Bluewater Files Chapter 11

[jharmon]

Bluewater Broadcasting LLC and parent Alta-Bluewater has filed with the FCC for debtor-in-possession status. It happened last week. Sad to see another broadcasting company in financial straits. Good people running the company.

 

[sflaboy]

The company will emerge in a stronger position going foward. Chapter 11 was filed in order to have a judge help the company structure a plan that works to the benefit off all stakeholders while allowing the company to continue existing operations. There are no changes anticipated in the building or to the programming or staffing going forward. You will see more and more of this in the future with other companies as notes come due that are unable to be refinanced due to the environment we all operate in these days.

 

[ricky]

Good luck Rick. Hopefully this will buy you some time until this downturn begins to turn around. There are many others oh so close to having to take the same direction. Those who survive this mess will be stronger in the long run.

 

[zuzu petals]

ROTFLMAO! Let me see if I got this right.

Trajic Broadcasting Railroad Tycoon calls a board meeting and asks
his staff "How can we save our foundering RADIO stations in Dothan?"
A RAILROAD subordinate replies " Lets hire a Company
that is in CHAPTER 11 to MANAGE our Dothan properties!"
Brilliant! says the Tycoon.

Reminds me of the Direct TV "Cable Company Ad Campaign"

Spin it anyway you want sflaboy......Chapter 11 is Chapter 11

sflaboy > "Chapter 11 was filed in order to have a judge help the company structure a plan that works to the benefit off all stakeholders"

You geniuses couldn't structure your own, now you are managing Trajic, and a Judge is managing you.

 

[sflaboy]

yep, that's right. We're just a bunch of losers who don't deserve your attention. I'm cut to the quick! Guess you told me.

 

[pnut rox]

sflaboy, no one said you guys were losers. Zuzu was just pointing out the facts. Like I am getting ready to do also...

1) Tragic, we can all agree, stinks.
2) No Money
3) Hires an outside company to manage them
4)Outside company....now broke!

Do see where this is going? If anyone had a decent product, quality on air staff, and listeners they would be making money not filing Chapter 11.
Look in our market here...I can think of 1 station that meets all the criteria above...decent product, quality staff, listeners...they are making money and MOST of the time sold out.

So its kinda like the blind leading the blind...

 

[Moonshine]

The few times I heard the stations in Dothan I thought they were pretty good .. then along come CC and things started to go down hill. Traggic as you guys refer to them is really in a terrible way .. hire a company to bail you out and now they are looking for a bail out! Smart moves guys!!!!! Think this was a Lindholm thing or a McCoy thing? Either way it was certainly not something they spent a lot of time researching.

 

[sflaboy]

I'll put the Bluewater Montgomery radio stations up against anyone in the state. Live, personality oriented, well programmed and researched - with a staff that has been consistent since 2004. Never had a sales or programming employee go across the street in 5 years - with NO no competes. That says something. Go listen to them. They all stream: bamacountry989.com, q961fm.com, 97jamz.com, newstalk107fm.com. What comes out of the speakers is what counts boys. Oh, and by the way, Bluewater isn't doing the Dothan cluster - in the way of clarification, the agreement is not with Bluewater Broadcasting, so Bluewaters issues are totally irrelevant to this discussion. Doesn't matter though does it - cause you guys will poke at any sore just to say something bad about the Magic people. Grow up and play nice.

 

[tbarber]

OK, I'm done biting my lower lip on this one. I hired on with Bluewater a couple of weeks in to the operation and have been the General Manager the entire time. Prior to that I have worked with Clear Channel, Cumulus, and three or four other broadcasting companies. I have been in this business 30 years this past February. I have worked Christmas morning as a DJ. I have put gasoline in generators at 3am in the middle of an ice storm to keep a station on the air. I have sold spots to make payroll. I even load the Coke machine. I have put in my days,nights, and weekends in this business. I have earned my stripes. This is the career I have chosen and I am proud to be a broadcaster. I was President of the MS Assn of Broadcasters when I was 32. I have spent time on Capitol Hill lobbying for the Alabama Broadcasters. I am President of my Rotary Club. I could go on..... but, it ain't about me. It's about the people I have chosen to surround myself with who you have chosen to attack. I have worked with probably 10 different staffs over the 30 years, but not one as professional as the one I now am associated with. It ain't a bright and shining day here at Bluewater. Yes, we filed for protection under Chapter 11. If you really understood the details, you might possibly see that as far as the operations go, it is no different today than it was two weeks ago.

These are great radio stations- staffed by outstanding people. Rick Peters- as Operating Partner- has taught me more in the last 5 years than I learned the first 25 years. If you want a bar fight with him, count me in. As Toby Keith says, I aint as good as I once was- but I am good once as I ever was. I've got his back. Bring it.

As to Magic Broadcasting. My personal history of Dothan Radio extends back to August 2, 2009. There are obviously some personal issues between several people who frequent these boards and "Magic Broadcasting". My God, let it go man. Move on. Your ice cream cone has long since melted. Have a good cry and put it behind you. I personally welcome the challenge to work with the people at Magic to move them forward. I think we can do it. The Durdens think we can do it. If you don't think we can do it, then ignore us.

Terry Barber

 

[SKIPPER]

Well Said Terry... and count me in as well....... I have been in radio 31 years this October. I've never worked with a better staff of on air folks as the jocks at Bluewater.

Don't expect these clowns that take cheap shots to "get it" They are a waist of our and anybody's time...

I'm going to be the very best I can be on the air everyday in Dothan. I'm going to show prep... plan... and be the best I can be every single day...... and I know Greg will do the same.

What the guys in Dothan don't get is that we love what we do and we're about getting the job done. Sure we're Chapter 11 in Montgomery, but to quote Neil Bortz... "It's the economy stupid!" Lots of businesses are filing Chapter 11 and reorganizing. It happens in business. Companies also come out of Chapter 11. I know I'm still getting good checks from Blue and would rather be there than at any of the other company's in Montgomery.

So I guess I'm behind you and Rick... Hell Terry, I've seen you have to make tough decisions to keep us rolling... but you guys have worked hard through this economy to keep all of us at Blue with a check at the end of the week... Thanks.. and we know you guys will see us through Montgomery and will do a great job in Dothan.

Keep up the good work ... we're all behind you.

Skipper

 

[zuzu petals]

.... Oh, and by the way, Bluewater isn't doing the Dothan cluster - in the way of clarification, the agreement is not with Bluewater Broadcasting, so Bluewaters issues are totally irrelevant to this discussion.

irrelevant....obviously. You have the time for extra curricular activities in Dothan while Bluewater is in Chapter 11.

Don't wander too far from the mothership, it may not be there when you return.

 

[SKIPPER]

I think zu zu's mama didn't hold him when he was little.... or maybe he's never been on a date?...

 

[johngarrett]

i just hired on at bw monday and THERE ISNT ANY TALK OF BANKRUPTCY IN THAT BUILDING-- i just found out about it on this board--

i met with rick and terry and michael and IT WAS NOT EVEN MENTIONED- making sure i had the proper sponsor copy/ making sure i knew where to play ALL THE SPOTS and filling out 1099 forms to get my $$$$ is all that we discussed


i am sure if it was EMINENT DOOMSDAY -- they prolly have just played music 10am-2pm-- INSTEAD OF HIRING A MIDDAY JOCK-- ALBEIT- VOICETRACKED-- IT CERTAINLY WOULD BE CHEAPER--

but then again-- i dont know as much as former magic broadcasting dj's who are mad at things they have no control over

P.S.-- HEY JESS!!!! I LOVE ME SOME JESS BAILEY-- THAT WAS A GOOD HIRE -

 

[jharmon]

You go Terry!
I think you summed it up very well.
You forgot the NAB Executive Management School at Notre Dame in your career.
Your team will see this through and come out much better on the other side.

 

[valeriejansen]

Seriously, if you don't work with these guys, then YOU DON'T KNOW JACK! I've fueled generators, climbed towers, produced spots, and much, much more for them, and I'll go well out of my way to help everyone at Bluewater out. I've never seen such a high percentage of team players in ANY company. It's tough to sell anything right now, especially airtime. It hadn't been for their business last year and this year, I'd probably have to shut my business down along with the countless others that have tanked in this economy. I wish Rick and Terry and the rest of the Bluewater FAMILY (and they are family to me) the best, and a speedy emergence from Bankruptcy Protection.

 

[busterluck]

Seems like the guys at Bluewater are in some very hot water. Alta Communciations now in charge. I have heard the local guys at BW are nice guys to work for, but Scott McQuuen and Rick Peters Pesrichelli made the big mistake in 2004 by paying way too much for the stations, considering two are only Class A FM's and the WBAM is a Class C1 but with a tower way south of Montgomery. The AM at 1170 has a horrible night time pattern with a NULL over a big part of Montgomery. No one likes to see a company in big trouble and the local guys are playing a game of "pretend normal" and foward looking statements to attempt to hold the ship together at this time. No one can blame them for this, but Alta Communications is now the debtor in possession and they will put the stations on the market to attempt to get some of the money loaned to BW back to the Alta investors. I have seen Alta do this in other markets, and they show no mercy. But the sad fact is the station are not worth on today's market a fraction of what BW paid for them. Over 15 million was to be paid for the BW stations, and Alta and the others that financed BW purcahe in this highly leveraged transaction are bailing out. One can go the the FCC web site and view the two bankrupcy petitions. Go to AM stations, put in WACV, and it is all there to read. Sadly in todays credit market, it is all but impossible to finance broadcast properties. If Alta wanted to redo the financing they would have done so, and not go the bankruptcy route. BW is not alone others have paid too much and more bankruptcies will occur. Does Al Stroh or the Brennen family also hold notes on Bluewater? It will be interesting in the next 6 months to learn who is left in the building with Alta clearly in control.

 

[sflaboy]

Actually, just to set the record straight...Alta, the management team and Seller paper subordinated debtholder have together put together a restructuring plan that will be filed with the court that keeps the management in place, infuses additional capital in the operation and converts all debt except the senior note to equity. The senior lenders are the holdout, thus the filing.
Alta and Bluewater Management have an excellent relationship. The previous poster although well intentioned
does not know the facts of this case.

 

[jo-nathan]

Wow, some things never cease to amaze me. All the name calling that a certain poster is doing... you're a big person. I bet you're fun at parties. You're probably a jock who was canned for either not doing your job, doing something stupid on the air or both. Regardless, your conduct is a prime example of what's wrong with radio. The real pros don't have to resort to such idiocy. I learned a long time ago that all that accomplishes is absolutely nothing. Do yourself (and us) a favor: Grow up.

Jonathan

 

[duncanalausa]

Wow, some things never cease to amaze me. All the name calling that a certain poster is doing... you're a big person. I bet you're fun at parties. You're probably a jock who was canned for either not doing your job, doing something stupid on the air or both. Regardless, your conduct is a prime example of what's wrong with radio. The real pros don't have to resort to such idiocy. I learned a long time ago that all that accomplishes is absolutely nothing. Do yourself (and us) a favor: Grow up.

Jonathan

can i give you a big AMEN? i agree 100% with your statement. there are so many "sour grapes" posters here that i don't frquent the pages near as often as i used to.

 

[momnpop]

Whenever I read about the bankruptcy protection in the newspaper, it only seemed to me that this was a necessary step for reorganization - not for firing people or selling out. Nowhere in the articles, or on the TV newscasts, has there been any kind of evidence that Bluewater was going out of business.

There is no one else even trying to do live and local radio in Montgomery anymore EXCEPT Bluewater. Those guys obviously know how to succeed, and they will emerge from this better and stronger.

The 'legendary' stations continue to succeed more out of listener habit than anything else, wouldn't you think? As far as DJ quality goes, JR (Bubba) on WBAM or Greg on Q96 could whip anyone's you-know-what in the personality department.

As a listener, I try all the stations. Up and down the dial, out of 25+ signals in Montgomery, there are six live shows on the air in the freakin' morning drive slot. Dr. Sam on WLWI-92, Greg Budell on Q96.1, Bubba on Bama Country 98.9, JT & His Mom on Mix 103, Morris & Montiel on NewsTalk 107.9, and Kevin Elkins on 1440 AM. The rest is of the syndicated Mutt and Jeff variety - Rick and Bubba on Y102, John Boy and Billy on 95.1 The Fox, and so on.

AT LEAST THEY ARE TRYING. I would rather hear a live jock and know he's there to answer the phone for a game or request than know someone out in Texas is programming a station via satellite and voice tracking every shift.

Dothan folks, chill. The Bluewater crew knows what they are doing and I know many of the people over there ... they basically have had the same staff for these five years and there is evidently a lot of loyalty over there between the employer and employees.