It's basically a "call-in" legal show hosted by a bankruptcy law firm. It even ran in Panama City during the late night hours.
Here's a 2005 episode. Interesting production values with their "virtual set" way back then...
Back to WSRE. If the foundation wants a PBS affiliate on the air, maybe they could partner with the University of West Florida. They already run the NPR station for the area (WUWF) and I believe run a TV channel that's on Cox Cable. WPAN is probably their best bet in leasing them a channel slot.
And down the line, if PSC fails in running WSRE as an educational independent, they may cash it out to UWF, or even FSU to relay WFSU/WFSG.
If it's more a matter of not being able to sustain a free-standing station, relaying WFSU/WFSG sounds like possibly the best solution.