On June 04, 2010, AfriSpace Debtor in Possession (aka WorldSpace) filed an application with the FCC to transfer its two geostationary satellites to Yazmi USA. Yazmi is wholly own by-you guess it-Noah A. Samara, the founder of WorldSpace. Samara was also the principle of Yenura, who entered into an asset purchase agreement with AfriSpace Debtor in Possession. That agreement terminated in September 2009. That is when Liberty came in an attempted to purchase the claims of the previous lenders. In the process, Liberty provided a bridge loan of $7.3 million so that WorldSpace could continue to operate. As reported earlier, Liberty terminated its agreement with WorldSpace in March 2010. WorldSpace then filed for an emergency motion of the debtors for an order to approve the de-orbiting of the satellites or abandoning the assets. The de-orbiting plan was approved by the courts with a preference for selling the assets.
WorldSpace proceeded to invite two bids, Yazmi and an unknown bidder (not likely Liberty). Yazmi secured the assets for $5.5 million. Liberty can't be too happy about this. Nevertheless, the courts approved the sale. If the FCC approves, Samara will continue his legacy.
So, WorldSpace (and Samara) hangs to broadcast another day. Samara must have a plan. It is unlikely he has the personal resources to keep funding WorldSpace and there probably aren't lenders standing in line. Who knows. Perhaps Sirius XM will step in.
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