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Stock Market & Financial Investment News

News Breaks
May 18, 2014
17:14 EDTSBSASpanish Broadcasting launches Mega 96.3FM in Los Angeles
Spanish Broadcasting System announced the launch of Mega 96.3FM, a radio station targeting Los Angeles' Hispanic young adults in the highly sought-after 18-49 demographic. Mega 96.3FM provides its listeners with a unique blend of up tempo, energetic and entertaining programming, appealing to a diverse Latino audience.
News For SBSA From The Last 14 Days
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December 18, 2014
16:21 EDTSBSADelaware Court affirms Spanish Broadcasting judgment against Lehman Brothers
Spanish Broadcasting System announced the dismissal of Lehman Brother Holdings lawsuit, which alleged that SBS had violated the Preferred Stock Certificate of Designations by incurring debt without paying quarterly dividends. On February 14, 2013, Lehman initiated a litigation against the Company in Delaware Court of Chancery. The lawsuit sought a declaratory judgment that a Voting Rights Triggering Event had occurred pursuant to the certificate of designations for the Series B preferred stock, as a result of the non-payment of dividends. Specifically, Lehman alleged that the Company was prohibited from incurring indebtedness, but nonetheless did so for the purposes of purchasing assets relating to its Houston television station and the issuance of its 12.5% Senior Secured Notes due 2017. On February 25, 2014, Vice Chancellor Glasscock granted SBS's motions for summary judgment and judgment on the pleadings, and denied Lehman's motion for summary judgment. Lehman appealed. On December 11, 2014, the Supreme Court of Delaware affirmed the Chancery Court's dismissal of Lehman's claims stating: "We have carefully considered the arguments of the parties and find no error in the Court of Chancery's determination that acquiescence barred Lehman's claims, given the undisputed facts of record." The dismissal of Lehman's claim does not affect SBS's separately pending lawsuit which alleges that Lehman wrongfully breached its obligations by failing to fund its portion of the Company's former revolving credit facility. SBS will continue to vigorously pursue this claim.

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