Cablevision meeting .....usually 'normal'..

salsadancer7

SatelliteGuys Master
Original poster
Jun 1, 2004
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South Florida
April 19, 2005


The Cablevision board did not act yesterday on chairman Charles Dolan's previously announced plan to increase his dominance by cutting three of the 15 directors, a person close to the company said.

The lack of action raised the possibility that Dolan had changed his mind about further shaking up the board, and reducing its independence, since the bitter fight over the company's Voom satellite TV service had ended.











The issue of changing the board size was not raised as the directors met at Cablevision headquarters in Bethpage, even though Dolan had told the board March 29 that at yesterday's meeting he planned to drop three of the six members who are approved by non-Dolan shareholders, the source said. The other nine are approved by Dolan family members, who control 75 percent of the shareholder vote.

The issue could still come up at a future meeting, although time is running out for the company to print proxies detailing the names of the directors it recommends for election or re-election at the annual meeting, which is expected to be held next month.

Corporate governance activists and Wall Street analysts have criticized Dolan, 78, for his board shake-up last month and for the plan to shift his board representation to equal 75 percent of the directors.

Even without a further shake-up, Victor Oristano, 88, who has been a director since 1985 and who wrote to Dolan last month telling him to stop seeking new Voom subscribers, is expected to retire from the board, a source said. Oristano has declined to comment.

On March 3 Dolan ousted three members of the board who had ordered Voom to be shut and hand-picked five new directors. The overhauled board gave Dolan until March 31 to devise a plan to rescue Voom, which has cost Cablevision $1 billion. After he was unable to come up with that plan, the directors, including Dolan, voted unanimously to shut the service April 30. The dispute had split Dolan and his chief executive son James, 49, who signed a deal in January to sell Voom's sole satellite to EchoStar Communications.

It was not clear whether yesterday's relatively routine board meeting meant the rancor that had rocked Cablevision for months was receding. Cablevision spokeswoman Kim Kerns declined to comment.

The board also did not act to increase Cablevision's $16.5 billion bid to acquire Adelphia Communications. On April 7 Adelphia presented a handshake deal to a bankruptcy judge to accept a competing joint bid of nearly $18 billion from Time Warner and Comcast Corp. The bid requires approval from the judge and Adelphia creditors.
 
salsadancer7 said:
April 19, 2005

The board also did not act to increase Cablevision's $16.5 billion bid to acquire Adelphia Communications. On April 7 Adelphia presented a handshake deal to a bankruptcy judge to accept a competing joint bid of nearly $18 billion from Time Warner and Comcast Corp. The bid requires approval from the judge and Adelphia creditors.

this seems to be untrue by todays reports http://biz.yahoo.com/cbsmb/050419/641e386824e7426e9784af8b83bd1e06.html?.v=1

MarketWatch
Market Pulse: Cablevision ups Adelphia bid to $17.1 billion: WSJ
Tuesday April 19, 4:10 am ET
By Steve Goldstein


LONDON (MarketWatch) -- Cablevision Systems Corp. has raised its bid for Adelphia Communications to $17.1 billion, the Wall Street Journal said Tuesday, citing unidentified people familiar with the matter. Cablevision's previous offer was $16.5 billion in cash; terms of the most recent offer weren't available. Time Warner and Comcast Corp. have jointly bid $17.6 billion in cash and stock. Adelphia, which has more than five million subscribers, has been under bankruptcy protection since 2002.
 
salsadancer7 said:
Truggy....I am still hoping for that home run in the bottom of the 9th to save us......

unfortunately its the bottom of the 9th with 2 outs :(
 
Well I hope that something good comes out within the next week or so, or then I will get really worried..
 
Truggy said:
Well I hope that something good comes out within the next week or so, or then I will get really worried..
If you're not worried NOW, you haven't been paying attention.
 
Well, seeing how the info on upping the A bid was on my local news channel this morn & totally contradicts what was said in a previous post in this thread about nothing being said about Adelphi(sp) When can we expect something more official about what did or didnt happened at yesters meeting?
 
bratboy said:
Well, seeing how the info on upping the A bid was on my local news channel this morn & totally contradicts what was said in a previous post in this thread about nothing being said about Adelphi(sp) When can we expect something more official about what did or didnt happened at yesters meeting?

I already posted it as the 3rd post in this thread
 
also this
http://biz.yahoo.com/rb/050419/telecoms_adelphia.html?.v=1

Reuters
Cablevision Ups Adelphia Bid to $17.1 Bln
Tuesday April 19, 10:37 am ET
By Kenneth Li


NEW YORK (Reuters) - Cablevision Systems Corp. (NYSE:CVC - News) has raised its bid for Adelphia Communications (Other OTC:ADELQ.PK - News) to $17.1 billion, a source familiar with the matter said on Tuesday.
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The move complicates an offer by joint bidders Time Warner Inc. (NYSE:TWX - News) and Comcast Corp. (NasdaqNM:CMCSA - News) , which were believed to have the upper hand in the bidding process for the bankrupt cable company with an estimated $18 billion offer.

Time Warner and Comcast's joint offer is comprised of cash and stock and would create a new company after the deal, sources told Reuters earlier this month. Cablevision's offer is all cash.

Cablevision and Adelphia representatives could not immediately be reached for comment.

Despite Cablevision's new offer, its bid is not seen to be taken seriously by Adelphia or the creditor's committee, a source said. "No one's giving any credence to it," the source said. "They just don't believe Cablevision can raise the money."

Cablevision recently has been consumed by a fight between its founder and chairman, Charles Dolan, and its CEO, his son James, over the fate of the money-losing Voom satellite service. Cablevision also is suing New York after its bid for rights to build on a site on the city's West Side was rejected in favor of a new stadium for the New York Jets football team.

Winning Adelphia would solidify Time Warner as the No. 2 U.S. cable operator, with an estimated 15 million subscribers, and give it control of the lucrative Los Angeles market.

Comcast would gain 2 million subscribers and liquidate its 21 percent stake in Time Warner Cable in a swap that could save it about $1 billion in taxes.

But a Cablevision's eleventh-hour bid, made in early April, has created a stumbling block for Time Warner and Comcast.

Cablevision previously offered $16.5 billion in cash. The company earlier had been in discussions to join private equity firms Kohlberg Kravis Roberts & Co. and Providence Equity Partners in a joint bid for Adelphia. But Cablevision lobbed its own all-cash bid instead.

A separate source on Tuesday said Time Warner's bid is being held up in bankruptcy court over the approval of a break-up fee, estimated to be worth up to $500 million, that Adelphia would pay Time Warner if they fail to consummate a sale.

Time Warner has been unwilling to have its bid fully disclosed in bankruptcy court, which could leave it open to be topped by competing bidders, before the court approves the break-up fee, a source said.
 
hbk409 said:
I already posted it as the 3rd post in this thread
I meant as far as what else may have gone on at the meeting. The initial post said nothing happened & then today we hear something did happen, at least on the Adelphi side, so Im just curious as to what else didnt happen that did was all, hehe
 
Same here, there has to be something else going on. Maybe thats why all the hush hush??????
 
For me I accept that VOOM is gone at the end of the month. However, I would hope there would be an annoucement from E* or D* or even from the Canadian services that they would pick up some or all of the V21. I would go with that service but hope that they would also offer UHD and TNTHD as well as any other. That is the service I am waiting to pick.
 

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