Worldspace: potential problems grow
Chris Forrester ©RapidTVNews | 08-07-2010
worldspaceThe Class Action against Worldspace and some former directors and advisors looks like slowing down the final asset transfer to new owner Noah Samara. A filing on July 7 to the Delaware Bankruptcy Court stated politely but bluntly that “[Worldspace’s] arguments have no merit”.
The Class Action against Worldspace has been running for a number of years and alleges that Worldspace inflated [“misrepresented”] their subscriber numbers in their IPO prospectus back in August 2005. Worldspace is attempting to deny lawyers for the Class Action further access to its past documentation at this time.
Worldspace is arguing that it has already allowed the Class Action lawyers access to 13,000 pages of documents. The Class Action lawyers argue that all the required documents are easily available on an existing disc, and should now be handed over for examination.
The Delaware Bankruptcy Court has slipped the date of the upcoming ‘Omnibus Hearing’ on Worldspace from July 12 to July 16.
© Rapid TV News 2010