Proposed KFNX sale filed

[50kguy]

KFNX majority owner filed bankruptcy. He has an agreement to sell station to a Florida man for $800,000. Sale pending both bankruptcy court and FCC approvals.

 

[KeithE4]

KFNX majority owner filed bankruptcy. He has an agreement to sell station to a Florida man for $800,000. Sale pending both bankruptcy court and FCC approvals.

Does the $800K include the land that the towers sit on? I can't see KFNX being worth that much without it.

 

[DrAkbar]

Does the $800K include the land that the towers sit on? I can't see KFNX being worth that much without it.

That land isn't as valuable as you'd think. Sure it's Cave Creek, but it sits next to the wash (flood plain issues) and directly behind it is the Cave Creek landfill (aromatic acres?). Because it's 50kw day with great coverage, the $800k price is not out of line. Nighttime coverage with 1kw is spotty, but who listens to radio after 6pm anyway?

 

[DrAkbar]

Land is included in the purchase price: https://licensing.fcc.gov/cdbs/CDBS...?appn=101806097&qnum=5040&copynum=1&exhcnum=1 Love the name of the Buyer - Futures & Options, Inc. (sounds like a real serious broadcaster) The whole thing is subject to not only FCC approval, but bankruptcy court. Studio lease is up the end of September, and KFNX has to operate at a minimum of 85% of their licensed power. hmmmm...wonder if there's an issue with their xmttr?

 

[Maria Ninguem]

Does the $800K include the land that the towers sit on? I can't see KFNX being worth that much without it.

Based on the asset purchase agreement, doesn't look like there is any. https://licensing.fcc.gov/cdbs/CDBS...?appn=101806097&qnum=5040&copynum=1&exhcnum=1 No mention of real estate in the assets to be transferred or excluded, but there is reference to real property leases to be transferred 5.6(e).