I'm not so sure I'd bet on that scenario. I don't know Pat Garrett, but he is, by all descriptions, quite a successful businessman with a number of enterprises including a sheepskin shop and restaurant. He has an AM station that has "a few paid programs and some carryover clients." In short, a marginal, break-even (at best) operation. He now buys an FM for a half a million bucks. A bargain price, yes, but still a boatload of money! That FM comes with a highly-rated heritage Rock format with a 30-year track record, a seasoned professional staff and 7 figure annual billing! What does a smart, highly-successful businessman do? Put the AM format on FM? NO, HE LEAVES IT ALONE AND COLLECTS A NICE CHECK AT THE END OF EVERY MONTH! At least that's what I'd do, without the slightest doubt. I'd bet the farm on it.
