February 1, 2017
The Deal Pipeline article, “CBS’s 247Sports will buy Scout Media’s assets,” noted partner and chair of the firm James S. Carr and partner Jason R. Adams as counsel to bankrupt Scout Media Inc. as they sell their assets to rival 247Sports.com, owned by CBS, for $9.5 million. Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York approved the sale at a hearing on February 1. Scout entered bankruptcy as multiple publishers operating its college football and basketball websites received late monthly payments. After three vendors filed an involuntary chapter 11 petition against the company, alleging nonpayment, Scout commenced chapter 11 proceedings. Former CEO Jim Heckman has also been accused of hiding Scout’s poor financial performance and using corporate funds for personal expense.