PanAmSat absorbs TARBS assets - Mon 31 Jan 2005 08:28:AM
PANAMSAT, the satellite owner that placed Australia's first ethnic pay-TV service into receivership last year, has emerged as the owner of most of the group's assets but remains at least $US30 million ($38.7 million) out of pocket.<br />Television & Radio Broadcast Services was placed in receivership last July. Its subscriber list, interests in content agreements, intellectual property and subscriber-installed equipment have now been sold. <br /><br />Receiver Phil Carter from PricewaterhouseCoopers said PanAmSat's Asian subsidiary had bought the assets but as PanAmSat was still owed money, there would be no funds for the unsecured creditors. <br /><br />They include about 65,000 former subscribers who were entitled to claim back monies owed after paying for the service in advance. <br /><br />While PanAmSat Asia's plans are unknown, it has authorised World Media International, which represents some Arabic TV channels in Australia, to create a new Arabic pay-TV service called MySat to be distributed on its satellite. <br /><br />TARBS founder Mike Boulos - who will appear in court next week to face 10 counts of tax fraud - remains in dispute with PWC on ownership of the set-top boxes. Mr Boulos says his private company owns about 85 per cent of the set-top boxes, and another 10 per cent are owned by the subscribers themselves. <br /><br />Mr Carter agreed PWC and Mr Boulos were trying to resolve the ownership of the boxes. <br /><br />Mr Boulos also remains intent on taking legal action against PWC and PanAmSat relating to the collapse of TARBS. <br /><br />Mr Boulos has since started another ethnic pay-TV service called United Broadcast International. <br /><br />Mr Carter said TARBS was likely to remain in receivership for another six months while other assets were sold.