stonecold49 said:
98.1 FM in North Florida never used the WNUE calls.WNUE, meanwhile went dark, call letters reassigned, then came back on doing Choctaw football and sports talk as WFAV, then oldies, then later a clone of 98.1 the ticket (WTKE).
WNUE returned from its silent period as...WNUE. I (with Dutch and Carolyn Van Buskirk) bought the station from the Smith family. We wanted to change the calls to WFWB, but they were assigned to a drilling rig in the North Sea, and we couldn't get them released. We also looked at changing to the station's original calls of WFBS (owner
W.
French
Brown,
Sr. operated as
West
Florida
Broadcasting
Service), but there was a problem getting those, too.
Originally, I planned to put adult standards on 1400, but Dutch wanted to go news/talk and sports. I viewed him as the dean of Fort Walton radio, so we did it his way.
By the way, this station was originally a 1kw day-timer on 950. M.D. Smith II moved it to 1400 in 1961 to get nighttime operation (WPCF/Panama City was originally on 1400, but had moved to 1430 to get 5kw fulltime shortly before). Maybe it made sense at the time (and the Smith family made a ton of money from the WNUE operation), but it seemed incredibly stupid in 1990.
At the time of the WNUE purchase, we also entered into an agreement to purchase WBBK-AM/FM in Blakely, Georgia, which we operated under an LMA that began on July 1, 1990. I was operating another business at the time, so Dutch was the 'overseer' for all the stations. Unfortunately, that arrangement did
NOT work out.
I agreed to sell (and finance) my 60% interest in WNUE to Dutch and Carolyn, and to proceed with the WBBK purchase by myself. I assumed full responsibility of the Blakely stations effective January 1, 1991, with Dutch doing the same at WNUE.
I never got a dime for WNUE, but just forgot about it – I had my hands more than full in Blakely. The Blakely purchase was a stock purchase...assumption of 100% of the debt. Apparently, my due-diligence was terrible – the $325k debt was really $529k, and the operation could not generate enough revenue to pay the bills and service the debt. After over a year of clawing and struggling to survive, I had no choice but to take the corporation into bankruptcy. The bankruptcy petition was filed in early April, 1992, and the station was destroyed by fire on April 29, 1992. That bankruptcy filing probably kept me from going to prison for arson. Oh, the insurance company tried mightily to make that happen, but I had nothing to gain (and everything to lose, which I did), since the bankruptcy trustee would receive any insurance settlement for benefit of the creditors. The debt was more than double the insurance proceeds, so the stations would not get rebuilt from any insurance settlement (not by me, anyway).
What the insurance company (The Hartford) really wanted to come from the arson charge, was for me to drop the claim. That came straight from the sheriff’s investigator’s mouth. Instead of dropping the claim, I sued the insurance company in federal court. After a number of ridiculous stalls and delays by the insurance company, the judge finally ordered the case to be tried. Within 48 hours of the judge’s order, the Hartford settled for the full amount of the claim. Shortly thereafter, the arson charge faded away. Score one for the hard-headed little guy.
Shortly after the Blakely fire, I became shockingly aware that I still owned 60% of WNUE. It seems that Dutch had never filed the application with the FCC, and I was notified that I (personally) was on the hook for over $18,000.00 to the IRS, along with a pile of other debt. The details are unimportant now, but after learning those details, I fired Dutch and assumed operation of a deeply in debt WNUE. It lasted for about a year, but the IRS finally seized the assets and padlocked the door.
At a public auction in 1994, Jim Popwell from Hawkinsville, Georgia (my employer at the time) was the only person present to make a bid on the assets. He offered $4,000.00 and bought himself a radio station. I voluntarily signed the license over to him.
Jim changed the call letters to WFAV (long time call sign of the Cordele, Georgia FM station), and put the station back on the air with a standards format in the fall of 1994. It was not a profitable operation, but Jim sold the station about a year later for nearly $200k, so he made money on the deal.
As for Blakely, I finally had no choice but to convert the Chapter 11 (reorganization) to a Chapter 7 (the end of the road) in late 1993. Gil Kelly from Donalsonville bought the licenses, transmitters and towers from the bankruptcy court for about $40k, and made a ton of money – both from operating the station and from a later sale.
Ain’t radio ownership great fun???