The Skinny on Nassau-New England

[wowowow]

WOW OH WOW! The radio boards are a buzzing, so it was time for me to jump into my phone booth...put on my cape...and save the day for all of you wondering what is going on in the world of Nassau-NE!

Here's the skinny from what I have heard...

Mr. Binnie AND Mr. Shapiro DID NOT get the Nassau-NE stations at the auction. Nope...didn't place a winning bid...didn't happen.

OH WAIT...Before you Nassau employees jump up for joy that Louie is still your boss...

Mr. Binnie AND Mr. Shapiro actually BOUGHT the stations from Nassau...which is why they weren't in the bankruptcy approval yesterday. Because a deal was struck to flat out BUY the stations from Lou for $12.5 MIL.

Now...the stations will be SLICED AND DICED between B&S...and a lil company known as Townsquare Media could still jump in and buy...umm...well...PORTLAND...but that will be decided at a Dennys near you soon.

But yes Nassau-NE is sold...and more will be disclosed as time goes by.

SO...what happens and who do you think will get what? What happens in Portland? Lebanon? Concord? The big city of Newport??? Inquiring minds want to know....

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What your predictions are!

Now...SHOOT!

[adbuyer1]

WOWOWOW

Welcome to Radio-Info!...  I'm not quite sure you may have this correct for one simple reason - Nassau was in Chapter 11 Bankruptcy.  That means that the owner along with any investor is wiped out.  They don't legally own the company any more.....so how could Binnie / Shapiro buy these stations from the owner?  They would have to have bought the stations from the primary lender if they bought them at all.

[ret vet]

I was just told be a source from inside Nassau that Goldman Sachs did not accept the bid of the Binnie/Shapiro Group and will assume ownership of the VT/NH stations.  Nassau will become a wholly-owned subsidiary of Goldman at least until they get an acceptable bid.

My source expects the Mercananti management team to stay in place (despite them costing GS over $250M!).

This story gets curiouser and curiouser.

[NERadio2007]

Yeah, that first post is 100% flat out wrong. Like I said on another thread, techincally Lou still has the remaining NE stations. The main issue is the property the towers for the stations are on...are owned by Lou and Nassau. Binnie, since he is footing most of the bid, does not want to pay that. Shapiro asked for(i don't know the legal jargon) a stay or asking for more time and Goldman said no...so Aug 8 has been the extended deadline given for another bid process. So until Aug 8 we shall see....


http://www.foxbusiness.com/news/2012/05/07/goldman-sachs-succeeds-at-nassau-broadcasting-bankruptcy-auction/