First Broadcasting has failed to repay its loans to creditors, and has now defaulted. Cincinnati rimshot combo Spanish “Mega 97.7” WOXY Mason, and Variety Hits “99.5 Max-FM” WAOL Ripley, will be auctioned off to the highest qualified bidder on Wednesday, February 23. They also own a station in Seattle that will be auctioned off as well.
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First Broadcasting properties go to Auction
- Thread starter Allfirdup
- Start date
I talked to the lenders council today.
Don't look for it to go for some low, bottom feeder price. The lender will go through the motions so that they can legally hold the license and work on liquidation.
The odd thing is that First had other assets and they are not included in this offering.
It happens, tomorrow, at 10 CST.
Should be interesting.
Don't look for it to go for some low, bottom feeder price. The lender will go through the motions so that they can legally hold the license and work on liquidation.
The odd thing is that First had other assets and they are not included in this offering.
It happens, tomorrow, at 10 CST.
Should be interesting.
IIRC, when Mega took over 97.7 they would have had the option to buy the station outright somewhere down the line. But with this event, I have no clue.
The simple fact here is that First got snookered and way overpaid when they bought the two 97.7's and 99.5. The Plessingers and Baloghs ran laughing all the way to the bank, and the broker who managed the sale deserves some kind of medal for selling all three extreme rimshot sticks for $9.6 million.
The simple fact here is that First got snookered and way overpaid when they bought the two 97.7's and 99.5. The Plessingers and Baloghs ran laughing all the way to the bank, and the broker who managed the sale deserves some kind of medal for selling all three extreme rimshot sticks for $9.6 million.
Elephant said:Licenses are not included. Only assets. Mega has its own assets, so not an issue.
So you are just buying land and equipment at this auction?
What good will this be for CapitalSource if they don't actually own the FCC licenses? ??? Maybe it's just business as usual?
via Radio-Info:
7 minutes ago
First Broadcasting lender CapitalSource is the winning bidder at today's auction
It did so with a "credit bid." Few details yet, but as expected, lender CapitalSource Finance LLC won the auction conducted in Chicago of certain assets associated with First Broadcasting Capital Partners in the Seattle market (KMCQ at 104.5) and Ohio (WAOL, Ripley at 99.5 and WOXY, Mason at 97.7).
Radio-Info.com notes that the actual FCC licenses were not involved in this auction. The licenses are still held by Dallas-based First Broadcasting Capital Partners, which did extensive engineering work on them and is still recognized by the FCC as the licensee, despite the loan defaults.
via Radio-Info:
7 minutes ago
First Broadcasting lender CapitalSource is the winning bidder at today's auction
It did so with a "credit bid." Few details yet, but as expected, lender CapitalSource Finance LLC won the auction conducted in Chicago of certain assets associated with First Broadcasting Capital Partners in the Seattle market (KMCQ at 104.5) and Ohio (WAOL, Ripley at 99.5 and WOXY, Mason at 97.7).
Radio-Info.com notes that the actual FCC licenses were not involved in this auction. The licenses are still held by Dallas-based First Broadcasting Capital Partners, which did extensive engineering work on them and is still recognized by the FCC as the licensee, despite the loan defaults.
gabigley1 said:Radio-Info.com notes that the actual FCC licenses were not involved in this auction. The licenses are still held by Dallas-based First Broadcasting Capital Partners, which did extensive engineering work on them and is still recognized by the FCC as the licensee, despite the loan defaults.
So First basically has a bunch of licenses now without equipment.. and Capital Partners has a bunch of broadcast equipment to sell...
- Status
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