That Should Not Be Legal

Remember 4 years ago when Sinclair shelled out over $10 billion dollars to buy the regional sports networks, which they proceeded to run into the ground?

A report says that Sinclair now wants to buy the RSN’s back from bankruptcy for pennies on the dollar.

So let’s get this straight: Sinclair bought the RSN’s, spun the group off, called it Diamond Sports Group, and then filed for bankruptcy. This left all the people and companies that were millions of dollars, likely to be paid just pennies, as decided by a bankruptcy judge.

Now, Sinclair wants to buy it back for just over $800 and be free from all the debt that they ran up in the first place.

Am I getting that right?

How is this even legal?

This seems like buying a house for $5 million bucks and getting a huge mortgage from the bank. Then you default on the mortgage, the house is turned back over to the bank, and then you buy the house back from the bank for pennies on the dollar.

That’s messed up.