• Get involved.
    We want your input!
    Apply for Membership and join the conversations about everything related to broadcasting.

    After we receive your registration, a moderator will review it. After your registration is approved, you will be permitted to post.
    If you use a disposable or false email address, your registration will be rejected.

    After your membership is approved, please take a minute to tell us a little bit about yourself.
    https://www.radiodiscussions.com/forums/introduce-yourself.1088/

    Thanks in advance and have fun!
    RadioDiscussions Administrators

Black Crow Broadcasting Files Chapter 7 Bankrupt!

P

pocket-radio

Black Crow Broadcasting, owns multiple stations, in Daytona Beach the HOG, CROW, VYBE AND WNDB.

They filed for Chapter 7 which the banks takes over and destroys what's left before selling it for pennies on the dollar.
 
WKTO (NCE FM), Edgewater, won't be crying too much over them. Twelve years ago they filed a petition to deny the (new) station. Too long to go into here (and perhaps this forum isn't for revisiting such things), but it was uncommonly below the belt.

They had money and time for that. Now they don't have money and time for keeping their own station going.

If this is too much of a flame-thread, I don't mean it that way, and I'll take it down if needed.
 
wpio said:
WKTO (NCE FM), Edgewater, won't be crying too much over them. Twelve years ago they filed a petition to deny the (new) station. Too long to go into here (and perhaps this forum isn't for revisiting such things), but it was uncommonly below the belt.

They had money and time for that. Now they don't have money and time for keeping their own station going.

If this is too much of a flame-thread, I don't mean it that way, and I'll take it down if needed.
Click to expand...
You piqued my interest. What was in it for Black Crow to deny WKTO? Were you at WKTO at that time?
 
Did this involve the 92.7/Beverly Beach allocation? Or was this a different deal?



wpio said:
WKTO (NCE FM), Edgewater, won't be crying too much over them. Twelve years ago they filed a petition to deny the (new) station. Too long to go into here (and perhaps this forum isn't for revisiting such things), but it was uncommonly below the belt.

They had money and time for that. Now they don't have money and time for keeping their own station going.

If this is too much of a flame-thread, I don't mean it that way, and I'll take it down if needed.
Click to expand...
 
No, the nonprofit was a stand-alone NCE app (mod to its original proposed location in Mims) It was part of the solution that wraught WPOZ and the Kissimmee 89.1 stations. All were mx'd and Judge Kuhlman allowed two of the five to peel off.

Black Crow's only standing to oppose it was that the city of license and transmsitter site were moving into Black Crow's back yard. (like an NCE would be a threat)

Black Crow interviewed the directors of the nonprofit board, and got one to sign off on a statement to discredit the organization, namely that the engineer was "running things."

Well, it's all engineering till a station is on the air, so it appears to directors that an engineer controls the organization. The nonprofit app had to have the same director to submit a second statement which ALJ Kulman accepted and threw out Black Crow's illbegotten statement from the same director.
 
The fact of the matter is GE Capitalis seeking to appoint Larry Patrickas receiver for theBlack Crowowned properties. Black Crow owes $38 million and GE Capital is in Federal court attempting to take over the properties. They will be sold off and GEC hopes to recoup the money owed.

Bob Padilla
www.cflradio.net
 
The fact of the matter is GE Capital is seeking to appoint Larry Patrick as receiver for the Black Crow owned properties. Black Crow owes $38 million and GE Capital is in Federal court attempting to take over the properties. They will be sold off and GEC hopes to recoup the money owed.

Bob Padilla
www.cflradio.net
 
Chapter 7 in NEWS to me,I have not seen that suggested anywhere but here.Now that said;In Businesses such as RADIO-Chap 7 does not mean liquidation like it might with a retail chain,in fact GE Capitol has stated it is in their interest to keep the Radio Stations Operating under a Reciever while a buyer is found.I find it amazing that anyone could go thru $39 Million!!! I'll bet ya physical assets don't even come close to that! The Daytona Stations 93.1 and 103.3 were purchased for a song and dance while 95.7 and 1150 WNDB were purchased from the Chapman Root Trust. All of the Daytona FM's were built from the ground up by Black Crow...93.1 was an automated Oldies format purchased from Reid Hughes while 103.3 was an automated satellite Country Station with virtually no audience to speak of until B.C. bought it and changed it to the VIBE.There is to be a Court Hearing Thursday,Jan 14th in Federal Court and G.E. supposedly wants this reciever appointed NOW.

Possibly the Daytona Model which was successful...BUY LOW,build up from scratch wasn't the same model used for expansion in other markets like Valdosta...I don't know Hunstville AL,Jackson TN & Live Oak,FL...Their a good company but some mistakes were made somewhere...obviously.

Hear rumors that Root wants back into the Media Business...now wouldn't that be a Hoot...Root buys back WNDB.
 
Although Black-Crow started out in Daytona Beach, the company expanded rapidly into other markets including Live Oak, Lake City, Valdosta and markets in Alabama and Tennessee. Same as the large radio corporations, Black-Crow paid premium prices for some of the other stations.
 
jmtillery said:
Although Black-Crow started out in Daytona Beach, the company expanded rapidly into other markets including Live Oak, Lake City, Valdosta and markets in Alabama and Tennessee. Same as the large radio corporations, Black-Crow paid premium prices for some of the other stations.
Click to expand...
In addition Daytona Beach and Huntsville AL are the only Medium Market B.C. owns stations in..Daytona ranked 87th by Arbitron,Hunstville 107th,Lake City is not rated,Valdosta GA is ranked 267th (not a market I'd want to own 7 Stations in!),Jackson TN is ranked 292!!! What kind of Ad Rates are you going to get in the 267th or 292nd Markets??? If I were going to own so many Small Market Stations-I think I'd want at least a Half-Dozen Major Market Stations (which were hopefully NOT overpriced 30x Cash Flow).
 
The business model was (and is) to be the major player in each respective Black-Crow market. The Live Oak stations (WQHL-AM 1250 and WQHL-FM 98.1 C2) and Lake City (WCJX-FM 106.5 A) are considered by Black-Crow (and marketed) to be extensions of the Valdosta market. Black-Crow has invested heavily in the Valdosta market and has a decent cluster of cash flowing stations there. The problem, same as with Clear Channel and others, is they paid very high multiples for those stations. As a result, even though the stations are technically profitable in a "normal" situation, the company is not generating enough positve cash flow to meet current debt service. The Daytona Beach cluster is probably the most profitable cluster in the entire company. However, Daytona is unable to carry the the entire company; hence the current financial situation Black-Crow is experiencing.
 
I can tell you from first hand experience, the operation took trade to an extreme. I mean as in stupid. They also gave the stations away, every time! I've sold both ways, and I can tell you I'd rather get and hold rate even if it means walking away once in a while. As for trade, I can't pay FPL with trade! Maybe bad decisions and management contributed to their problems.

Anyway the bank wants their money! Standby for a fire sale.
 
Big John (1380 WELE) was really rubbing it in on the air last Friday...I got a kick out of his calling Black Crow...Black Frog (because of 93.1) but he was really rubbing it in that he would be WNDB's "Saviour"...the AUDIO link (Quite Large but entertaining!) is on CFLRadio.net under "What's News" Black Crow files complaint to FCC over WELE transfer.
 
JPJ said:
Big John (1380 WELE) was really rubbing it in on the air last Friday...I got a kick out of his calling Black Crow...Black Frog (because of 93.1) but he was really rubbing it in that he would be WNDB's "Saviour"...the AUDIO link (Quite Large but entertaining!) is on CFLRadio.net under "What's News" Black Crow files complaint to FCC over WELE transfer.
Click to expand...

AMEN BROTHER AND PASS THE PLATE!!
Yes, very entertaining, thanks for posting the link.
 
pocket-radio said:
Black Crow Broadcasting, owns multiple stations, in Daytona Beach the HOG, CROW, VYBE AND WNDB.

They filed for Chapter 7 which the banks takes over and destroys what's left before selling it for pennies on the dollar.
Click to expand...

If I may, just clarification: Regardless of the Chapter of the Bankruptcy Law the banks don't take over anything. The Bankruptcy Court appoints a Trustee who manages and/or disposes of the assets of the company...or reorganizes...or negotiates. Bankruptcy is for the protection of the filer and is provided for in the Constitution.
 
Silkie said:
pocket-radio said:
Black Crow Broadcasting, owns multiple stations, in Daytona Beach the HOG, CROW, VYBE AND WNDB.

They filed for Chapter 7 which the banks takes over and destroys what's left before selling it for pennies on the dollar.
Click to expand...

If I may, just clarification: Regardless of the Chapter of the Bankruptcy Law the banks don't take over anything. The Bankruptcy Court appoints a Trustee who manages and/or disposes of the assets of the company...or reorganizes...or negotiates. Bankruptcy is for the protection of the filer and is provided for in the Constitution.
Click to expand...
The lender is petitioning the Court to appoint their reciever...Can Black Crow pick a different person to suggest as reciever or is the Court more likely to side with the Creditor?
 
The court makes the decision in appointing the Receiver. Certianly the court may be influenced by the borrower or lender, but the court actually makes the final decision
 
I'm not sure, but a judge could order that they sell assets to pay for the debt. It's like chapter 13 without the limits. To save the company, Black Crow Media will be forced to break it up.
 
Status
This thread has been closed due to inactivity. You can create a new thread to discuss this topic.


Back
Top Bottom