F
FMmonster
Guest
Hello,
I saw the postings on this last week and wanted to do my due dilligence before posting. Although I have not worked in this market, I surely hope the ex-employees do find some piece of mind. I am sorry to hear of what has happened to some, what I assume, are talented people. I am researching now if an attorney would help you recover lost wages, bonuses, etc and will post on that at a later time. Here are some things that you may like to know, from actual auction documents from Patrick Communications:
1. The stations currently have approximately 11.0 Million in indebtedness which the sale will hopefully clear.
2. The contract for the construction of KHSE-AM will be issued shortly and the station build-out should be completed by the end of this year.
3. The current owner is operating the stations as a debtor-in-possession under bankruptcy protection. As a result, the potential buyer has the rare opportunity to pick and choose from the stations' many contracts and leases. The tower and studio would also convey in this acquisition. All assets would be delivered free and clear to a purchaser.
4. In 2004, KFCD-AM reported gross revenue at $350,000 and had significant loss. The station is pacing at the same level for 2005.
5. Station Offices and Studios - Leased for $9,300 per month + utilities until 4/18/2007 - 12900 Preston Road, Suite 100 Dallas, Texas 75230
ABOUT THE BIDDING:
1. Parties wishing to participate at the Auction must deliver a written copy of its bid to Broker (Patrick Communications) no later than 5 pm Central time on October 4, 2005. (That's today, sorry about the late notice!)
2. Broker will confirm back to parties their right to participate as a Qualified Auction Bidder no later than October 8, 2005.
3. On or before 5 pm Central time on October 11, 2005, each Qualified Auction Bidder must inform Broker by phone or in writing as to whether the Bidder intends to participate in the Auction.
4. The Auction will commence at 2 pm Central time on October 13, 2005 at the offices of Vinson & Elkins, LLP, 2001 Rose Avenue, Suite 3800, Dallas, TX 75201
5. A hearing to approve the Sale of Available Assets to the Successful Bidder(s) shall be held at 9 am Central time on October 24, 2005 before the Honorable Barbara J. Houser, 1100 Commerce Street, 14th Floor, Dallas, TX.
Wally out!
I saw the postings on this last week and wanted to do my due dilligence before posting. Although I have not worked in this market, I surely hope the ex-employees do find some piece of mind. I am sorry to hear of what has happened to some, what I assume, are talented people. I am researching now if an attorney would help you recover lost wages, bonuses, etc and will post on that at a later time. Here are some things that you may like to know, from actual auction documents from Patrick Communications:
1. The stations currently have approximately 11.0 Million in indebtedness which the sale will hopefully clear.
2. The contract for the construction of KHSE-AM will be issued shortly and the station build-out should be completed by the end of this year.
3. The current owner is operating the stations as a debtor-in-possession under bankruptcy protection. As a result, the potential buyer has the rare opportunity to pick and choose from the stations' many contracts and leases. The tower and studio would also convey in this acquisition. All assets would be delivered free and clear to a purchaser.
4. In 2004, KFCD-AM reported gross revenue at $350,000 and had significant loss. The station is pacing at the same level for 2005.
5. Station Offices and Studios - Leased for $9,300 per month + utilities until 4/18/2007 - 12900 Preston Road, Suite 100 Dallas, Texas 75230
ABOUT THE BIDDING:
1. Parties wishing to participate at the Auction must deliver a written copy of its bid to Broker (Patrick Communications) no later than 5 pm Central time on October 4, 2005. (That's today, sorry about the late notice!)
2. Broker will confirm back to parties their right to participate as a Qualified Auction Bidder no later than October 8, 2005.
3. On or before 5 pm Central time on October 11, 2005, each Qualified Auction Bidder must inform Broker by phone or in writing as to whether the Bidder intends to participate in the Auction.
4. The Auction will commence at 2 pm Central time on October 13, 2005 at the offices of Vinson & Elkins, LLP, 2001 Rose Avenue, Suite 3800, Dallas, TX 75201
5. A hearing to approve the Sale of Available Assets to the Successful Bidder(s) shall be held at 9 am Central time on October 24, 2005 before the Honorable Barbara J. Houser, 1100 Commerce Street, 14th Floor, Dallas, TX.
Wally out!