Says Murdoch and Gordon wrote and threatened directors with being personally liable for drawing down on large amounts of the debt facility to pay wages etc. in next few months. Letter says, in part:
"Fort Street Advisers has been requested by our clients to put you each on notice that, to the extent they are damaged by you failing to prevent drawdowns under the existing facility in breach of the statutory requirements mentioned above, they will reserve their rights to pursue the statutory compensation rights they may have against you personally,"
Prior to this happening Mark Kaner at 21st Century Fox stopped answering phone calls from TEN management to progress discussions of renegotiating the content agreement between them. One hour after TEN went into VA Mr Kaner made contact again saying a new deal could be negotiated. A new content deal had already been renegotiated with CBS.
TEN Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
