Blockbuster Buyout: Judge Presses 'Pause'
The offer proposed by Cobalt Video, a limited liability company formed by funds managed by Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Värde Partners, is being opposed by 45 creditors, including Walt Disney (DIS), Universal Studios, Yahoo (YHOO) and a committee of unsecured creditors.
All of the creditors, except for Summit Distributors, the movie studio that produces the Twilight movies, agreed to a standstill on their motions to reclaim assets or liquidate the company. Their oppositions will be heard at a hearing on March 10.
Separately, movie studios made up of Paramount Home Entertainment, Twentieth Century Fox Home Entertainment, Universal Studios Home Entertainment and Warner Bros. Home Entertainment also formed an ad hoc committee to represent their interests, according to court documents filed on Wednesday.--Written by Jeanine Poggi in New York.
>To contact the writer of this article, click here: Jeanine Poggi. >To follow the writer on Twitter, go to http://twitter.com/jpoggi. >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV