Daystar to Appeal Ruling on Sale of KOCE.Business Editors/Legal Writers SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--April 19, 2004 Following today's trial court ruling to allow the sale of KOCE to proceed to the KOCE Foundation, plaintiff Marcus Lamb Marcus Lamb (born October 71957 in Cordele, GA) is a Christian broadcaster, founder, president, and CEO of the Daystar Television Network. Lamb is married to Joni Lamb, who is the vice-president and executive producer of the Daystar network. , president of Dallas-based Daystar Television Network The Daystar Television Network is the 2nd largest Christian television network in the world and is headquartered near Dallas/Fort Worth Metroplex in Bedford, Texas. Daystar's founders are Marcus Lamb and his wife, Joni Lamb. , vowed to appeal the Orange County Superior Court's ruling. "We are disappointed in today's ruling, but confident that the appellate court A court having jurisdiction to review decisions of a trial-level or other lower court. An unsuccessful party in a lawsuit must file an appeal with an appellate court in order to have the decision reviewed. will take a fresh look at the law in this case and award the station to Daystar, the highest responsible cash bidder." When the Coastline Community College District elected to sell KOCE to help defray de·fray tr.v. de·frayed, de·fray·ing, de·frays To undertake the payment of (costs or expenses); pay. [French défrayer, from Old French desfrayer : des-, a huge budget shortfall, Daystar tendered a $25.1 million cash bid for KOCE. As part of its original proposal, Daystar offered to give 25 percent of its bandwidth to the college district to continue educational or public television. This would mean a 24/7 channel, which could operate just as KOCE does today, but with no debt or encumbrances. In contrast, the KOCE Foundation initially offered $32 million. After their bid was accepted, and after Daystar upped their offer to $40 million and was turned down, the college district trustees allowed the foundation to reduce its bid to $25.5 million. It requires the Foundation to borrow $8 million for the down payment, with no additional payments for five years and the remaining $17.5 million paid interest free over 30 years. Various financial experts have valued the foundation offer between $12.5 million to $19.5 million in today's dollars. Daystar contends that the cash value of the Foundation bid was significantly lower than the all-cash offer from Daystar. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lamb, "The trustees should be doing what is in the best interest of the CCCD CCCD Coast Community College District CCCD Copy Control CD CCCD Child Centred Community Development CCCD Clearfield County Conservation District CCCD Calcium Carbonate Compensation Depth CCCD Crew Centered Cockpit Design CCCD Caucasian Center for Cultural Development students and faculty. Accepting our bid would have put teachers and students back in the classroom. By giving KOCE to the foundation, they are not meeting their fiduciary responsibility as college trustees and they are saddling an already insolvent foundation with more debt. It will be up to the appellate court to relook at this entire situation. If they follow the law, I'm confidant Daystar will ultimately win, and in turn, so will the students and their teachers." |
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