Loral Wins Judgment in Rainbow DBS Case
The New York State Court of Appeals upheld a million-dollar award previously given to Loral Space and Communications in litigation the satellite company had pursued against Rainbow DBS Holdings.
Rainbow DBS was the entity created by Cablevision when it started a run in the satellite TV business with VOOM. Loral took the company to court over a stake in Rainbow DBS. The assets were later sold to EchoStar when VOOM was shut down by Cablevision.
According to a Securities and Exchange Commission filing, the state-level appeals court denied Rainbow's motion for leave to appeal the decision. The court also denied a Rainbow motion to set aside the verdict for a new trial.
Damages have amounted to $52 million. Loral said it expects Rainbow Holdings will pay up in July, not only the judgment amount but also post-judgment interest, for a total of $58 million.