I was taking artistic license when I said "looks like a sheriff's sale". In fact, it is a PUBLIC SALE of assets that were used as collateral for their financing. From the Public Notice:
"The Collateral includes all accounts, goods, inventory, equipment, fixtures, general intangibles, investment property (including certificated and uncertificated securities), deposit accounts, documents, instruments, chattel paper, copyrights, patents, and trademarks of the Borrower, all additions and accessions to the foregoing, all products and proceeds thereof, as more particularly described in the Credit Agreement."
The Public Sale is in Chicago on Wednesday. I've found nothing regarding a bankruptcy filing. While the FCC does need to approve transfers of control, it can and does approve involuntary transfers. Whether the lenders were smart enough to include language in the Credit Agreements to address this, we mere observers don't know.
Yes, I have fun with this stuff. A First Broadcasting representative actually drove to Aberdeen several years ago, attempting to convince me to give them an OPTION on one of my stations. I told her that I would entertain a sale involving large amounts of cash, but that an option was out of the question. I also had conversations with Chris Devine of College Creek, who wanted to move something like 12 (or 15 or 19, can't remember now) frequencies in order to improve two signals close Seattle (one of them mine).
Now I'm upping the ante. I found 2 Arby's Gift cards...
I just found out that I have a few extra 'rewards points' on my Macy's card that I can pitch in.....!
On a more serious note, you can bet your dollar that the creditors and the banks know the KMCQ license is the biggest asset in this case; they aren't foolish enough to let that get past them. I also take it that since we're talking big money, all parties involved have also hired big guns who KNOW their stuff.
It was interesting that you had previous contact with 1st....I can say the same with regards to some of the bigger folks in the company (at one time anyway) They were an interesting bunch to say the least.
Just for fun, I just looked up their website and it's no longer in operation everyone.
It looks to me like these guys grew ever so aggressive in their approach in manipulating the table of allotments in given markets, and in the process, spent far more $$ in speculative futures .... in the end, it's the station's speculative or stick value that is the only thing that's leftover after all the mess that First has done.
As Bongwater has said in the past, the programming on KMCQ is just a token place holder. The station will remain a glorified oldies jukebox (good or bad) for the near term until a real buyer takes hold and then makes a sizable investment to finally program the station RIGHT-or, someone will use it as a simul-translator of sorts, much like others have mentioned on this board from time to time.