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Article in the Press today about the Atlantic Auction...

I reference my post on this last December...

<<Something's not right here.

The investors replaced management teams 10 months ago. In just ten months, payables triple...and that's with a jersey shore summer season, when everyone makes money. I might expect this from a management team that is inexperienced or incompetent, but the investors bring in the principles of JVC, who run a very successful cluster of their own and are no strangers to profitable radio. An additional million in debt in just ten months? Is this possible, with seasoned radio managers? And now Chapter 11, and the assets are up for sale. Would you say the JVC team did a bad job managing this cluster?

Now, let's say the Atlantic assets get bought up at the fire sale price of, say 2.5 or 3 million by, oh lets say JVC itself. Now, they own a 50k and two 6k FMs and 2 AMs, two tower sites and a 3 story commercial office building in Linwood, with no payables save their investment. NOW, would you say that the JVC team did a bad job, or did they just pull off the deal of the year?

Just wondering. It will be interesting to see who ends up with these stations. If it's JVC...well then I will feel sorry for Sun Bank and the original investors. They just got fleeced.>>
 
Let's play name that crook.

A sleezy hot dog vendor walks off the street and into a bank to borrow some money to buy radio stations. The bank asks what are your qualifications. The hot dog salesman say's ... I know allot about radio, I used to own one with 9 transistors and an eight track tape player. So the bank lends the money.

The hot dog vendor immediately begins embezzling from the radio stations, takes out and runs up credit cards against the radio stations, frauds the rating measurement company, rips off anyone he comes in contact with, rip's off the stations salesmen commissions then fires them, rips off the sponsors with false rating measurements, makes deals with unsuspecting people on the side with no contracts and pockets the money instead of putting it in accounts receivable, doesn't pay the bills because he pocketed the money, and lies to everyone including his co-signers.

Basically he runs the stations like he runs his hot dog cart. The stations collapse in record time.

Hundreds loose their jobs and livelihoods. The value of the stations is just above nil. The reputation of the stations in even lower. All the call letters will have to be changed, and probably most of the formats.

It all began with the bank fraud.

Name that crook.
 
Hopefully Boardwalk will win the fire sale. With John as a major investor, hopefully Wild 102.7 will stay, and get better (no Kidd Kraddick, local/VTed jocks). But if anyone else outbids them, expect all the formats to change. So I may be right that Wild 102.7 is on its last legs. And I will enjoy it till it goes down.
 
Speaking of hot dog vendors has he gone to jail yet??????? Havent heared a thing about him in a long time ?????? If I was a betting man I bet he will get off scott free
 
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