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Bankruptcy Keyed to Bussel, 12th Ed.
In re DBSD North America
Citation:
634 F.3d 79 (2011)Facts
ICO Global Communications founded DBSD in 2004 to develop a mobile communications network using satellites and land-based transmission towers. By 2009, DBSD had accumulated substantial debt while making progress toward its goals, including launching a satellite and obtaining spectrum licenses. On May 15, 2009, DBSD filed for Chapter 11 bankruptcy, listing $813 million in liabilities against $627 million in assets. The key claims included $40 million in First Lien Debt, $740 million in Second Lien Debt, and Sprint’s unliquidated unsecured claim for spectrum relocation expenses, temporarily allowed at $2 million for voting purposes. DBSD proposed a reorganization plan that would give the holders of Second Lien Debt the majority of shares in the reorganized entity, provide unsecured creditors with shares worth between 4% and 46% of their claims, and give the existing shareholder (ICO Global) shares and warrants in the reorganized entity. Sprint objected, arguing this violated the absolute priority rule. Meanwhile, DISH, a satellite television provider and competitor, purchased all of the First Lien Debt and some Second Lien Debt with the strategic purpose of gaining control over DBSD’s spectrum rights, as evidenced by internal communications. DISH voted against the plan and raised objections, while DBSD moved to have DISH’s vote designated as not in good faith.
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