Haynes and Boone in Law360: Comcast, Houston Ball Teams Spar Over TV Network's Value


A Blackstone Group LP corporate restructuring expert told a Texas bankruptcy judge Monday that a regional sports network jointly owned by Comcast Corp., the Houston Astros and the Houston Rockets is worth far less than a $100 million claim the cable giant is pursuing.

Steven Zelin, who was hired by the ball clubs to assess the value of CSN Houston parent company Houston Regional Sports Network LP, told U.S. Bankruptcy Judge Marvin Isgur during a confirmation hearing on HRSN’s plan to sell itself to AT&T Inc. and DirecTV that the struggling network is worth somewhere between $26 million and $30 million, largely based on its cash on hand, accounts receivable, physical assets and affiliation agreement with Comcast. 

Zelin testified for much of the day Monday about the sports network’s value and his opinion that Comcast’s affiliation agreement is worth relatively little — a key point that could make or break HRSN’s Chapter 11 plan...

HRSN is represented by Charles A. Beckham Jr. and Henry Flores of Haynes and Boone, LLP.

Excerpted from Law360, October 7, 2014. To view full article, click here (subscription required).

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