The PSC Liquidating Trust Announces Bankruptcy Court Approval of Sale of Television Broadcast Operations

The PSC Liquidating Trust Announces Bankruptcy Court Approval of Sale of Television Broadcast Operations

NEW ROCHELLE, N.Y., Aug. 8 /PRNewswire/ -- The Liquidating Trustee for The PSC Liquidating Trust, is pleased to announce that the United States Bankruptcy Court for the District of Maine today approved the sale of Pegasus Broadcast Television and its related broadcast operations to CP Media, LLC, MPS Media of Portland, LLC, MPS Media of Scranton, LLC and MPS Media of Tallahassee, LLC for an aggregate purchase price of $55.50 million. This price represents an increase of $3.75 million (net of overbid protection fee and expense reimbursement obligations to be paid to stalking horse bidder) over the stalking horse bid previously received by the Trust for the television broadcast business. CP Media is a private investment firm led by Charles E. Parente, John Parente and Frank M. Henry.

Final closing remains subject to the approval of the Federal Communications Commission. The Liquidating Trustee expects that the sale will close during the fourth quarter of 2006. All documents related to the sale will be posted on the Trust's website (www.psc-trust.com). Miller Buckfire & Co., LLC, represented the Trust as its investment banker and Akin Gump Strauss Hauer & Feld, LLP and Lowenstein Sandler, PC, represented the Trust as counsel.

About The PSC Liquidating Trust

The PSC Liquidating Trust (the "Trust") was established by order of the Bankruptcy Court for the District of Maine, pursuant to the First Amended Joint Chapter 11 Plan of Pegasus Satellite Communications, Inc. and its related direct and indirect subsidiaries (the "Debtors"). The Plan became effective on May 5, 2005. In accordance with the terms of the Plan, the purpose of the Trust is to maximize the value of certain of the Debtors' assets, to evaluate and pursue, if appropriate, rights and causes of actions, as successor to and representative of the Debtors' estates in accordance with section 1123(b)(3)(B) of the Bankruptcy Code, and to make distributions to its beneficiaries.

The Trust is not a public reporting entity and has no reporting requirements other than those specifically provided for in the Plan. The Liquidating Trustee has provided the information on the website only as an accommodation to beneficiaries of the Trust. The Trust maintains offices in Bala Cynwyd, PA and Jackson, MS. The Liquidating Trustee maintains offices in New Rochelle, NY. The website for the Trust is www.psc-trust.com.

The PSC Liquidating Trust Forward-Looking Statements

This press release contains forward-looking statements regarding future events and future performance of The PSC Liquidating Trust that involve risks and uncertainties that could materially affect actual results, and cause actual results to vary from current expectations and forward-looking statements contained in this press release or website. For instance, the estimated range of recovery is a forward looking statement and may be higher or lower depending on a number of factors, including, without limitation, the actual proceeds from the sale of certain broadcast assets (if such a sale is consummated), any recovery on account of the patronage certificates (as described in the Plan), the actual aggregate amount of Allowed Claims in Classes 3A, 3B, 3C and 3D of the Plan, the actual aggregate amount of Allowed Administrative Claims and other factors described in the website from time to time. The PSC Liquidating Trust disclaims any obligation to update any of the forward-looking statements contained herein.

Source: The PSC Liquidating Trust

CONTACT: Ocean Ridge Capital Advisors, LLC as Liquidating Trustee,
+1-914-235-1075, or Fax: +1-914-931-5287

Web site: http://www.psc-trust.com/

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