Time is money.

Comcast loaned $100 million to a sports television network, secured by a lien on substantially all the network’s assets. When the network had financial problems, Comcast entities placed it into an involuntary Chapter 11 proceeding. The Fifth Circuit reversed on, inter alia, a subtle but very significant point – at what point in time should unpaid media fees be valued, to credit against the potential value to Comcast of a valuable agreement? The Court concluded that “a court is not required to use either the petition date or the effective date,” but should rather “follow a flexible approach to valuation timing that allows the bankruptcy court to take into account the development of the proceedings, as the value of the collateral may vary dramatically based on its proposed use under any given plan.” Houston SportsNet Finance LLC v. Houston Astros LLC, No. 15-20497 (March 29, 2018).