Trustee Who Won Big Judgment Against Luken Asks Lifting Of Automatic Bankruptcy Stay

Friday, June 28, 2013

The Arkansas trustee who won a $47.4 million verdict against Chattanooga TV magnate Henry Luken is asking that the automatic stay of any proceedings against Luken Communications be lifted in Bankruptcy Court.

Randy Rice noted that a "barebones" bankruptcy was filed by Luken Communications electronically on Sunday - just two days after the verdict. He said it got in just ahead of the judge who presided over the Arkansas trial listing her findings of fact and final judgment in the case. He said she had planned to do so Monday or Tuesday.

With that judgment not yet of record, trustee Rice noted that the $47.4 million verdict was not listed among the top 20 Luken Communications creditor.

But he said the bankruptcy filing cited the verdict as the reason for bringing the action.

Trustee Rice said the verdict should be allowed consideration the in Luken Communications bankruptcy, saying it came after two and a half years of litigation.

He said the judge in the case had overruled numerous attempts to get the case thrown out.

The jury found that Mr. Luken was involved in a "fraudulent transfer" when he acquired the Retro Network from Equity Media for "the firesale price" of $18.5 million. Trustee Rice said that deal came one day after Mr. Luken stepped off the board of Equity Media, which later went bankrupt itself.

Trustee Rice said the Retro Network in January 2008 was valued at between $65.9 million and $155.6 million. He said in October 2006 it was valued at $80 million by the Holt firm.

He said the Luken payout was for approximately 23 percent of the value of RTN as determined by the valuation and approximately 12 percent of the high value of RTN.

He said RTN was designed to be a television network which would air “Prime Time all the Time”, airing round-the-clock programming, including long time classics and rarely seen older series, and would be similar to TV Land or Nickelodeon’s Nick at Night.




Tolliver Pleads Guilty In Federal Court In Home Invasion Case

A Chattanooga man pleaded guilty in federal court on Thursday in connection with a charge that arose out of a home invasion on Jan. 16. Danetrius Tolliver, 27, pleaded guilty to being a felon in possession of a firearm. He will be sentenced by Judge Sandy Mattice on Nov. 28. Police said Tolliver was charged after he kicked in the back door of a residence near Lake Chickamauga ... (click for more)

Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: ADAMS, DUSTIN LEE  HOMELESS CHATTANOOGA, 37402  Age at Arrest: 25 years old Arresting Agency: Chattanooga POSSESSING A FIREARM WITH INTENT TO GO ARMED BURGLARY THEFT OF PROPERTY THEFT OF PROPERTY --- AGUSTIN, SARA CLEMENTINA  3003 4TH AVENUE CHATTANOOGA, 37407  Age at Arrest: ... (click for more)

Alexander Should Do Something About The Affordable Health Care Act Price Increase - And Response (3)

Re:  Alexander's remarks about Tennesseans not affording "Affordable Health Care Act" prices Mr. Alexander,  Your message stated, Tennesseans can't afford a 44 percent to 62 percent increase in the Affordable Care prices.  I simply ask, as Senate Health Committee chairman, why don't you do something about it?  Don't tell us something most know already.  ... (click for more)

Roy Exum: Abused By An EpiPen

It is a good guess that for about 30 years I have kept an EpiPen on the top of my refrigerator. I have never had to open the box, much less jab a dose of life-saving epinephrine into a person suffering from anaphylaxis. Whether it is a bee sting, peanut butter, shellfish or other allergies, I watched somebody come within inches of dying in my early 20s and swore I would have one ... (click for more)

Sale Creek Storms Past Central, 3-0, In Volleyball Action

Despite playing short-handed, Sale Creek’s once-beaten Lady Panthers made short work of Central, 3-0, Thursday night in high school volleyball action at Central High School. The Lady Panthers sprinted to their 11 th win in 12 matches this season by whipping Central 25-21, 25-13, 25-8 in the non-district matchup. “We played well today,” Sale Creek coach Debbie Hill said. ... (click for more)

Grace Wins In Celebration Of Coach Waters' Birthday

The Grace Academy volleyball team had several reasons to play well at Silverdale on Thursday night, not to mention that it was head coach Hillary Waters’ birthday. Facing the Lady Seahawks in a key District 5-A match, the Lady Golden Eagles did what they had to do as they won the match in four sets as they improved to 6-2 overall and 3-0 in 5-A. Set scores were 25-15, ... (click for more)