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Luken files for Chapter 11

Nothing, yet. This is chapter 11 bankruptcy. Luken is trying to avoid paying the fifty million dollar judgment in the lawsuit Eric mentioned, which they cannot afford to pay in full.
 
The current TNN is a partnership of Luken and Jim Owens Entertainment.
 
You have to remember bankruptcy is a "tool" to companies. In fact, for some businesses it's just a way of life.

Look at Zell of the Tribune. I knew he bought the Tribune with the express idea to milk it dry then reorganize with bankruptcy. The only reason the idea failed was he did it right when the Great Recession started so they stopped, for the moment, just rubber stamping everything.
 
Matthew Winn, the executive vice president of Luken Communications, has admitted that the company "has been losing money for years." According Matthew Winn, Luken is considering "streamling its operations or selling all its assets." http://www.chattanoogan.com/2013/7/25/255731/Bankruptcy-Court-Told-Luken.aspx

Meanwhile, A few changes Luken made at Retro TV after buying the network have been explained. The loss of CBS shows was because Equity's contract with CBS was in default at the time of the sale, and Luken ended up having to pay CBS $1 million after buying RTN. The change of name to from RTN to RTV was because Equity had a deal to use the "RTN" trademark from it's owner Racetrack Television Network. http://www.chattanoogan.com/2013/7/24/255680/Attorney-Defends-Luken-Actions-In.aspx
 
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