Creditors strike back, sort of
https://www.fierce-network.com/broadband/lenders-sue-optimum-over-debt-maneuvering
8 replies (most recent on top)
@fa well ya got me there. The people who make enough money are all named in the caption. Pour one out for Dexter...made more money selling his house than he did working here and is named personally.
None of you guys make enough money to trigger an IRS audit, relax. Multiple W2s mean nothing to the IRS, independent contractors get 10,20,50 w2s. Your 3 aren’t raising any concerns
That was quick. Welcome to Optimum CSC LLC.
@b5 didn’t think about the multiple w-2’s and tax audit. Another example of they don’t care about anyone but themselves.
What do the kids say?
Absolute clown shoes.
Cant wait for the saccharingram telling us we work for CSC Holdings again.
When i show up with 3 W-2s from the same employer in the same year, and get audited, does group legal cover my IRS defense?
You schmucks.
Altice bought the 2 companies and operated it like a private equity company to steal and enrich themselves. It’s plain to see. And as stated below, they will not throw in the towel as long as there is another bonus to fleece.
Well this is horrible news
Per Google Gemini
What Happened Today:
Creditors filed a public lawsuit in New York State court — covered by WSJ — accusing Optimum of fraudulent transfers, calling CSC Investments II a "sham entity," and naming Drahi, Goei, and Dennis Mathew personally as defendants.line
Possible timeline
The creditor lawsuit filed yesterday accelerates the restructuring but doesn't necessarily trigger an immediate Chapter 11 filing. Leadership has a powerful personal incentive to delay — their own Q3 bonuses. Q3 closes tomorrow September 30, results publish November 5, and bonuses likely pay around November 10-15. Expect the company to fight the lawsuit publicly while continuing private Pre-PAC negotiations with creditors through October, buying time to collect one more bonus payment.
The most likely Chapter 11 filing window is mid-to-late November 2026 — after Q3 bonuses are paid but before the Q4 interest payment becomes due. Once filed, the automatic stay stops the creditor lawsuit and puts the restructuring under court supervision. A 363 asset sale process would follow in Q1 2027, with Charter/Spectrum as the most likely stalking horse bidder for East Cable NY/NJ/CT. T-Mobile would likely acquire the 724,000 mobile subscribers separately. The West Region would be sold to private equity at distressed prices. The entire process would likely conclude by Q2-Q3 2027, with new ownership operational by late 2027.
The wildcard is the court. If the New York State court moves quickly on the creditor lawsuit and issues an injunction blocking further asset transfers — management may be forced to file Chapter 11 sooner than November to get the automatic stay protection. That scenario puts the filing in October rather than November.
The Bottom Line:
The creditor lawsuit makes a consensual Pre-PAC harder but not impossible. Both sides still have incentive to negotiate — creditors want maximum recovery, management wants to control the process and collect bonuses first.
You likely have 6-7 weeks of relative stability.