A motion filed on March 12 to the Delaware Bankruptcy Court argues that Worldspace has submitted incorrect information to the Court, at least as far as its Washington HQ lease might be concerned. The claim comes from Worldspace’s landlord at 8515 Georgia Avenue, Silver Spring, Maryland, a suburb of Washington, DC.

Worldspace hasn’t paid the rent on its HQ offices since it filed for Chapter 11 bankruptcy protection in October. Worldspace owes the landlords $195,512 to the end of March. Worldspace has asked the Court to permit the delayed payment for another 90 days.

Worldspace told the Court that until it knew who the successful bidder was for Worldspace’s assets they could not determine whether the Headquarters lease will be assigned to a buyer. This is not true, say the landlord’s lawyers. We now know that the successful bidder was a Noah Samara-owned business, Yenura Pte Ltd, and the March 9 ‘sale’ of Worldspace’s assets specifically excluded the HQ lease. In other words “the lease is not being included as part of the sale,” argue the lawyers, cheekily adding that “[Worldspace] obviously does not to intend to reorganise and continue its business since it is selling all of its assets needed to operate…and thus has no need to retain the HQ lease.”

The Motion adds: “The lease is no longer an important asset of the estate since it is not being sold [to the new Worldspace owners]. Indeed, in light of the fact that [Worldspace] has sold all of its assets and must be ceasing business operations leads to the inevitable conclusion that the lease is not required for any plan of reorganisation.”

© Rapid TV News 2009