Sales documents filed with the FCC show that First Ventures Capital Partners, Inc., (100% owned by First Broadcasting founder Ron Unkefer) will end up with 21 percent of a new company that will hold ownership of KCCL.
First Broadcasting Investment Partners, LLC CEO Gary Lawrence's Lawrence Capital Partners will own nine percent, and Results Radio will own 70 percent of the new company—Results Radio Sacramento, LLC.
Results is contributing $2,350,000 to the new company.
In exchange for the station's physical assets and license, the new company will assume First's existing debt with Wells Fargo Foothill, Inc., "in an amount not to exceed $8.0 million," according to an exhibit filed with the FCC.
Documents that might reveal the full value of the transaction were with-held by First as being either proprietary or not relevant to the FCC's review of the deal.
The new company will have an LMA to program and sell airtime on the station until FCC approval of the sale and closing on the deal takes place. The effective date of the LMA was March 7, 2008 according to documents included with the transfer of control application.
First employees will be allowed to make direct rollovers of their First 401K plans to Results' 401K.
See the complete Application here:
http://fjallfoss.fcc.gov/cgi-bin/ws...xt=25&appn=101237702&formid=315&fac_num=36028
Prior to this latest transaction involving the station, First shuffled the ownership of KCCL earlier this month in a deal outlined here:
http://fjallfoss.fcc.gov/cgi-bin/ws...8511&Service=FM&Form_id=315&Facility_id=36028
That followed the buyout of First founder Ron Unkefer's controlling interest in the main company by First's management and Alta Communications of Boston.
http://www.firstbroadcasting.com/media/Alta Press Release - November 2007.pdf
Alta has bankrolled many of First's deals and has fingers in other area broadcasters, including Bustos Media, which bought 103.9, Lincoln from First.
Ted
First Broadcasting Investment Partners, LLC CEO Gary Lawrence's Lawrence Capital Partners will own nine percent, and Results Radio will own 70 percent of the new company—Results Radio Sacramento, LLC.
Results is contributing $2,350,000 to the new company.
In exchange for the station's physical assets and license, the new company will assume First's existing debt with Wells Fargo Foothill, Inc., "in an amount not to exceed $8.0 million," according to an exhibit filed with the FCC.
Documents that might reveal the full value of the transaction were with-held by First as being either proprietary or not relevant to the FCC's review of the deal.
The new company will have an LMA to program and sell airtime on the station until FCC approval of the sale and closing on the deal takes place. The effective date of the LMA was March 7, 2008 according to documents included with the transfer of control application.
First employees will be allowed to make direct rollovers of their First 401K plans to Results' 401K.
See the complete Application here:
http://fjallfoss.fcc.gov/cgi-bin/ws...xt=25&appn=101237702&formid=315&fac_num=36028
Prior to this latest transaction involving the station, First shuffled the ownership of KCCL earlier this month in a deal outlined here:
http://fjallfoss.fcc.gov/cgi-bin/ws...8511&Service=FM&Form_id=315&Facility_id=36028
That followed the buyout of First founder Ron Unkefer's controlling interest in the main company by First's management and Alta Communications of Boston.
http://www.firstbroadcasting.com/media/Alta Press Release - November 2007.pdf
Alta has bankrolled many of First's deals and has fingers in other area broadcasters, including Bustos Media, which bought 103.9, Lincoln from First.
Ted