It was just posted today and provides some good insight into how Voom will be funded and operated this month. See attached pdf for complete text.
On March 8, 2005, Charles F. Dolan and Thomas C. Dolan entered
into an agreement with the Issuer pursuant to which Charles F.
Dolan will fund costs of the Issuer's Rainbow DBS business
above those that would have been incurred under a shutdown
budget (the "DBS Agreement"). Pursuant to the DBS Agreement,
Charles F. Dolan will deposit with the Issuer cash and/or
shares of Class A Common Stock or Class B Common Stock to fund
such costs. The Issuer shall make withdrawals from the cash
and/or shares so deposited to fund the additional costs. These
withdrawals shall be made first from cash amounts, then from
any shares of Class A Common Stock and then from any shares of
Class B Common Stock that may have been deposited. The DBS
Agreement will terminate on March 31, 2005 or may be
terminated by Charles F. Dolan at any earlier time. Upon the
termination of the DBS Agreement, all cash, Class A Common
Shares and Class B Common Shares deposited by Charles F. Dolan
but not used to fund costs of the Rainbow DBS business shall
be returned to Charles F. Dolan."
Cablevision and Charles F. Dolan ("Dolan") intend to
work together in an open and cooperative manner to
finalize the separation of Rainbow DBS from
Cablevision. Cablevision has begun the shutdown of
the business of Rainbow DBS. No new shutdown actions
will be undertaken. The business will continue to be
operated in accordance with the budget of Required
Costs for March agreed to by Cablevision and Dolan
(the "Baseline Plan"), subject to modification as
provided below. Cablevision and Dolan agree not to
take any actions, directly or indirectly, that are
inconsistent with the Baseline Plan, except that
Dolan may cause actions inconsistent with the
Baseline Plan to be taken as provided below under
"Expenditures" and "Commitments and Changes".
Expenditures: The Rainbow DBS business shall continue to make the
expenditures that would have been incurred under the
Baseline Plan. Expenditures above such amounts
("Additional Expenditures") shall be made only if
authorized by the Chief Financial Officer of
Cablevision or his designee (the "CFO"), which
authorization shall be provided if the CFO is
satisfied that cash or Funding Shares are on deposit
with Cablevision (excluding Segregated Shares)
On March 8, 2005, Charles F. Dolan and Thomas C. Dolan entered
into an agreement with the Issuer pursuant to which Charles F.
Dolan will fund costs of the Issuer's Rainbow DBS business
above those that would have been incurred under a shutdown
budget (the "DBS Agreement"). Pursuant to the DBS Agreement,
Charles F. Dolan will deposit with the Issuer cash and/or
shares of Class A Common Stock or Class B Common Stock to fund
such costs. The Issuer shall make withdrawals from the cash
and/or shares so deposited to fund the additional costs. These
withdrawals shall be made first from cash amounts, then from
any shares of Class A Common Stock and then from any shares of
Class B Common Stock that may have been deposited. The DBS
Agreement will terminate on March 31, 2005 or may be
terminated by Charles F. Dolan at any earlier time. Upon the
termination of the DBS Agreement, all cash, Class A Common
Shares and Class B Common Shares deposited by Charles F. Dolan
but not used to fund costs of the Rainbow DBS business shall
be returned to Charles F. Dolan."
Cablevision and Charles F. Dolan ("Dolan") intend to
work together in an open and cooperative manner to
finalize the separation of Rainbow DBS from
Cablevision. Cablevision has begun the shutdown of
the business of Rainbow DBS. No new shutdown actions
will be undertaken. The business will continue to be
operated in accordance with the budget of Required
Costs for March agreed to by Cablevision and Dolan
(the "Baseline Plan"), subject to modification as
provided below. Cablevision and Dolan agree not to
take any actions, directly or indirectly, that are
inconsistent with the Baseline Plan, except that
Dolan may cause actions inconsistent with the
Baseline Plan to be taken as provided below under
"Expenditures" and "Commitments and Changes".
Expenditures: The Rainbow DBS business shall continue to make the
expenditures that would have been incurred under the
Baseline Plan. Expenditures above such amounts
("Additional Expenditures") shall be made only if
authorized by the Chief Financial Officer of
Cablevision or his designee (the "CFO"), which
authorization shall be provided if the CFO is
satisfied that cash or Funding Shares are on deposit
with Cablevision (excluding Segregated Shares)