Lachlan Murdoch and Bruce Gordon form joint venture in a bid to restructure and save Ten
Bruce Gordon and Lachlan Murdoch – currently two of Ten’s three main shareholders – will “work together exclusively to facilitate the potential formation, negotiation and implementation of a Restructure Proposal” for the network, according to documents lodged with the ASX today, but the pair’s private investment companies Birketu and Illyria have insisted they are not launching a takeover bid.
Lachlan Murdoch speaking at Mumbrella360 in 2014
A letter sent to the director of Murdoch’s Illyria, Siobhan McKenna from Andrew Gordon, the director of Bruce Gordon’s Birketu was lodged with the ASX today. The letter is dated 9 June, before Ten’s trading halt, which was announced on 13 June, and the announcement the network was in administration, which occurred today.
In it, Andrew Gordon proposes the two companies work together to reduce the risk of the two investment companies “being exposed to significant liability under their respective guarantees together with a complete loss of their respective investments in Ten’s equity”.
Blind Freddy saw this coming.
Is there not a teensy but if hypocrisy in the abuse of pollies unwilling to even further monopolise media? Coming as it does from people who appear to have pulled the plug on Ten and its shareholders in precisely the moment government was pushing laws to allow them to own it!
Surprise surprise – NOT