Asper loses everything!

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Despite a last-minute rival bid by Canwest's founding family, the court overseeing the restructuring of Canwest Global has approved a takeover bid by Shaw Communications.

The Aspers made an 11th-hour bid to retain control of the broadcaster their family founded, teaming up with a private equity company and television executives to launch a rival offer for Canwest.

The group led by Catalyst Capital Group offered to pay $120 million for a 32% equity stake and voting control of a restructured Canwest. The offer, which doesn’t include the newspaper business, aimed to keep Canada’s second-largest private television network as a pure play broadcaster.

“There is certainly the will, I’m just not sure there’s a way,? said Iain Grant, a telecom analyst with the Seaboard Group, referring to the family¹s bid to retain control. “They are trying to rescue a model that’s clearly flawed and probably doomed to failure.? Nevertheless, the Asper offer failed to trump a rival bid from Shaw Communications, which offered buy 20% of Canwest's equity and 80% of its voting stock for an undisclosed amount, Canadian Press is reporting.

The Shaw offer, which analysts say is at least $65 million, had the backing of an ad hoc committee of key creditors and the company.

However, the Shaw investment must still be approved by numerous groups including Canwest creditors and the CRTC, and they must deal with U.S. investment bank Goldman Sachs, which partners with Canwest on some of its special channel assets.

The Asper family teamed up with former Rogers Communications’ executives Rael Merson and John Tory, former provincial Progressive-Conservative leader, for their rival bid.

Canwest Global, which operates 18 specialty channels and owns five, filed for bankruptcy protection in October last year after struggling under almost $4 billion in debt. The stable includes channels such as Global, National Geographic and MovieTime.

The group's newspapers, which include titles such as the Vancouver Sun and Calgary Herald, are being sold as part of a separate reorganization plan.

Canwest was founded by Israel Asper, who bought the assets of North Dakota station KCND-TV in 1974. He built the group through a series of acquisitions, with aspirations of becoming a global media power.

The acquisitions took their toll on the company’s financial position, running up debts that became unmanageable when global economies collapsed and advertising revenue dried up.

does this affect Aspers plans to buy the Bombers?

It doesn't affect it at all. Canwest's debt is Canwest's debt - not David Asper. David Asper's real estate company has NOTHING to do with Canwest. many times do we have to go over and over the fact that Aspers Creswin Enterprises (real estate empire) is responsible for the venture at the University of Man.....NOT Canwest....I guess because the names are a bit similar it causes confusion.....Winnipeg will have the next new stadium in the CFL ...starting this fall :wink:

starting this fall?

are shovels going into the ground officially?

I dont understand either how people think canwest has alot to do with david. Leonard and Gail, moreso Leonard Asper is the one running that company. David, much like every smarts businessman started other companies aswell cuz i guess he recognized that once his father passed away, that leonard would drive canwest into the ground.

Canwest is not funding the new stadium. IT NEVER WAS. IT NEVER HAS BEEN. IT NEVER WILL.

Creswin is funding the stadium. Creswin is a local real estate company that was started by david asper. LIKE ITS HUGE, ALL THOSE EXPENSIVE CONDOS? CRESWIN.

the stadium is still on track. Its gonna happen. Just it takes time. Like seriously what do u want? for them to start construction in the middle of winter? NOT GONNA HAPPEN.

it took 10 15 years for a new hockey arena to be built, u bet ur butt it will take just aslong for this one to get done too. Only difference is we are already about year 9 in. CUZ THAT study they did was done along long long time ago now. Give it 2012 and the bombers will have a new home. GUARANTEED.

winter didn't stop the Als from construction on molson stadium.

anyways...back to my previous post;

is there something official on this Asper funded stadium? is there an official start date yet?

nothing OFFICIAL..

montreal doesnt get as cold as we do tho. but yeah nothing official, latest i heard was that november 2010 shovels would be in the ground. its febuary 2010. few more months.