If two activist shareholders get their way, Ascent Entertainment Group may be forced to reopen the bidding process on a just-concluded sale of major assets and may be on the road to liquidation. On April 26, the Denver-based media and entertainment group, with a market cap of $325 million, entered into a definitive agreement to sell its National Basketball Association Denver Nuggets and National Hockey League Colorado Avalanche franchises, as well as the Pepsi Center arena, future home for both teams, for $400 million. The buyer, an unnamed partnership controlled by William and Nancy Walton Laurie, daughter of Wal-Mart Stores, Inc. founder Sam Walton, will pay $260 million cash and assume $140 million in debt on the Pepsi Center.
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