Voom can be closed down in 30 days. Is it really dead this time?

[rtt2]

28 Feb 2005 19:26 ET DJ Cablevision To Shut Down Voom; Couldn't Sell Remaining Ops

BETHPAGE, N.Y. (Dow Jones)--Cablevision Systems Corp. (CVC) will shut down its Voom business after being unable to reach a deal to sell the remaining assets of the business to Charles Dolan, Cablevision's founder and chairman.

Cablevision will provide the service to current customers during a transition period of at least 30 days, according to a press release Monday.

The company in late January agreed to sell Voom's Rainbow 1 satellite and licenses to operate satellites at the 61.5 degree W.L. orbital location to Echostar Communications Corp. (DISH).

Dolan, who opposed selling the business, then signed a letter of intent to acquire Voom's remaining assets.

The letter of intent expired Monday.

Cablevision will encourage employees whose jobs would be affected by the closing of the Voom service to pursue employment opportunities elsewhere at Cablevision.

 

[djjsin]

ya maybe this will give us a better answer then the appentice does.

Whats more valuable, real experience, or the education your daddy bought you with all the money he made off his real world experience. This just pisses me off with his son. What makes you think you know better then your father? What have you done in your life besides piggyback off what your daddy has already done? Would you be as rich as you are now if daddy didnt' do what he had done? probubly not.

 

[zombie]

The letter of intent expires today, but was it close of business today or tonight @ midnight?

 

[danielle_s]

28 Feb 2005 19:26 ET DJ Cablevision To Shut Down Voom; Couldn't Sell Remaining Ops

BETHPAGE, N.Y. (Dow Jones)--Cablevision Systems Corp. (CVC) will shut down its Voom business after being unable to reach a deal to sell the remaining assets of the business to Charles Dolan, Cablevision's founder and chairman.

Cablevision will provide the service to current customers during a transition period of at least 30 days, according to a press release Monday.

The company in late January agreed to sell Voom's Rainbow 1 satellite and licenses to operate satellites at the 61.5 degree W.L. orbital location to Echostar Communications Corp. (DISH).

Dolan, who opposed selling the business, then signed a letter of intent to acquire Voom's remaining assets.

The letter of intent expired Monday.

Cablevision will encourage employees whose jobs would be affected by the closing of the Voom service to pursue employment opportunities elsewhere at Cablevision.

this doesn't tell us anything new, but we know that cablevision likes money and if dolan ups the anty tomorrow or later tonight then they just might cave and let him have it.

 

[madpoet]

I agree with you 100% but I'm pretty sure you not getting your money is the same as if your equipment became obsolete.
Also, I doubt if Dolan's investers are going to give people their money back since they were investing to keep VOOM VOOMING

Not true. It's been legally challenged before, and successfully. Because they did not go bankrupt my understanding is they are legally obligated to insure that I have service for the duration of my warranty (2 years). I have over a year left on that warranty. In past cases, refunds were in fact issued.

 

[djjsin]

ya who cares if the letter of intent expires today. What stops charles from still making a fabulous offer that cablevision can't refuse. Nothing. All the letter of intent really does is makes Cablevision hold the assets until it has expired right? But it doesn't forbid them from selling to the same person later, after the letter expire.

Am i correct to be thinking this?

 

[danielle_s]

yes

 

[zombie]

ya who cares if the letter of intent expires today. What stops charles from still making a fabulous offer that cablevision can't refuse. Nothing. All the letter of intent really does is makes Cablevision hold the assets until it has expired right? But it doesn't forbid them from selling to the same person later, after the letter expire.

Am i correct to be thinking this?

An offer like. I can can all of you if you dont do what I want.

 

[vurbano]

I think James is waiting to see if pop is serious about selling his cablevision shares. A dangerous game for Jimbo. If Chuck does Jimmy may not be Prez anymore. TW or some other company would boot his A$$ wouldnt they?

 

[rtt2]

I am not a lawyer but believe that the letter is like an initial contract that legally bounds CVC into consideration of an offer under a certain period of time. After that expires the letter expires and terms expire and must be renegotiated.

Any lawyers here?

 

[zombie]

I think James is waiting to see if pop is serious about selling his cablevision shares. A dangerous game for Jimbo. If Chuck does Jimmy may not be Prez anymore. TW or some other company would boot his A$$ wouldnt they?

No reason for them to keep him, they have their own board.

 

[djjsin]

I am not a lawyer but believe that the letter is like an initial contract that legally bounds CVC into consideration of an offer under a certain period of time. After that expires the letter expires and terms expire and must be renegotiated.

Any lawyers here?

ya thats what i was thinking, but as long as nothing prohibits them from selling it to dolan after the letter expires, and charles still wants to attempt to get it, then i won't be considering voom dead.

Once i see a press release from both companies stating they are no longer going to sell/buy the voom assets, or my service is dead, then i'll believe it.

these new channels in march are going to be awesome! (No one is busting my bubble!)

 

[danielle_s]

the dolan family is not going to give VOOM up, someone is going to have to pry it out of his cold dead hands before VOOM is dead.

Just My 2cents

 

[danielle_s]

Way to go djjsin

 

[jnardone]

ya thats what i was thinking, but as long as nothing prohibits them from selling it to dolan after the letter expires, and charles still wants to attempt to get it, then i won't be considering voom dead.

Once i see a press release from both companies stating they are no longer going to sell/buy the voom assets, or my service is dead, then i'll believe it.

these new channels in march are going to be awesome! (No one is busting my bubble!)

Every day the Voom continues to operate it costs cablevision money and only one party in the negotiation has to call it quits for the deal to be dead. Remember, Cablevision is a public company so they can not issue false press releases a a negotiating technique.

 

[riffjim4069]

As the World Churns...

This is better, or worse, than a soap opera! I'm on the road this week and couldn't have been any more, or less, surprised when I read these threads this evening! Well...let's just see what happens next.

 

[67Yv8t]

CVC's intent to close it down may not be false, only premature or misdirected. They can certainly change their mind if the get a good offer. So it can be part of the negotiating process.

 

[djjsin]

Every day the Voom continues to operate it costs cablevision money and only one party in the negotiation has to call it quits for the deal to be dead. Remember, Cablevision is a public company so they can not issue false press releases a a negotiating technique.

These New Channels In March Are Going To Be Awesome!

 

[zombie]

These New Channels In March Are Going To Be Awesome!

No doubt.. I love deep dark space channel, and now we'll have over 100 of them

 

[danielle_s]

As we wait for our miracle, I suggest that we be greatful for what we have.