WIN television owner Bruce Gordon lost his court bid to thwart the sale of Ten to CBS. Credit:Rob Homer "The creditors will have the opportunity to adjourn if they wish to create more time for consideration of bids." Mr Gordon's companies had asked the court to make a range of orders and declarations, including that KordaMentha's second report to creditors failed to include adequate information about the bid for Ten made by Birketu and Lachlan Murdoch's Illyria Nominees. The companies also sought orders that would have either reduced or eliminated CBS' voting rights on the takeover proposal. CBS is Network Ten's largest creditor, with Ten holding a $172 million debt to the US group.

On Monday, NSW Supreme Court Justice Ashley Black said he was "not satisfied" that lawyers for Mr Gordon's companies had established any deficiencies in the creditors' report that would warrant orders being made requiring further information to be provided. He was also not persuaded that CBS should have its voting rights reduced or removed. Justice Black said such an order had "the risk of fundamentally compromising the voting" at the second creditors' meeting "and potentially creating results that are inconsistent or incapable of implementation". However, he foreshadowed further legal action may be taken by noting that "any challenge to the outcome of that meeting is properly brought after the event". Since the case was heard urgently last week, Birketu and Illyria have made a fresh bid for Ten.

Justice Black said he had "not had regard to commercial developments which may have occurred after the hearing was completed and judgment reserved" because the parties did not seek to have a further hearing. "While that approach may seem artificial, it reflects the fundamental proposition that a court must reach its decision on the evidence led by the parties at the hearing before it," he said. Justice Black said the question for the court was "not, and should not be, which of any competing commercial proposals put by interested parties would be most advantageous to the creditors of the Ten Group companies" including employees and shareholders. "That is a matter properly left for their decision," he said. Creditors could vote to adjourn the meeting in light of the fresh bid by Birketu and Illyria, or vote on the resolution for CBS to buy the company. After CBS, Ten's 750 employees are its biggest creditors.