They are waiting for the Bankruptcy Court to approve the transaction outside of the transfer from Inner City to YMF Media. The court date is Thursday the 18th. Once the Bankruptcy Court rubber stamps the deal, the transaction paperwork will be filed with the Commission and you are probably looking at a closing in 30 days after FCC approval.
Richard Peterson and Mike Willis have agreed to buy WZMJ Batesburg-Leesville through a newly formed entity Lake Murray Broadcasting.
They cannot have an interest in the LPFM simultaneously with WZMJ. Under the current rules, only educational institutions (colleges and universities, mainly) and government entities can have an LPFM license as well as a full power license.
I am assuming they will move "Lake Murray Radio" over to WZMJ.