VA’s & DoCA’s

Mark Korda speaking to media inside the Banjo Patterson room.

Banjo room rocked as Korda copes with crush

What would Australia’s great bush bard make of the press pack mayhem outside and inside the Banjo Patterson room on Level three of Sydney’s Marriott Hotel yesterday? Perhaps the great man might want a quiet word with Ten Network Holding’s administrator Mark Korda – a man known more for his numerical eloquence – and ask him how a bloody accountant can have cameramen and women, radio…


DIRRI new weapon in war for work?

Many will have seen the somewhat depressing numbers in respective of formal insolvency appointments released by ASIC this week. As that report coincided with SiN being directed by one practitioner to take note of a particular DIRRI issued by rivals, it got us to thinking whether in the desperate clamour for work, the renewed focus on independence brought about by KordaMentha’s pre-appointment activities at the…


Extended TEN hearing prevails despite delays

The hearing into the adequacy of the disclosures contained in KordaMentha’s much-maligned report to the creditors of TEN Network Holdings (TNH) was always going to be run with extreme diligence by Supreme Court Justice Ashley Black. This is not only because SiN suspects that Justice Black conducts every hearing with extreme diligence but because TNH creditors are scheduled to vote on a momentous resolution to…


KordaMentha’s TEN reports ammo for CBS rivals

Mark Korda is probably less than delighted that the recent triumph his co-owned firm engineered via the sale of Arrium has been largely neutered, obscured and in terms of publicity trounced by the TEN Network Holdings (TEN) imbroglio but it didn’t show yesterday, even when the prickly and provocative John Atanaskovic made a seemingly amicable overture. Of course in a room packed with lawyers and journalists, it pays to keep fists…


TEN creditors’ report more grist for PCC mill

First it was the DIRRI. Then the supplementary DIRRI. And now it’s the report to creditors. When it comes to TEN Network Holdings, voluntary administrators KordaMentha can scarcely issue a document that isn’t analysed by TEN’s unsuccessful bidders in the hope that some perceived misstep, omission or flaw will deliver the opportunity they need to reverse the consequences of their own miscalculation. This week we’ve seen…


TEN shares transfer challenge likely: VAs

A critical element of the Network TEN – CBS transaction being engineered by voluntary administrators (VAs) KordaMentha looks set to be challenged, a court heard this week. On Thursday, barrister Ian Jackman told Justice Brigitte Markovic that “other parties are likely to appear and may well oppose” the application by the VAs to transfer shares controlled by TEN’s three billionaire shareholders to the American entertainment behemoth. Might two of the three – Lachlan Murdoch and…


Parade to cap momentous week for KordaMentha

It’s a big few days coming up for KordaMentha with some rapid leaps in the Ten administration possible following receiver PPB’s sale of the network to CBS and the official handover of Arrium taking place at week’s end. This afternoon lawyers for Mark Korda, Jenny Nettleton and Jarrod Villani are due to front the Federal Court in Sydney seeking approval to pay out the secured creditors of the Ten…


ANZ appointees accused of trespass in SPL bid

Here’s an unholy shemozzle for the Federal Court to exorcise. Two banks, each with multi-million dollar exposures to separate companies within the same group. Four appointees, installed at some point as either receivers or liquidators of various companies within said group. Add the main shareholder and director, who’s defending one bank’s attempts to bankrupt him. Toss in ASIC. Season with allegations that receivers took possession…


Pitchers duo fail to extinguish liability claim

Over in the West this week, Pitcher Partners’ Bryan Hughes and Daniel Bredenkamp failed in their latest attempt to extinguish liability claims being pursued by US energy outfit Blue Sky Offshore Services. The Pitchers pair had applied to the Supreme Court of West Australia for summary judgment against Blue Sky on the basis that its claims against them were not arguable and had no realistic chance…


Pitchers pair cling to DoCA

Pitchers pair clinging to disputed DoCA

Over in West Australia Pitcher Partners’ Bryan Hughes and Daniel Bredenkamp have been enjoying one of the not uncommon consequences of managing a deed of company arrangement (DoCA) – defending themselves from the wrath of a dissatisfied creditor. In March the Supreme Court on West Australia ruled that the Pitchers pair shouldn’t be removed as deed administrators of Mesa Minerals Ltd after Mesa’s second largest shareholder, Mighty…