A group of investors who claim to be raising money to help Cablevision
Systems Corp. launch a direct-broadcast satellite service apparently forgot to
contact a key individual: Cablevision chairman Chuck Dolan.
According to Satellite Business News, SkyWay Capital Partners has been
circulating a prospectus claiming that Cablevision doesn't want to run or invest
further in the DBS operation, instead leaving operations and fund-raising to
SkyWay.
SBN said Cablevision would contribute its DBS spectrum and its partially
constructed satellite to SkyWay, which, SBN said, is headed by former
Liberty Livewire CEO and PrimeStar Inc. cofounder David Beddow.
SkyWay would, in turn, raise the $2 billion to $2.5 billion needed to launch
the venture through stock and debt offerings, according to SBN.
But Cablevision claimed that it has no idea what or who SkyWay is. 'We are
moving swiftly to ensure that SkyWay Capital Partners, or whoever else may be
behind this unauthorized activity, cease and desist immediately,' Cablevision
spokesman Charlie Schueler wrote in a statement.
