In re ION MEDIA NETWORKS, INC., et al., Debtors.
Ion Media Networks, Inc., Plaintiff,
v.
Cyrus Select Opportunities Master Fund, Ltd., Defendant.
Cyrus Select Opportunities Master Fund, Ltd., Plaintiff,
v.
Ion Media Networks, Inc., et al., Defendant.
United States Bankruptcy Court, S.D. New York.https://leagle.com/images/logo.png
November 24, 2009.
November 24, 2009.
Attorney(s) appearing for the Case
Kirkland & Ellis, LLP, Jonathan S. Henes, Joshua A. Sussberg, Matthew F. Dexter, New York, NY, for Debtors.
Akin Gump Strauss Hauer & Feld LLP, Ira S. Dizengoff, Alexis Freeman, Deborah Newman, New York, NY, Akin Gump Strauss Hauer & Feld LLP, Kimberly Debeers (Telephonically), Washington, DC, for First Lien Holders.
Dow Lohnes, PLLC, John R. Feore, Washington, DC, for Debtor, FCC counsel.
Drinker Biddle & Reath LLP, Stephanie Wickouski, New York, NY, for Manufacturers & Traders Bank.
Latham & Watkins LLP, Michael Riela, New York, NY, for Moelis & Company LLC.
Loeb & Loeb LLP, Walter H. Curchack, Vadim J. Rubenstein, New York, NY, for Wells Fargo Bank as Administrative Agent.
Lowenstein Sandler PC, Sharon Levine, Roseland, NJ, Wojciech F. Jung, New York, NY, for Official Committee of Unsecured Creditors.
Nixon Peabody LLP, Robert N.H. Christmas, New York, NY, for Wilmington Trust FSB as Agent.
Skadden, Arps, Slate, Meagher & Flom LLP, Mark A. McDermott, New York, NY, for Black Diamond Commercial Finance.
Troutman Sanders LLP, Hollace T. Cohen, Brett D. Goodman, Lee W. Stremba, New York, NY, for Bank of New York, Mellon Trust N.A.
White & Case LLP, J. Christopher Shore, Julia M. Winters, New York, NY, Frank L. Eaton, Miami, FL, for Cyrus Select Opportunities Master Fund Ltd.
United States Department of Justice, Office of the U.S. Trustee, Marylou Martin, New York, NY.
United States Bankruptcy Court, S.D. New York.
MEMORANDUM DECISION
JAMES M. PECK, Bankruptcy Judge.
Introduction
Cyrus Select Opportunities Master Fund Ltd. ("Cyrus") is an activist distressed investor that purchased certain deeply discounted second lien debt of ION Media Networks, Inc. ("ION," together with its affiliated debtors, the "Debtors") for pennies on the dollar. Throughout these cases and despite purported restrictions on its activities set forth in an intercreditor...
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