Royce International saga, update

[OriginalSample]

I haven’t heard it since last weekend. The website stream kept glitching out a lil too often last Sunday. Maybe it’s fixed by now.

I notice they called themselves Pure EDM. No mentioned of “Dance” in their liners. Also they did play about 1 classic an hour. Todd Terry’s “Bango” stood out being classic NYC House. Everything thing else is more of the harder less melodic sound.

They were playing quite a bit of drum and bass which almost all dance stations ignore here. And they seem to be playing a few of the bigger dance songs to break up the monotony by Sunday evening.

They have liners that say “We Are The Underground” and “No Corporate Radio ” Definitely worth a listen.

 

[radiofan2023]

Do they play any Rabbit In The Moon?

 

[BOOMBASTIC]

Hey Bro,
"Can you lead me a nickel? So I can make a dime to help pay my creditors the dollars I owe them."
Ed Royce Stolz

Trustee Cleared To Borrow Cash To Keep Royce Stations On Air During Bankruptcy. (click to read)
The bankruptcy court-appointed trustee overseeing the Royce International Broadcasting stations owned by Ed Stolz has been given permission to obtain $150,000 in financing from YH Advisor Group that he says is needed to keep the stations afloat while the chapter 11 proceeding advances.

Let's just say 4 transmitters 24 hours a day at $3k a month each (KREV, KFRH, KBET-A and KRCK (with translator at 95.5)
that's 12k a month in just electric bills, and my estimate is conservative (PG&E, SOCAL Edison and NV Energy).
What about tower rent and maintenance for 4 sites? Does the new EDM format require ASCAP licensing, what about streaming royalties with sound exchange ? My guess is the KBET-A license was used a collateral for the 150K?

The other interesting part was this " Under the deal, AutoPilotFM would not pay a lease fee but it would need to cover station expenses and share ad revenue with the trustee." So maybe the above expenses are the problem of Kurt Nilson?

 

[davideduardo]

Let's just say 4 transmitters 24 hours a day at $3k a month each (KREV, KFRH, KBET-A and KRCK (with translator at 95.5)

The AM in Las Vegas likely uses less than $1,000 a month in electricity. The low power one in SF the same. And the one in the Coachella Valley even less.

that's 12k a month in just electric bills, and my estimate is conservative (PG&E, SOCAL Edison and NV Energy).

Less than half that at most.

What about tower rent and maintenance for 4 sites? Does the new EDM format require ASCAP licensing,

They have to pay all four music artist and composer licenses.

what about streaming royalties with sound exchange ?

If they stream, yes.

Bigger expenses are things like site and studio rental, insurance, at least a minimal staff plus Social Security payments. Accounting, other utilities like Internet, phone, local business licenses and permits. And more, such as programming creation.

The other interesting part was this " Under the deal, AutoPilotFM would not pay a lease fee but it would need to cover station expenses and share ad revenue with the trustee." So maybe the above expenses are the problem of Kurt Nilson?

In either case, there are expenses.

 

[seattlesarchiebunker]

I could have sworn the only Royce station currently operating is KREV. I thought the stations that were on the air went back off the air (including KBET which somehow maintained being programmed by Royce the last go-round) and were awaiting programming from Autopilot.

If that’s the case, even though the proof of concept in this idea is a completely remote studio/sales group, you have royalty fees and re-engineering the audio chain to broadcast Autopilot’s stuff from ABQ eating up a lot of that cost. In addition, they have to figure out a unique format for KBET. They probably don’t have any sales staff for these additional stations. This will allow them to hire a couple and keep them on the payroll for a few months.

I don’t even know if KREV has any commercials yet. That would likely mean little to no revenue for the cluster is getting generated.

 

[exdjted]

This is just one last attempt to bulk up the price that someone will eventually pay for these stations. It's just prolonging the inevitable.

 

[DrAkbar]

The Trustee got the court to approve spending $150k to repair and upgrade equipment at Crazy Ed's stations. Can't buy much for that kind of chicken scratch...but for such a chicken excrement operation, what do you expect?

 

[DrAkbar]

It's back to the future for VCY and the stable of Crazy Ed's stations*. The Trustee is using their bid of $4.5m as the starting point for an auction. Let's see if anyone can else can crank up the flux capacitor higher.

Trustee Moves To Auction-Off Royce Stations, With VCY America Getting First Dibs.

The trustee that has been placed in charge of the stations owned by Royce International Broadcasting by a federal bankruptcy judge has asked the court to approve his plan to

www.insideradio.com

*VCY's offer does not include 7~Ninety KBET in Las Vegas

 

[Mark Roberts]

It's back to the future for VCY and the stable of Crazy Ed's stations*.

VCY, just like a vampire hanging around waiting for the blood bank to open. Gotta give them points for patience.

 

[AmyMegan]

NickD, Stoltz is a lawyer. He is acting as his own lawyer but the courts may stop that if he is a creditor as well. I am a creditor in a bankruptcy still on going for 8 yrs now and at one point the lawyer was also the owner and a creditor and the judge pulled the plug on that. Also I predict that Stoltz will bid on the properties as well and if he is the highest bidder, he'll get them and if he is smart enough to get a 363 F bankruptcy order signed by a judge then he is debt free In my case three of the buyers did NOT hire a lawyer to file for a 363f and then the lawyer took off with all the cash from the sales, so the buyers have zero protection. One buyer file a claim against the estate to get the property but I am told that is procedurally incorrect. A lot could go wrong with buying any of he Stoltz stations. I don't have the time, money or energy but if I did I would hire a solid Nevada bankruptcy lawyer to file all the proper paper work and get the 363 F ruling in hand because I have a feeling that there is a lot of pissed off and indictive creditors in this proceeding. There is a ot of hatred and vitrol posted against Ed in another group because they feel that the ex employees wont get paid but I think the hatred should go against ASCAP and the broker for demanding the lion share of the proceeds.

 

[AmyMegan]

Here is a brief overview of the bankruptcy law if someone were to buy any of the Stoltz stations I'd be sure to get a 363 f order in hand became the IRS and US Marshall's are in the middle of this and a lot of other upset creditors.

11 U.S. Code § 363 - Use, sale, or lease of property

www.law.cornell.edu

 

[AmyMegan]

It's back to the future for VCY and the stable of Crazy Ed's stations*. The Trustee is using their bid of $4.5m as the starting point for an auction. Let's see if anyone can else can crank up the flux capacitor higher.

Trustee Moves To Auction-Off Royce Stations, With VCY America Getting First Dibs.

The trustee that has been placed in charge of the stations owned by Royce International Broadcasting by a federal bankruptcy judge has asked the court to approve his plan to

www.insideradio.com

*VCY's offer does not include 7~Ninety KBET in Las Vegas

I guess I don't get why Patrick is owed 2.1 million. It will be interesting to see if the Bankruptcy judge approves it. Im wondering if they will even get 2.1 million out of the sale.
Strange that Patrick is above ASCAP and the IRS

 

[PTBoardOp94]

Mr. Patrick is owed the costs of operating the Royce stations during the long receivership. The $2.1 million is a high priority lien because it is a judgement ordered by a federal district court.

Much of the money is due to significant legal costs, as Mr. Stolz repeatedly filed to have the receivership ended with various claims, such as claiming the estate was being defrauded by unreasonbly high fees charged by Mr. Patrick's counsel.

 

[AmyMegan]

I think Patrick was there one year? Seems high? I looked at the legal fees for Patrick and ASCAP and they are high. Buying this could be a nightmare. If I were VCY I'd run for the hills

 

[AmyMegan]

I think Patrick was there one year? Seems high? I looked at the legal fees for Patrick and ASCAP and they are high. Buying this could be a nightmare. If I were VCY I'd run for the hills

The legal bills on the Johnny Depp trial were less. Lol. Im joking.

 

[exdjted]

I think the hatred should go against ASCAP and the broker for demanding the lion share of the proceeds.

I think Patrick was there one year? Seems high? I looked at the legal fees for Patrick and ASCAP and they are high. Buying this could be a nightmare. If I were VCY I'd run for the hills

Larry Patrick has already stated that the legal fees owed to 3 firms involved are around $1.7 million, and he is also due repayment for his time, expertise and any funds he had to expend to try to fix this mess Ed Stolz created in order to get them back on-the-air and ready for sale. ASCAP, BMI and the others are a fact of life for any radio station, and they have a bigger amount owed to them than the ex-employee you're referencing. I feel bad for the employee, but he's just one of literally dozens of people Ed Stolz has screwed over.

Stolz will continue to try to impede a sale, but if he were to try and use the tactics you describe, he still would have to get the FCC to approve the transfer of the licenses back to him as the new owner, and that is highly unlikely considering his past transgressions.

 

[AmyMegan]

Mr. Patrick is owed the costs of operating the Royce stations during the long receivership. The $2.1 million is a high priority lien because it is a judgement ordered by a federal district court.

Much of the money is due to significant legal costs, as Mr. Stolz repeatedly filed to have the receivership ended with various claims, such as claiming the estate was being defrauded by unreasonbly high fees charged by Mr. Patrick's counsel.

I'm a priority creditor in a bankruptcy that is radio based. Its still open and 8 yrs later no one has seen a dime. Not even the IRS. It has been strung out due to fraud and theft as well. Its a mess. There cases are emotional and stressful and no one but the lawyers win

 

[AmyMegan]

Larry Patrick has already stated that the legal fees owed to 3 firms involved are around $1.7 million, and he is also due repayment for his time, expertise and any funds he had to expend to try to fix this mess Ed Stolz created in order to get them back on-the-air and ready for sale. ASCAP, BMI and the others are a fact of life for any radio station, and they have a bigger amount owed to them than the ex-employee you're referencing. I feel bad for the employee, but he's just one of literally dozens of people Ed Stolz has screwed over.

Stolz will continue to try to impede a sale, but if he were to try and use the tactics you describe, he still would have to get the FCC to approve the transfer of the licenses back to him as the new owner, and that is highly unlikely considering his past transgressions.

They could raise character issues but I doubt the FCC will care. There is not financial requirements. The FCC will take the point of least resistance.

 

[AmyMegan]

Larry Patrick has already stated that the legal fees owed to 3 firms involved are around $1.7 million, and he is also due repayment for his time, expertise and any funds he had to expend to try to fix this mess Ed Stolz created in order to get them back on-the-air and ready for sale. ASCAP, BMI and the others are a fact of life for any radio station, and they have a bigger amount owed to them than the ex-employee you're referencing. I feel bad for the employee, but he's just one of literally dozens of people Ed Stolz has screwed over.

Stolz will continue to try to impede a sale, but if he were to try and use the tactics you describe, he still would have to get the FCC to approve the transfer of the licenses back to him as the new owner, and that is highly unlikely considering his past transgressions.

The FCC has no financial requirements though but they used to I am told. This I know because I had a situation where a third party processed permits inside my FRN account that I did not want to be processed at that point in time because I didn't have the finances to take on more projects. They called the FCC up and even got my account numbers and passcodes. I raised this issue in a protest and was told there is no financial requirements and that you can basically process a permit in someone else's account for profit. Rotten situation. There should be some financial requirement because if you cant pay reg fees thats an issue being a congressional mandate

 

[Mediafrog+]

VCY, just like a vampire hanging around waiting for the blood bank to open. Gotta give them points for patience.

VCY seems to be ramping up to major expansion mode. They could be the new EMF. With station values plummeting, VCY is likely ready to snap up the bargain basement deals.