What could a Bally Sports bankruptcy mean for RSNs’ team deals?

What could a Bally Sports bankruptcy mean for RSNs’ team deals?

Diamond Sports, which operates the Bally Sports Regional Networks and its 19 channels, could soon file for bankruptcy protection. But if they do, that doesn’t necessarily mean an end to the RSN deals in place.

It’s become almost a parlor game predicting when the bankruptcy comes — “if” does not seem a necessary conjunction any longer — as the struggling RSN-empire staggers under steep losses generated by cord-cutting and debt from Sinclair’s mistimed 2019 acquisition of the sports media channels. A subsidiary of Sinclair, Diamond in November disclosed a $1.2 billion quarterly loss amid a 10 percent drop in subscribers.

Bloomberg diamond-faces-8-6-billion-debt-reckoning?sref=W6GJF3MS#xj4y7vzkg”last month reported, “Diamond will probably skip a mid-February $140 million interest-only payment servicing around $8.6 billion in debt as it prepares for a Chapter 11 restructuring.”

All this has led to predictions of gloom and doom for the 42 teams (14 MLB, 12 NHL, and 16 NBA) aired on the RSNs, with fears Diamond may walk away from those contracts amid bankruptcy. This has reverberated throughout the leagues and teams and led MLB reportedly into thus far unsuccessful talks to negotiate some type of a buyout of the RSNs.

What could a Bally Sports bankruptcy mean for RSNs’ team deals?

Kawhi Leonard is interviewed by reporter
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February 4, 2023 by ATTORNEY

FTX Has Recovered ‘Over $5B’ in Assets, Bankruptcy Attorney Says

Crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday.

There’s still a sum missing in what is owed to customers and the amount is still unclear, the attorney said.

“We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token,” said Landis Rath & Cobb attorney Adam Landis on FTX’s behalf.

The announcement substantially raises the total FTX claims it holds, after the company’s new leadership said it could only find just over $1 billion on Dec. 20, 2022. The total amount FTX owes its creditors is still unclear. In initial bankruptcy filings, the company’s management checked off the box indicating a figure between $1 billion and $10 billion.

Sam Bankman-Fried instructed his lieutenant, Gary Wang, to create a “backdoor” for Alameda to borrow from

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January 30, 2023 by ATTORNEY

Genesis Lawyers Hopeful Of Swift Resolution In Bankruptcy Process

Genesis Lawyers Hopeful Of Swift Resolution In Bankruptcy Process

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Genesis Global Capital has been the latest casualty of the effects of the crypto bear market. The crypto lender recently filed for Chapter 11 bankruptcy. The company’s lawyers have informed a bankruptcy court in New York of working “around the clock” to settle with creditors.

Genesis hopes for a swift resolution in bankruptcy

The lawyers noted that they have been working with the representatives of creditors and the US Trustee Office for the last two months to reach a consensus. The lending unit of Genesis halted withdrawals on November 18 last year because of exposure to FTX. Genesis had funds in FTX before the exchange’s bankruptcy.

Two months after halting withdrawals, Genesis filed for bankruptcy. The bankruptcy filing included two of the lender’s subsidiaries: Genesis Asia Pacific and Genesis Global Capital. Lawyers from the Cleary Gottleib law firm, which is representing Genesis in the bankruptcy proceedings, informed the bankruptcy court judge that they plan to settle by the end of the week.

According to attorney Sean O’Neal, Genesis had come up with a timeline and an approach to assist the lender in getting through the bankruptcy case.

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January 27, 2023 by ATTORNEY

Southfield Attorney Paul R. Hage Named a Fellow at American College of Bankruptcy

Southfield Attorney Paul R. Hage Named a Fellow at American College of Bankruptcy
Southfield Attorney Paul R. Hage Named a Fellow at American College of Bankruptcy
Courtesy of Jaffe Raitt Heuer & Weiss

American College of Bankruptcy, an honorary association of bankruptcy and insolvency professionals, has invited Paul R. Hage, partner at Southfield’s Jaffe Raitt Heuer & Weiss, to become a fellow in its 34th class.

“Paul’s extensive expertise in bankruptcy and insolvency law and his dedication to the profession and the community make him the ideal candidate for this honor,” says Mark Cooper, CEO of Jaffe. “Paul has been a member of the Jaffe team for more than 15 years and we are honored to be able to celebrate this outstanding, career achievement with him.”

Fellows are invited to join the college based on their proven records of the highest standards of professionalism and service to bankruptcy practice, the profession, and their communities. Inductees exhibit leadership, integrity, and scholarship and have a minimum of 15 years of practice, 10 of which must involve specialization in bankruptcy and insolvency.

Hage leads Jaffe’s insolvency and reorganization practice group and is also a member of the firm’s diversity, equity, and inclusion committee. He represents debtors, creditors’ committees, secured and unsecured creditors, asset purchasers and trustees in bankruptcy proceedings nationwide.

Hage will be inducted as a fellow of

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January 26, 2023 by ATTORNEY

Lawyers for Genesis and Its Creditors Are ‘Optimistic’ for a Quick Resolution to Bankruptcy Woes

Lawyers for Genesis Global told a federal bankruptcy court in New York City on Monday that they’ve been working with creditors’ representatives and the U.S. Trustee’s Office “around the clock” for the past two months in order to reach a “consensual resolution” with the embattled company’s creditors.

Genesis’ lending arm halted withdrawals on Nov. 18, 2022, after what its lawyers described as “a run on the bank” in the wake of FTX’s collapse earlier that month. Two months later, on Jan. 19, Genesis Global Holdco – the holding company of Genesis Global Capital – and two of its subsidiaries, Genesis Asia Pacific (GAP) and Genesis Global Capital (GGC), global-files-for-bankruptcy-protection/” data-ylk=”slk:filed for Chapter 11 bankruptcy protection” class=”link “filed for Chapter 11 bankruptcy protection in New York.

Genesis’ lawyers – from the New York-based law firm Cleary Gottleib – told bankruptcy court Judge Sean H. Lane at a hearing on Monday they expect to reach an agreement with the creditors by the end of the week.

“We have a timeline and an approach to get through this case as quickly as possible,” Genesis attorney Sean O’Neal told the judge. “We really want to avoid getting involved in a prolonged

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January 25, 2023 by ATTORNEY
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