Worldspace stripped bare by lawyers
May 24, 2012
Would-be global pay-radio broadcaster Worldspace is finally entering full Chapter-7 bankruptcy. The company, such as it is, has just $9,975 left in its bank account.
Worldspace’s main assets (two ailing satellites and a ground spare) were sold to its founder, Noah Samara, following its entry into Chapter 11 bankruptcy protection in 2008.
Since then a small army of lawyers, so-called ‘turnaround specialists’ and other bottom-feeders have stripped the company bare, earnings tens of thousands a month for their specialised services some of which are specifically designed to protect shareholders, staff and other interested parties from wrongdoing of any sort and in particular where alleged fraud is said to have taken place.
The Delaware bankruptcy court will hear the motion to convert to Chapter 7 on June 6th.