Loral Wins $51M in Cablevision Suit
By Multichannel News Staff -- Multichannel News, 1/25/2007 1:34:00 PM
Loral Space & Communications said it won a $51 million judgment against a Cablevision Systems subsidiary after a jury trial in a New York state court Wednesday.
Loral sued Cablevision in September 2005 over money owed when it agreed to sell back a stake in Rainbow DBS Holdings. Loral said its agreement, reached in March 2001, called for it to get $33 million plus interest after Cablevision sold substantially all of the assets in Rainbow DBS. Cablevision agreed to sell the Rainbow DBS assets -- including the satellite used to deliver its Voom HD Networks programming -- for $200 million to EchoStar Communications in 2005.
But Cablevision told Loral it didn’t believe it had to make an immediate payment, and Loral sued, Loral said in a regulatory filing last May.
Cablevision said in a prepared statement after Loral announced the state Supreme Court verdict Wednesday: “We did not believe under the terms of the contract that we were obligated to make an immediate payment. However, the jury determined otherwise. We are considering our options and have no further comment at this time.”
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