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Keymarket In Trouble?

Yes, I read the document but I am not an attorney. Legal speak is not one of my strong points. That still does not answer the question though and it would seem that Keymarket is about to lose a property. Which one?
 
Their transmitter site on a hill overlooking I-470 outside of Wheeling. Their country, Jack and ESPN stations all broadcast from there.
 
Parttimer said:
If you read the document, it's mostly a tale of laziness and incompetence on both sides.
Click to expand...

Any way you slice this, it is bad.

If Parttimer is right, then Keymarket has to pay out a large amount of cash to pay up what they owe plus interest.

I see two other possibilities as well:

1. Keymarket taking every last cent that they are making and pocketing it. Let the properties foreclose, file for bankruptcy and use it as a write-off for Forever.

or

2. They're not making enough to pay their bills.

Anyway you look at it, this foreshadows very bad things for the employees.
 
Agreed. I wonder if they could actually wind up selling these stations or turn them dark?
 
Last year I interviewed for a position at those stations. I was intrigued, but later came to the conclusion I could not accept the position which demanded a full-time commitment for less than $200 a week.

That was probably as good of an indication of how struggling the stations were back then.

The sad thing is that they have pretty good repuations. WSTV has been the leading sports voice in the market forever, but it's rather telling their local programming consisted of a weekly instead of daily local show.
 
To clarify, Keymarket didn't give the tax office the new address after it ceased to be Brownsville. The tax office kept getting the bills back as undeliverable and didn't bother to try and figure out what the correct address should be for SEVERAL YEARS.

You pretty much only see this kind of work ethic in broadcast management and local government.
 
Oh man. I actually really like the ESPN Radio ste up in Steubenville/Wheeling. And just to clarify, Froggy is not broadcasting out of that tower site. It's probably Cool 105, and ESPN 1290. Am I wrong?
 
It sounds like this property will wind up for sale in some kind of public auction. What are the chances that some other company or individual purchases this property and leaves Keymarket empty handed? And what will become of the station's with offices here and I am guessing the tower site?
 
William C. Walker said:
It sounds like this property will wind up for sale in some kind of public auction. What are the chances that some other company or individual purchases this property and leaves Keymarket empty handed? And what will become of the station's with offices here and I am guessing the tower site?
Click to expand...

These auctions rarely occur as scheduled. Usually there is a set amount percentage of the money due that can be paid that will postpone the auction. Payment arrangements are then made to handle the balance. If Keymarket defaults on that plan, then the whole process starts again.
 
Pratte4Life said:
You are correct on both counts, Part!
Click to expand...

Not to be picky, but only actually on one count. It is the taxpayers responsibility to make sure the tax office has the proper information, not the other way around. The complaintant is only responsible to make notification of action being taken to the last known address, not to try to track down a new one. Most delinquent tax payers will move from place to place in a moments notice, so it would be all but impossible to try to track down every deadbeat.

This lays solely on Keymarket and no one else...
 
I don't believe that this is really going to be an indicator of what's in store for Forever. If this was happening to more than one property, then I'd be worried. To me, this seems like a matter that was swept under the rug and not given much attention. Now they've been caught.

Interest and penalties can be waived for businesses. All they have to do is prove hardship, and that's easily done when you tell the governing body to whom you owe taxes that if forced to pay that ridiculous amount, then you'll be forced to shut down and lay off your people. They don't want to take that kind of a chance to lose those business and personal taxes.

So they'll resolve this matter between themselves and it will likely be forgotten in a year's time.
 
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