| AUCTION NOTICE |
Chapter 7 Telephonic Bankruptcy Auction in Tucson, Arizona, on the 18th day of August, 2014, at 11:00 AM PST in case number 4:09-bk-33058-EWH, George and Patricia Kimble, Debtors. There will be sold substantially all of the assets owned or used by Radio Stations WNYR-FM, WLLW (FM), WFLK (FM), WGVA (AM), WCGR (AM), WFLR (AM), WAUB (AM) and five (5) FM translators operating in the Finger Lakes region between Rochester and Syracuse, NY. These highly-desirable stations, known as the Finger Lakes Radio Group, are well-established and have significant revenue and Broadcast Cash Flow. Opening offer is $3,000,000.00 all cash without any conditions other than Bankruptcy Court and FCC approval of the assignment of the Licenses. Contact Michael M. Neal, attorney for the Chapter 7 Trustee at 520-623-5686, or at [email protected] for more information. Station, market and financial information will be provided upon signing of a confidentiality agreement. The Asset Purchase Agreement and Motion to Approve Sale are on the Docket of the Clerk of Court. |
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Bid Once, Bid High!
- Thread starter SirRoxalot
- Start date
AUCTION
NOTICE
Chapter
7 Telephonic Bankruptcy Auction in Tucson, Arizona, on the 18th day of August,
2014, at 11:00 AM PST in case number 4:09-bk-33058-EWH, George and Patricia
Kimble, Debtors. There will be sold substantially all of the assets owned or
used by Radio Stations WNYR-FM, WLLW (FM), WFLK (FM), WGVA (AM), WCGR (AM), WFLR
(AM), WAUB (AM) and five (5) FM translators operating in the Finger Lakes region
between Rochester and Syracuse, NY. These highly-desirable stations, known as
the Finger Lakes Radio Group, are well-established and have significant revenue
and Broadcast Cash Flow. Opening offer is $3,000,000.00 all cash without any
conditions other than Bankruptcy Court and FCC approval of the assignment of the
Licenses. Contact Michael M. Neal, attorney for the Chapter 7 Trustee at
520-623-5686, or at [email protected] for more
information. Station, market and financial information will be provided upon
signing of a confidentiality agreement. The Asset Purchase Agreement and Motion
to Approve Sale are on the Docket of the Clerk of Court.
Will they accept Paypal?
And how long before there's a similar posting announcing the auction of about 800+ stations currently owned by debtor Clear Channel?
And how long before there's a similar posting announcing the auction of about 800+ stations currently owned by debtor Clear Channel?
That can't happen fast enough.
Have you heard of the phrase "too big to fail?" I'm sure that's what Bain is thinking. They'd lose a ton on an auction. If they thought it was a good idea, they'd auction off all the Aloha Trust stations, and they haven't.
This has been in the works for a while. Looks like a divorce started the whole thing...
http://www.allaccess.com/net-news/a...ver-takes-over-majority-interest-in-finger-la
http://www.allaccess.com/net-news/a...ver-takes-over-majority-interest-in-finger-la
And it's been discussed here at length. http://www.radiodiscussions.com/showthread.php?622367-Meanwhile-Elsewhere-In-The-Finger-Lakes The question, as last time, does Alan Bishop remain part of the equation. $3 million dollars just to be able to walk through the door? Translators, FMs aside, it seems a bit steep. Not too many months ago, bankruptcy struck in Elmira-Corning when the Pembroke Pines properties went into receivership. Small market radio caught the large market virus.
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$3 million dollars just to be able to walk through the door? Translators, FMs aside, it seems a bit steep.
But they're "highly-desirable stations."
It looks like Alan Bishop was able to separate himself and his stations from Finger Lakes at the time of the original Chapter 11 bankruptcy. This is a personal bankruptcy on the part of George Kimball, not a corporate bankrupcty by Finger Lakes.
As for the failure of a "mom & pop", I don't see any difference between that and the failure of a company like Citadel or any of the other corporate crashes. The only difference is that the owners may actually feel bad about firing people, and the Kimbles won't walk away with a $40-million dollar buy-out for crashing and burning. The result for the people who work there, the minority shareholders, and the listeners is the same.
It doesn't look like they'll sell Kimble's 67% of the company piece-meal. You have to buy it all, or nothing. It makes you wonder if Bishop is the licensee of the stations that are not included rather than Kimble or Finger Lakes. Bishop could be part of a group that makes a bid on the other 67%, and potentially could end up with a majority interest in Finger Lakes. Or, he might be able to make a deal to separate from the company altogether and take his stations to his own corporate entity.
As for the failure of a "mom & pop", I don't see any difference between that and the failure of a company like Citadel or any of the other corporate crashes. The only difference is that the owners may actually feel bad about firing people, and the Kimbles won't walk away with a $40-million dollar buy-out for crashing and burning. The result for the people who work there, the minority shareholders, and the listeners is the same.
It doesn't look like they'll sell Kimble's 67% of the company piece-meal. You have to buy it all, or nothing. It makes you wonder if Bishop is the licensee of the stations that are not included rather than Kimble or Finger Lakes. Bishop could be part of a group that makes a bid on the other 67%, and potentially could end up with a majority interest in Finger Lakes. Or, he might be able to make a deal to separate from the company altogether and take his stations to his own corporate entity.
As for the failure of a "mom & pop", I don't see any difference between that and the failure of a company like Citadel or any of the other corporate crashes.
Except that the employees' lives and careers are a function of the owners' personal life, not bad business decisions. Unless the owners' personal life could be called a bad business decision. Which I can understand.
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Unregistered
Guest
Funny...wasn't there a young DJ from one of these stations who used to post here a lot?
Yeah, I left in June 2013. Was only doing part time and things were done pretty unfairly there. They have a morning show host (female) who gets all the advancements and why I do not know. She has ZERO talent, the listeners hate her and so does most of her co-workers.
I did EVERYTHING for them, board op, on air, plus fill in on morning show, afternoon drive etc, one time I did board op for the Giants and my on air WLLW shift at the same time... Another time, I hosted the classic country show from 9am-12pm, got the call ti voice track WNYR to fill in, did so while doing the country show AND the start of my WLLW show and THEN was asked to do the Giants game, so in effect, was on 3 stations at the same time.
But she is the better choice apparently...
Busted is busted. In this case, the company is apparently still solvent. I'm sure that there were people who were let go trying to maximize profits to keep the owner afloat. Clear Channel's doing the same thing trying to keep the company afloat.
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