Lachlan Murdoch and Bruce Gordon's bid for Network Ten was $3 million higher than CBS', but was too complex and would have seen secondary creditors getting just 2 cents in the dollar, according to an unusual secondary creditors' report released by KordaMentha on Monday.

The offer from the two men's investment companies, Illyria and Birketu, offered a pool of $35 million to repay creditors compared with CBS' $32 million.

However, CBS' bid sees more money going to all creditors, except the ANZ Bank, Westpac and Fox, because it has agreed not to pay itself anything from the creditors' pool of money.

Illyria and Birketu offered to pay CBS $7.4 million of the $348 million it is owed and 21st Century Fox $4.1 million of the $195 million it is owed. Employees and generic trade creditors receive 100 per cent of their claims in both bids.