Punctuating perhaps the most complex day of three-dimensional legal chess yet in the eight-month Diamond Sports Group bankruptcy, David Seligman, outside counsel for Sinclair Broadcast Group, offered a bleak assessment of his client's estranged subsidiary.
“To Sinclair folks who originally acquired Diamond, they’re kind of bummed … they’re bummed that this business that they put in a billion and a half of equity value in, is now going to be shut down,” Seligman said Wednesday in testimony delivered in the U.S. bankruptcy court in Houston overseeing Diamond’s vastly complicated restructuring. “There’s going to be people losing their jobs … Diamond’s business is going to go away.” (Daniel Kaplan, now writing for Awful Announcing, once again covered the proceedings from beginning to end.)
