News Corp's FCC Application

[tcan]

The application to the FCC , for transfer of licenses, is open for “comments”

http://www.fcc.gov/mb/newsdirectv/

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Amusing claim by News Corp:

News Corp. also holds an approximately 79% equity interest in NDS Group plc, a supplier of conditional access systems that provide "secure solutions" for pay television systems.

[tcan]

GM are dumping their employee benefit plans (401K) into the new Company. They make Enron look like choir boys. The 20% owned by GM employees is “Company Stock”. Company stock is NOT Common Stock….. They are IOU’s (debt) that is only redeemed by re-issuance to the Market (diluting the common share value) or using Company CASH.

Company Stock is created when the company bought shares on the open market and “retired” them (this increases common share value without taxation) and used them to fund 401K plans as "qualifying employer securities," also called "employer stock" or "company stock."


I would hope that the FEDS require that the “Company Stock” be converted to Common Shares, or Preferred Shares (non voting), as part of this deal.