Lance seems to be saying he will sell them. He may have to under the terms of the bankruptcy. Then again, he may have a secret stash somewhere to pay off the debts.
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92.7 Rev
- Thread starter sfradio
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Lance seems to be saying he will sell them. He may have to under the terms of the bankruptcy. Then again, he may have a secret stash somewhere to pay off the debts.
Just wanted to make a quick post to thank Lance for answering my earlier question.
As far as the bankruptcy case is concerned, I suspect at least some creditors will object to any Plan of Reorganization that does not provide some reasonable mechanism for (a) liquidation of the stations, or (b) grant of a controlling equity interest in the stations.
BigA does raise a good point, though. If Stolz is able and willing to write a check to Royce for Royce's use to settle with creditors, conceivably he may be able to find a way to retain most or all of his equity interest in the stations.
As far as the bankruptcy case is concerned, I suspect at least some creditors will object to any Plan of Reorganization that does not provide some reasonable mechanism for (a) liquidation of the stations, or (b) grant of a controlling equity interest in the stations.
BigA does raise a good point, though. If Stolz is able and willing to write a check to Royce for Royce's use to settle with creditors, conceivably he may be able to find a way to retain most or all of his equity interest in the stations.
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The reason I said that is he seemed to be able to come up with the millions to pay off the record labels (when push came to shove.) Had he done that in the first place, it would have saved everyone a whole lot of crap. But look at all the fun Ed had.
Yes, those creditors have to be paid back. He could sell at least one of his 3 stations to pay them back, and still be in business.
If nothing else, he doesn't give up without a fight. He will try to hang on to as many of his radio properties as possible. It's almost guaranteed at least one of his creditors will force him to sell some of his assets.
In bankruptcy, you are legally bound to declare and prove your finances, income, assets, any future money coming to you. You can't lie about that to the court.
But then, a possible secret offshore bank account? I wouldn't put it past him.
Royce International is a Nevada Domestic Corporation. Not an LLC. If we're talking about an LLC, Royce's personal finances are protected from the corporation. I don't know the law about a Nevada Domestic Corporation. The company without those stations is pretty broke. The company lists $75K in revenue a year. But I suspect Ed still has a lot of Entercom money in a bank somewhere.
I don't know how different a Nevada Domestic Corporation is from an LLC. Didn't know about that.
Any bankruptcy lawyers on this board?
What is a domestic corporation?
Definition. A U.S. corporation that does business in the state in which it is incorporated. Compare to a Foreign Corporation.
A limited liability company (LLC) is a legal status granted to businesses. This designation can relieve the business owners of personal responsibility for their company's debts or liabilities and establishes the business as its own legal entity.
In the event of a bankruptcy or a legal dispute with the business, the owner's personal assets like bank accounts, homes, and cars can't typically be viewed as assets of the company.
An LLC is owned by one or more individuals who are referred to as "members." If you're the sole owner, it's a single-member LLC. More than one owner is known as a multi-member LLC.
Definition. A U.S. corporation that does business in the state in which it is incorporated. Compare to a Foreign Corporation.
A limited liability company (LLC) is a legal status granted to businesses. This designation can relieve the business owners of personal responsibility for their company's debts or liabilities and establishes the business as its own legal entity.
In the event of a bankruptcy or a legal dispute with the business, the owner's personal assets like bank accounts, homes, and cars can't typically be viewed as assets of the company.
An LLC is owned by one or more individuals who are referred to as "members." If you're the sole owner, it's a single-member LLC. More than one owner is known as a multi-member LLC.
What Now For Ed Stolz? An FCC Notice of Violation | Radio & Television Business Report
With the three FM stations that had been poised to go to VCY America in a court-ordered sale administered by Larry Patrick back in his possession, thanks to a Nevada Bankruptcy Court order, Ed Stolz's next move is to figure out how to retain the FM trio while continuing to operate a Las Vegas AM...
www.rbr.com
New Drama for Ed Stolz.
According to this, the VCY lease on 92.7 is over, but the station appears to be in limbo;
Ed Stolz Has His FMs Back. But The Three Stations May Yet Be Sold By Bankruptcy Court.
Ed Stolz may have regained control of his three FMs, but whether he will be able to continue to hold onto them will depend on how a pending chapter 11
Larry Patrick wants to sell the Royce stations to VCY in order to pay Stoltz' debts.
For 5 million dollars now instead of six million.
The violation at KBET? An unlocked gate. Oh the shame of it all!!!!!! Oh brother!!!!
What a philanthropist.
It doesn’t appear that his debts are so insurmountable that they couldn’t be settled with the sale of, say, 92.7 by itself. Including the receiver’s fees.According to this, the VCY lease on 92.7 is over, but the station appears to be in limbo;
Ed Stolz Has His FMs Back. But The Three Stations May Yet Be Sold By Bankruptcy Court.
Ed Stolz may have regained control of his three FMs, but whether he will be able to continue to hold onto them will depend on how a pending chapter 11www.insideradio.com
Larry Patrick wants to sell the Royce stations to VCY in order to pay Stoltz' debts.
Considering each station is owned by a separate business, I can’t imagine *all* the stations could legally be sold. Perhaps Stoltz has stashed-away money from the sale of KWOD in Sacramento a couple decades ago and can fully satisfy his debts in the court’s eyes and avoid any liquidation.
Regardless, if Stoltz gets them back, he’s got a heavy burden on him. 3 unclustered stations in 3 separate markets that basically need to be built back from scratch minus the physical plant. In 2022, that’s gonna hurt.
A $5m price on KREV might only be paid by....a religious broadcaster like VCY. No ratings, no revenue. Nothing but a marginal signal.
Crazy Ed will have to come clean about his finances. Can't play Whack A Mole in bankruptcy court.
Yes indeedy. But this guy lives to litigate and draw things out for years, if not decades.
Here's an update on the previous story about the Ed Stolz stations:
www.insideradio.com
Court Says Larry Patrick Is Due $2.1 Million For His Work As Royce Trustee.
A California judge has ordered Royce International Broadcasting owner Ed Stolz to pay $2.1 million plus interest to Larry Patrick for the work he did as receiver of the company’s
I'm in Vallejo with my Kaito KA321, I don't here anything on 92.7
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