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File Under: Glunt Empire, Stop 26-Riverbend Bankruptcy

J

JohnnyMorganWXJX

Guest
This is more OA/OMW territory, but the Shenango Valley Radio/TV Pages (via PBRTV.com) is reporting (1/14/06) that Stop 26-Riverbend has filed for Chapter 11 bankruptcy (yet again?)

Without access today to the bankruptcy docket, I'm not exactly sure what this is. SVRTV linked to an Inside Radio article, which has since been "archived" (for some exorbitant fee, no doubt), so I'm in the dark.

Didn't Stop26-Riverbend do this already, in July? Is Inside Radio late to the game? Or is this a NEW filing?

Regardless, SVRTV is adding healthy doses of Glunt's name to speculation about Stop 26-Riverbend's stations, which they say will almost certainly have to be sold.
 
Yet Another Bankruptcy Filing?

> Didn't Stop26-Riverbend do this already, in July? Is Inside
> Radio late to the game? Or is this a NEW filing?

Here's our item on July's filing:

http://ohiomedia.blogspot.com/2005/09/court-to-stop-26-riverbend-refinance.html

I've been digging around since I saw the PBRTV/SVRTV item on Friday, and I haven't been able to find any new information on this. I still have other possibilities, though. I get the idea it's a new filing.

> Regardless, SVRTV is adding healthy doses of Glunt's name to
> speculation about Stop 26-Riverbend's stations, which they
> say will almost certainly have to be sold.

See above. It sounds to me like they had to refile because their efforts to get more money failed. A sale may be involuntary at this point.

And I don't know what Tom's hearing, if he's hearing it separately, but OMW's sources told us back in September that Mr. Glunt was at very least looking into the Stop 26 Riverbend properties. We haven't heard any more since then, though. Maybe Glunt/Beacon is waiting around for the lowest possible fire sale price.

-OA<P ID="signature">______________
Ohio Media Watch - <a target="_blank" href=http://ohiomedia.blogspot.com>http://ohiomedia.blogspot.com</a></P>
 
John,
Because Percy Squire(dba Stop 26 Riverbend) has absolutely no assets
and operating capital, and because he has filed for bankruptcy, the
station licenses need to be transferred to the "Debtor-In-Possession"
(the bank). This is just the official FCC filing for the license transfer.
Info has it that the bank wants to sell all 5 stations (Columbus AM
WVKO, the FM from nearby Johnstown, and WGFT & WASN from Youngstown with
the Class A FM from Hubbard (WRBT?). If they can't sell a package deal, then
they would probably sell them off individually. Either way, I think Percy's
done with ownership being just over 20 million in debt.

> This is more OA/OMW territory, but the Shenango Valley
> Radio/TV Pages (via PBRTV.com) is reporting (1/14/06) that
> Stop 26-Riverbend has filed for Chapter 11 bankruptcy (yet
> again?)
>
> Without access today to the bankruptcy docket, I'm not
> exactly sure what this is. SVRTV linked to an Inside Radio
> article, which has since been "archived" (for some
> exorbitant fee, no doubt), so I'm in the dark.
>
> Didn't Stop26-Riverbend do this already, in July? Is Inside
> Radio late to the game? Or is this a NEW filing?
>
> Regardless, SVRTV is adding healthy doses of Glunt's name to
> speculation about Stop 26-Riverbend's stations, which they
> say will almost certainly have to be sold.
>
 
Next Step in Stop 26 Bankruptcy

> John,
> Because Percy Squire(dba Stop 26 Riverbend) has absolutely
> no assets
> and operating capital, and because he has filed for
> bankruptcy, the
> station licenses need to be transferred to the
> "Debtor-In-Possession"
> (the bank). This is just the official FCC filing for the
> license transfer.

Indeed it is, as I found out after about 20 minutes digging through the FCC website:

<a target="_blank" href=http://ohiomedia.blogspot.com/2006/01/more-dropping-shoes-stop-26-riverbend.html>http://ohiomedia.blogspot.com/2006/01/more-dropping-shoes-stop-26-riverbend.html</a>

The appropriate FCC links are linked from that blog entry. I didn't find it at first, as it's only found in the WVKO(AM) applications list...and not in the other 4 stations' lists.

Wanna buy 5 radio stations? The number and address of Ocean Ridge Capital Advisors is in the application...

-OA<P ID="signature">______________
Ohio Media Watch - <a target="_blank" href=http://ohiomedia.blogspot.com>http://ohiomedia.blogspot.com</a></P>
 
Re: Yet Another Bankruptcy Filing?

> > Didn't Stop26-Riverbend do this already, in July? Is
> Inside
> > Radio late to the game? Or is this a NEW filing?

Financial troubles are nothing new to Squire and company. Back in 2000, they mishandled their purchase of former Warren sports gabber WRRO/1440; a default or some such problem allowed it to fall into the hands of radio renegade Dan Ott of Otter Communications...who subsequently filed for bankruptcy the following year. :)

I know Beacon has unofficially expressed some interest in the Stop 26 properties, but whether that will translate to stations changing hands remains unknown to me.
 
> John,
> Because Percy Squire(dba Stop 26 Riverbend) has absolutely
> no assets
> and operating capital, and because he has filed for
> bankruptcy, the
> station licenses need to be transferred to the
> "Debtor-In-Possession"
> (the bank). This is just the official FCC filing for the
> license transfer.

That makes sense. I guess the SVRTV blurb was a little misleading, and since the Inside Radio link was expired, the rest of story got lost.

> Info has it that the bank wants to sell all 5 stations
> (Columbus AM
> WVKO, the FM from nearby Johnstown, and WGFT & WASN from
> Youngstown with
> the Class A FM from Hubbard (WRBT?). If they can't sell a
> package deal, then
> they would probably sell them off individually. Either way,
> I think Percy's
> done with ownership being just over 20 million in debt.

Oh my God! How does that happen? And *I'M* worried about a student loan payment having to be overnighted to get there on time! :)

Chris, great to hear from you. Hope all is well with your engineering stuff and hope you're in good health. Your educated and experienced insight is more than welcome here. And by the way, WMJI could use a good dose of the "Mighty Quinn" as of late!<P ID="edit"><FONT class="small">Edited by Johnny Morgan on 01/16/06 04:30 AM.</FONT></P>
 
To Glunt, Or Not To Glunt...That Is The Question

> I know Beacon has unofficially expressed some interest in
> the Stop 26 properties, but whether that will translate to
> stations changing hands remains unknown to me.

Yes, and I'm wondering if Mr. Glunt is still interested in any or all of the properties, in Youngstown or beyond. Things have been a little quiet on the Beacon Front for a few months, no?

For that matter, in my latest trip through the Mahoning Valley, Glunt/Beacon property WRTK/1540 Niles is STILL pumping out "the best hip hop, R&B and classic soul", with those words being uttered on a recording from long-gone former station manager Lynn Tolliver Jr...as recently as this weekend!

-OA<P ID="signature">______________
Ohio Media Watch - <a target="_blank" href=http://ohiomedia.blogspot.com>http://ohiomedia.blogspot.com</a></P>
 
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