Goldman Sachs should keep the staff at WPST since it is profitable. It ain't broke, don't fix it.
For the sake of the radio types at PST let's hope Goldman follows your advice.
In going through the numbers, you have to wonder if Louis Mercatanti ever wishes that he was much less ambitious about growing Nassau with so much debt. If what's being reported is correct, Nassau took on about $250-million in debt to buy stations, and at the auction last week it sold a few of them for about $10-million in cash. Goldman is holding stations it thinks are worth about $38-million. So even if Goldman gets the prices it is looking for, stations that were bought with $250-million in debt will have been sold for about $48-million, leaving lenders with $200-million in loses, and that ain't chickenfeed even on Wall Street.
If Mercatanti had just stuck with PST, and paid it off, he, and a lot of lenders, would be much wealthier people today. He would still own a profitable radio station, instead of losing an entire company in bankruptcy. But hindsight is always 20-20, and over-leveraging, to grab all you can, looked smart, for a while. You have to give those folks in Maryland credit for selling two stations to Nassau for $18-million and then buying them back, along with another, for a total of $6-million, but possibly they were just "lucky" rather than that "smart."
I started another Nassau thread in the land of WODE on the Lehigh Valley board, there's some additional comments there, if you haven't checked them out yet............http://boards.radio-info.com/smf/index.php?topic=211697.0