NASSAU facing involuntary bankruptcy

[Jamie]

Great dream, but more than you have. An active rocker in the NEK? You may get listeners but you'd never turn a profit there. Not enough of an ad base.

how much do you suppose it would take to buy the 92.1 Frequency

I did not invest in 94.5 for that reason. Would blueberry buy it (the nassau stations)?  TOM-O and Mr Mike in the mornings I miss the mighty TOS. Its amazing how many people talk about 99.9 the buzz or 105.1 TOS still up here and listen when it comes in when they travel to Maine or Burlington.  I have been stuck in the CT/NYC area for a few weeks until ski season. I do what everyone I know does barely listen to FM and plug in your Ipod or internet radio. I am so sick and tired of hearning the same songs over, and over and over again in the same day as are many others for CHR or Stale classic rock tunes. In the NEK-VT life is still a lot slower and people listen to the radio for hours on end in the car at work or at home from what I have observed. Look at 99.3 rock you go to a gas station it playing south of St. Johnsbury to Bellows falls at many gas stations.  you go to a gas station here in stamford CT its Sirius XM everywhere or Gasoline TV.  I never hear 95.9 the fox Playing or star 99.9 on a radio here (the local stations). - Just throwing in my thoughts and observations. I hope that one day I can own my own station or having the pleasure of being a full time on Air DJ. Until then... its all just dream.

( http://facebook.com/theozno )

[Jamie]

disregard my last post if you may. my internet stalled out for 10 min and I could not submit my Edit...  The annoying you can;t go back and edit rule after a few min*
here it is edited
I did not invest in 94.5 for that reason. Would blueberry buy it (the nassau stations)?  TOM-O and Mr Mike in the mornings I miss the mighty TOS. Its amazing how many people talk about 99.9 the buzz or 105.1 TOS still up here and listen when it comes in when they travel to Maine or Burlington.  I have been stuck in the CT/NYC area for a few weeks until ski season. I do what everyone I know does barely listen to FM and plug in your Ipod or internet radio. I am so sick and tired of hearning the same songs over, and over and over again in the same day as are many others for CHR or Stale classic rock tunes but understand sales, ratings and shareholders come 1st. In the NEK-VT as many of you know life is a lot slower and people listen to the radio for hours on end in the car at work or at home from what I have observed I think this also do to the fact that there is local news information as well as a much broader playlist's that you don't get sick of the music as much. Most of the small communities from what I have observed like supporting local events and businesses "buy local". Look at 99.3 rock for example. you go to a gas station it playing south of St. Johnsbury to Bellows falls at many gas stations.  you go to a gas station here in stamford CT its Sirius XM everywhere or Gasoline TV.  I never hear 95.9 the fox Playing or star 99.9 on a radio here (the local stations). - Just throwing in my thoughts and observations. I hope that one day I can own my own station or having the pleasure of being a full time on Air DJ. Until then... its all just dream.

( http://facebook.com/theozno )

[trixter]

So many things to consider, so many unanswered questions!  I've heard of single license mom-and-pop instances of Chapter 7, usually small-town AMs, but has this ever happened with a company holding as many FCC-issued broadcast licenses as Nassau does?  Does the court have to take into account that these are radio stations serving the public interest and in some cases like up in Derby VT, theirs are the only stations in town?  How much could Goldman Sachs recoup selling an assortment of transmitters, mics and desks and chairs vs. selling actual operating, money-making radio stations?

Seems here in Portland, the Nassau stations are promoting a $500 daily cash giveaway regardless! 

I bet Herb and Randi (and JJ) are waiting this one out with bated breath!

Interesting times call for interesting refreshments... but I'm poor so it will have to be Milwaukee's Best for Portland's best!

Cheers,
OldPort Wino

Some of the leading experts on bankruptcy law have chimed in on the Nassau case. They feel that a judge most likely will rule chapter 11 or some other similar arrangement will be made. There is still substantial real cash flow with this company and judges are hard pressed to order liquidation of assets with chapter 7.  And also, I have read from here and other sources that the court agreed with Goldman Sachs on an earlier hearing date. NO BIG DEAL!  I saw the reasons why and G. Sachs got a little paranoid on some business transactions occurring with Nassau. Be nice if TruTV was televising the hearing but we all know that will not happen! 

[NHRadio]

Yeah, I'd love to be in the courtroom for the hearing tomorrow. I'm betting the court will appoint a receiver and take control out of Nassau's hands, with a liquidation decision postponed until the receiver knows what he/she is dealing with. Any stations not generating cash probably will shut down. Agree? Disagree?

[trixter]

Yeah, I'd love to be in the courtroom for the hearing tomorrow. I'm betting the court will appoint a receiver and take control out of Nassau's hands, with a liquidation decision postponed until the receiver knows what he/she is dealing with. Any stations not generating cash probably will shut down. Agree? Disagree?

Agree, a trustee will be appointed. This person will be like an auditor for the court.  Hmm, stations going dark? That remains to be seen but AM'rs beware!

[trixter]

Nassau seeks Chapter 11....latest from today's action (Thursday).

No big surprise though.


http://www.rbr.com/radio/nassau-seeks-chapter-11-not-7.html 

[newsbot]

It's interesting to note that Goldman set a September 4th deadline for Nassau to file Chapter 11 voluntarily; Mercatanti let the deadline lapse.  What did he gain by postponing the inevitable?  Unless, of course, his hands really *were* in the cookie jar...

[NHRadio]

If I had to guess, Lou played chicken and thought GS would blink...after all, they own 85% of the company. How can you be owed 60+ million by a company you (for all intents and purposes) own?

[trixter]

My take is that the court will rule on chapter 11 with stipulations.  There is that possibility the court may force Nassau to put non money making stations up for auction and then proceed with chapter 11 with the remaining clusters. For me, that possibility would send shock waves if I was employed with the New England cluster or a station riding the fence with their finances.
I think a ruling will come quickly within 2 weeks and the aftermath will begin in time for the Holidays! 

[trixter]

Latest update on Nassau. Big day for all concerns on Wednesday!


http://www.allaccess.com/net-news/archive/story/97455/hearing-set-for-wednesday-on-nassau-s-chapter-11-m