Thursday, June 10, 2010

And None for Liberty

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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Anonymous said...

WorldSpace Executive Management (Noah Samara CEO, Sridhar Ganesan, CFO, Don Frickle, General Council) are all nasty and evil people. They had their US staff work for 3 months without pay but lots of promises to pay. When the date came to pay, they declared bankruptcy. They used employee payroll to bid on European satellites rights and used payroll to buy director insurance in case they got sued. They did similar things to staff all around the world. Now Noah owns the spectrum again? Shame on them. They will eventually meet their maker and that is when all employees will get the last laugh.

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