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Ion Media Networks, Inc. v. Cyrus Select Opportunities Master Fund Ltd. (In re Ion Media Networks, Inc.)

419 B.R. 585 (2009)

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Ion Media Networks, Inc. v. Cyrus Select Opportunities Master Fund Ltd. (In re Ion Media Networks, Inc.)

United States Bankruptcy Court for the Southern District of New York
419 B.R. 585 (2009)

Facts

Cyrus Select Opportunities Master Fund Ltd. (Cyrus) (creditors) purchased second-lien debt of Ion Media Networks, Inc. (Ion) (debtor) for pennies on the dollar. When Ion was on the verge of bankruptcy, Ion’s creditors entered an agreement in which the second-lien creditors waived their right to object or vote contrary to the first-lien creditors. However, after Ion filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code, Cyrus used various aggressive litigation tactics to prevent the first-lien lenders from recovering any of the value of Ion’s Federal Communications Commission (FCC) licenses. Cyrus also ultimately objected to confirmation of the proposed reorganization plan, of which the first-lien creditors approved, despite Cyrus’s acknowledgment that it was bound by the terms of the intercreditor agreement.

Rule of Law

Issue

Holding and Reasoning (Peck, J.)

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