TVradioguru
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« Reply #40 on: February 24, 2011, 01:26:54 PM » |
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So the whole thing was nothing more than a debt restructure! Bravo!
In the 9th inning, the score is: Seattle Radio-Info board 0, First Broadcasting 2.
The good news is Goldi can keep listening to the I-Pod live from Cougar Mt.
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TheX-KXRX
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The Evolution of Internet Radio
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« Reply #41 on: February 24, 2011, 02:44:28 PM » |
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So the whole thing was nothing more than a debt restructure! Bravo!
In the 9th inning, the score is: Seattle Radio-Info board 0, First Broadcasting 2.
The good news is Goldi can keep listening to the I-Pod live from Cougar Mt.
It must be one hell of an iPod  Maybe they hired that Watson computer to man the controls I mean hell it has mastered chess, jeopardy, why shouldn't it take a stab at running a radio station.... |
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radioplayer
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« Reply #42 on: February 24, 2011, 05:04:01 PM » |
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Hey FM, you're the perfect candidate to write up this one, so go for it! From what I recall, you had posted quite a bit on this mess. I'm sure it will be a great read to everyone on this board....but can I get an autographed copy from you when you're all published and done? I promise to give you my Toys R Us gift card in exchange ......  |
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« Last Edit: February 24, 2011, 05:05:53 PM by radioplayer »
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Bill Wolfenbarger
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« Reply #43 on: February 24, 2011, 09:43:54 PM » |
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A credit bid. I was told Monday that could very possibly be the outcome. It appears to me that it intentionally was not heavily advertised (maybe to minimize the bidding?) If a bidder had come forth with more $$$, then the licenses could have been part of the equation.
So whaddaya do when the investors own all of the assets, and all you have are the licenses? I suspect this is not the end of it.
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KSWW(FM)/KJET(FM)/KANY(FM)/KBKW(AM-FM)/KLSY(FM) Keeping radio locally-owned on the Washington Coast. Still using a microphone - 6:10-6:30 am - www.kbkw.com |
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FMSteve
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« Reply #44 on: February 25, 2011, 09:47:43 AM » |
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TRI is reporting that CapSource is going to court to appoint a receiver. Apparently between the 3 radio stations they are owed 48 million dollars and they only way they can get restitution is if they can get at the licenses.
More drama!
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You'll find me at the top of your tower, where the red blinking light is flashing.
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Goldilocks94941
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« Reply #45 on: February 25, 2011, 05:35:45 PM » |
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Well, this sort of radio drama* seems to lack a plot and doesn't have much of a climax!
As much as I enjoy my 15 minutes in the car hearing a nicely-mixed set of pop music without commercials or BS on KMCQ, I really do lament what happened to all three of these stations, which used to be local stations with solid followings and reputations - and all three had vastly different programming. WOXY was one of those now hard to find and one-time legendary local album rock outlets that people used to drive a long way, just to get within their signal reach, before the days of internet streaming. WAOL played a wide range of classic country for its Appalachian audience in the rural mid-Ohio Valley, and KMCQ was a decent AC station for a wider swath of the Columbia River Gorge than anyone else had on the dial. The prior licensees made out like bandits, but the public is left with this strange operation.
* Speaking of radio drama, I wonder if anyone knows if the old CBS Mystery Theatre hours are available again, since producer Hyman Brown died last year. NPR had 'em for awhile, and I enjoyed airing them in Ohio on public radio as "Midnight Mysteries." But Mr. Brown didn't like that only a few NPR affiliates picked them up, and rescinded the rights for the show for anyone except WVXU in Cincinnati, when Dr. Jim King ran the place and befriended him. Would be fun to hear those again - and it certainly would draw attention to KMCQ at nights to counterprogram TV if they aired them! The dramas were a part of 1970s radio, so not really too far off the program affinity for their current format. But I digress...
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MarkW
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« Reply #46 on: February 26, 2011, 06:30:33 PM » |
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There's nothing at all confusing about this if you understand commercial lending workout situations. Creditors often are the "winning bidder" at Sheriff's Sales. Most commonly, it is the creditor who ordered the Sheriff's Sale. Apparently, First Broadcasting is in Default on its financing arrangements. By bidding successfully, the lender now controls the asset (which, in this case, consists of the intellectual property) and has the ability to dispose of it. That being said, I doubt the intellectual property -- absent the license -- holds much if any value on the open market. Getting court approval for a receiver is instrumental; this will ostensibly give the lender control of the license, I believe. The earlier posts have it right -- the STICK (license) itself is probably the only asset bearing any meaningful value. The $5 million guess an earlier poster made is not unreasonable in a forced liquidation siutation given current market conditions. The lender certainly won't get more than $10 million. |
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« Last Edit: February 26, 2011, 06:41:22 PM by MarkW »
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jockeyjohn
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« Reply #47 on: February 27, 2011, 10:56:36 AM » |
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I just reminded myself that First Broadcasting still is licensee for the blowtorches north of me, in Forks. They bought the stations although they didn't need to, so that a frequency change could be made on the FM to facilitate the Bellingham frequency swap which in turn faciliated the Covington upgrade. They didn't need to, because they could have forced a frequency change without buying the stations.
They have lost many $$$ over the past several years in Forks, and had a couple of failed sales, and more recently taken off air due to "lightning damage", which was a convenient way to allow the stations to remain silent.
Did I dream this, or did I hear that someone made a deal to acquire this combo? There's nothing on the FCC site about it.
Got a call from a buddy of mine...he told me they just made a deal to buy those stations in Forks. Said that the equipment was pretty good...other than the lightning damaged stuff. Not sure when this will close...it was a quick call yesterday. |
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Bill Wolfenbarger
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« Reply #48 on: February 27, 2011, 11:25:48 AM » |
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Forks needs a hands-on mom/pop, or mom or pop operator. It has been without since the previous owner passed away. While it is a very small community, it can provide a good income to the right person(s).
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KSWW(FM)/KJET(FM)/KANY(FM)/KBKW(AM-FM)/KLSY(FM) Keeping radio locally-owned on the Washington Coast. Still using a microphone - 6:10-6:30 am - www.kbkw.com |
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boiseengineer
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« Reply #49 on: March 09, 2011, 08:10:43 PM » |
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