[TechAssist] Re: Pegasus (Direct tv) Files chapter 11
- From: "becyn" <becyn@xxxxxxxxxx>
- To: <techassist@xxxxxxxxxxxxx>
- Date: Thu, 3 Jun 2004 12:19:00 -0400
I hope they don't owe you alot of money.
I'm stlll getting dribbles of "settlement money" from the Montgomery wards
bankruptcy (1997?). Even though we stopped servicing the account 60 days
prior to the filing, they still went under owing us some money. Fortunatly,
nowhere near what my usual receivable was with them when things were going
well.
Jim McVey
McVey Alltronix
327 Broadway
Newburgh Ny 12550
ph: 845 561 8383
fx: 845 561 9017
Consumer electronics &
computer service.
Factory authorized for
over twenty brands.
----- Original Message -----
From: "Satguy" <satguy@xxxxxxxxxxxxx>
To: "tech" <techassist@xxxxxxxxxxxxx>
Sent: Thursday, June 03, 2004 10:51 AM
Subject: [TechAssist] Pegasus (Direct tv) Files chapter 11
> The largest distributor of Direct Tv filled for chapter 11 bankruptcy on
> June 2, 2003. Hope they work this out or there goes my safety net...???
>
> Shaun
> Advanced Electronics
> Fort Morgan, CO 80701
> satguy@xxxxxxxxxxxxx
>
> Pegasus Satellite Television Files For Protection Under Chapter 11 To
> Prevent NRTC And DirecTV From Seeking To Implement Unlawful Termination
> All Pegasus Entities Will Continue To Operate in Ordinary Course
> BALA CYNWYD, PA, June 2, 2004 - Pegasus Communications Corporation
(NASDAQ:
> PGTV) announced today that its subsidiaries, Pegasus Satellite Television,
> Inc., Pegasus Satellite Communications, Inc., and Pegasus Media &
> Communications, Inc., and certain of their subsidiaries have filed for
> protection under Chapter 11 of the U.S. Bankruptcy Code in order to
prevent
> the National Rural Telecommunications Cooperative (NRTC) and DIRECTV from
> seeking to implement an unlawful termination of Pegasus Satellite
> Television's agreements for exclusive distribution of DIRECTV services.
> These filings will seek affirmation by the Bankruptcy Court of Pegasus
> Satellite Television's valuable rights as well as damages resulting from
> NRTC's and DIRECTV's actions to impair those rights, including NRTC's
breach
> of its duties to Pegasus Satellite Television, NRTC's majority owner.
> Pegasus Satellite Television believes the filing will also enable it to
> continue to provide uninterrupted service to its 1.1 million rural
> subscribers during the resolution of these disputes and to continue to
meet
> its responsibilities to its employees and business partners in the
ordinary
> course.
>
> Pegasus Satellite Television is involved in an ongoing dispute regarding
the
> duration of its right to exclusive distribution of DIRECTV services. This
> dispute was brought to a head this morning, when NRTC and DIRECTV
purported
> to terminate Pegasus Satellite Television's exclusive distribution
> arrangements with the NRTC.
>
> Mark Pagon, Chairman and Chief Executive Officer of Pegasus Communications
> Corporation, parent of Pegasus Satellite Television, said: "Action this
> morning by NRTC and DIRECTV that purports to terminate our long-standing
> agreements is unlawful. We intend to take all appropriate actions
necessary
> to prevent NRTC and DIRECTV from implementing this latest scheme to
deprive
> our stakeholders of the substantial value that we have successfully
created
> in our satellite television business since 1994. It is with the greatest
> reluctance that we have concluded that Pegasus Satellite Television must
> seek the protection of Chapter 11 in order to protect our customers,
> employees, business partners, creditors and owners - while we seek
> affirmation of our rights. We intend to pursue a resolution of these
matters
> as expeditiously as possible."
>
> Pegasus Satellite Television is the nation's largest independent provider
of
> DIRECTV®, the country's leading Direct Broadcast Satellite (DBS) service.
> Pegasus Satellite Television has the exclusive right to provide DIRECTV to
> more than 8.4 million homes in 41 states and serves 1.1 million rural
> subscribers. Pegasus Satellite Television had annual revenues of $831.2
> million in 2003 and DBS operating profit before depreciation and
> amortization (EBITDA) of $213.8 million.
>
> The Chapter 11 filing was made in the U.S. Bankruptcy Court in Portland,
> Maine. The Chapter 11 filing does NOT include Pegasus Communications or
its
> direct subsidiaries (other than Pegasus Satellite Communications) which
are
> unaffected by today's filing.
>
> The filing entities' financial advisor is Miller Buckfire Lewis Ying &
Co.,
> LLC. Its legal advisors are Sidley Austin Brown & Wood LLP and Bernstein,
> Shur, Sawyer & Nelson.
>
>
>
>
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