is already in place and we don't even know where it's coming from. All we know is what he has agreed to do for this month. As far as we know he has a private investor that wants to keep voom alive but not on cablevisions terms so he's not going to pay cablevision during the month of March which is why it's coming out of C. Dolan's pocket. He is probably waiting for the end of March to start putting his money into VOOM when it is seperated from Cablevision. Should Cablevision decide to let it go.

Cablevision has a history, and their history is showing that they care more about shutting VOOM down then selling. Mr. Dolan is trying to prevent it from being shut down and these negoations are very sensative. It's going to take awhile in order for the Dolan family to seperate VOOM from Cablevision so let's not start haning our heads and start looking for new service providers just yet. Let's see what happens over the next couple of weeks and Vurbano if your not happy with the Dolan's effort in keeping VOOM alive then please call VOOM and cancel your account and then join up with someone else cause all of this craziness your causing is giving people like me an ulcer.

LONG LIVE VOOM,
Danielle
 
danielle_s said:
What is wrong here is that Vurbano is freaking out and unfort... can't stop himself from running around stating the sky is falling.

If you want to equate the sky falling to Voom being shut off if no deal is done in the next 3 weeks then thats your analogy not mine. Frankly the sky falling would upset me much more than Vooms potential failure.
 
danielle_s said:
If VOOM does go off the air, then I'll have only been vooming for about 4 to 5 hours.

What will I do then, I guess I'll cross the bridge when I get to it.

danielle, the official, but never released sub count was 46000 INCLUDING 5000+ awaiting activation that means 41000 active including 4 in 10 getting de installed or more than 90 days behind in billing. i just got one install for a 3 ird install and 3 1 ird de-installs, it has been running 3-1 against increase, in pittsburgh . ota doesnt cut it here, never will, too many hills and the stations antennas are all over the place

i am an installing tech and own my own co, for a lot of people voom is a good product and pays me very well, they launched too soon and now the fcc is backing off of hd, i really dont see a future for voom at this time. maybe in 2-3 years, do you really think that any business can continue to bleed cash as cvc has done can continue this?

do you really blame the ceo of cvc protecting his shareholders and his core money making enterprise, hell that is his primary responsibility

dragon
 
dont understand your post

i think you mean that the voomers on here dont care how much a co bleeds cash, as long as they have hdtv????

they dont care if people in a good, money making company lose jobs because their company is being drainded of cash reserves SUBSIDISING a very risky venture?

i would ask for a reply, soon

.dragon
 
Since when did this forum turn into basing me? If you don't like what my sig says then just tell me, you don't have to bash me.

I am and can be very resonable, don't treat me any other way.
 
As you can tell I'm more of just a lurker here, but I had to respond to this.

Anyone attacking Vurbano for posting what he did needs to rethink about his post. He's not doing anything but stating the truth as he sees it, and has Voom as reported it.

If there isn't a deal, all of us will be left in the dark(Including me) until we can get another provider. For some that will take hours, and others weeks.

BTW, I think this is the first time I've posted on Vooms issues lately because of all this childish behavior by grown people, and doubt I'll post again until I find out if Voom is staying or going.

just too add on to who you are calling a Voom hater, a couple quotes:

"Labeling Vurbano a Voom-Basher is even funnier."
"It kind of like when the wild animals eat their young."
 
Amen

r.jones1116 said:
The moderators should add another Voom Forum and call it "Voom Naysayers". Then forum members like Vurbano, who spew nothing but "Voom is gonna die" propaganda can have their own miserable section to post in.

Vurbano, if you don't want Voom anymore and truely believe it will go dark, then call D* or E* and get it installed prior to 3/31/05 already. How many times do you have to post the same crap over and over?

To all the Negative Nellies: Everyone of you all have been feasting on "crow" since the first of the year. Everytime a new turn of events happen in the "Voom" drama, you all jump on the doomsday wagon and ride off into the sunset only to find you have ridden off a cliff again. None of you sit on the board of directors and like the rest of us have no clue to what is really going on. Chuck Dolan has a proven history of taking "Chicken Sh#t" and turning it into "Chicken Salad". Sit back and watch the genius (that Dolan is)
go to work.
Yes shut up and Get the Other Crap ASAP
 
Vaggeto said:
As you can tell I'm more of just a lurker here, but I had to respond to this.

Anyone attacking Vurbano for posting what he did needs to rethink about his post. He's not doing anything but stating the truth as he sees it, and has Voom as reported it.

If there isn't a deal, all of us will be left in the dark(Including me) until we can get another provider. For some that will take hours, and others weeks.

BTW, I think this is the first time I've posted on Vooms issues lately because of all this childish behavior by grown people, and doubt I'll post again until I find out if Voom is staying or going.

just too add on to who you are calling a Voom hater, a couple quotes:

"Labeling Vurbano a Voom-Basher is even funnier."
"It kind of like when the wild animals eat their young."

No if you look at the bashers tenure with Voom its more like the Young eating their parents.
 
Voom forums are a joke in itself.

It seems every thread eventually takes this turn once a not-so-positive comment is uttered.

The mods eventually clean it up only to see the same thing occur in another thread.
It won't ever change until they start to reprimand everyone (both pro and anti voom commenters).
This is just my opionion. I'm not telling anyone how to run this forum.
It's their choice. Again, this is just my opinion.
 
voomster2 said:
Voom forums are a joke in itself.

It seems every thread eventually takes this turn once a not-so-positive comment is uttered.

The mods eventually clean it up only to see the same thing occur in another thread.
It won't ever change until they start to reprimand everyone (both pro and anti voom commenters).
This is just my opionion. I'm not telling anyone how to run this forum.
It's their choice. Again, this is just my opinion.

Umm FYI. A moderator took my post from another thread and created this thread without my knowledge. Apparently to create this mess. I didnt ask for it. And if you read back Scott even joined in in the bashing. I suppose this "other opinions" thread is the new SOP on how they will now handle posters that stick to the facts and wont jump on the bandwagon speculation express. :rolleyes:
 
vurbano said:
Umm FYI. A moderator took my post from another thread and created this thread without my knowledge. Apparently to create this mess. I didnt ask for it. And if you read back Scott even joined in in the bashing. I suppose this "other opinions" thread is the new SOP on how they will now handle posters that stick to the facts and wont jump on the bandwagon speculation express. :rolleyes:

That's really tacky then. A new low has been achieved at Satguys.us
 
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