ARCHWAY BROADCASTING was bankrolled by an investment fund designed to help minority operators finance station acquisitions more easily.
Initially, Archway was handed more than $40M dollars to make their investments in NC, AR, and GA and ultimately spent a total of $60M to include the IL acquisition and whatever capital expenditures requirements and operating shortfalls that haunted them over their 5 year reign of incompetence.
Now, what is left of Archway is being processed out of the house of the last remaining employee in Atlanta, GA and as for the $60M+ dollar investment they made in 4 markets over the last 5 years, their assets have either been sold or are under contract to sell for an approximate total of $25M dollars.
Which represents a loss of $35M dollars.
Astonishing........