Cablevision

Wilmington, DE: A lawsuit filed by unsecured creditors to Wiz and Cablevision, its corporate parent, alleged that Cablevision made false promises of financial support for the stores, which the cable company used to showcase its Web services. The $100 million settlement expected by creditors was quashed by Cablevision who denied allegations, claiming that the figures were no higher than $33.5 million. Cablevision also defended its connection to Wiz and denied knowing about Wiz's poor financial state. US Bankruptcy Judge Mary Walrath signed off on a settlement under which liquidators agreed to trade the $137 million claim for $2.5 million in cash, and some potential future money. (Jan-29-07) [BUSINESS WEEK: CABLEVISION SETTLEMENT]

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