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C
CCP
Guest
Let's see how long the banks wait before they take what they can get. Prepare to witness epic changes in ownership.
radioeye said:
Because Patrick wants to run the show.
radioeye said:
The trustee runs the stations during the liquidation process; if they need to wait for an economic recovery to get better prices, then they have management in place that understands the ultimate objective.
Ok, a few days have past and more details have been disclosed about the demise of BMP. While BMP was collapsing, Jeff Hinson was busy creating a new entity to sell content to broadcasters. While I can't say that what he did was stupid, certainly his timing was just a tad bid tacky. A few days before he is scheduled to leave, he announces his new venture.
It makes more sense that someone other than Jeff Hinson needed to be watching over the group, that's a better reason, in my mind, to have Larry Patrick in charge of the liquidation of BMP.
It makes more sense that someone other than Jeff Hinson needed to be watching over the group, that's a better reason, in my mind, to have Larry Patrick in charge of the liquidation of BMP.
radioeye said:
Hinson is well known for always being involved with many ventures. He's been on the board of Live Nation since its inception, he has a similar funcition with TiVo and other companies. For him to have been working on some new entrepreneurial projects is nothing unusual; that they were moved up in priority when it was obvious that today's economy would not allow a recovery at BMP is not surprising.
Yeah, you don't put a pediatrician in charge of autopsies, either.
radioeye said:
No, he put together the deal and essentially hired himself... the idea was apparently to upgrade facilities by selling off the many dogs BMP had, move into additional markets, and use the good facilities as a base. However, the economy said differently and the lenders agreed that they could not provide the credit line needed and that the only route was reorganization and/or liquidation. So, in essence, there was no way to make the project work so the escape hatch was opened.
Y
yup
Guest
This will be like a levee breaking. As soon as the first station from anyone sells, hang on because many a businessman is waiting for their low bid(s) to be accepted. The banks just have to decide how long and IF they want to wait for the economy to upturn further. This will get real bloody before long.
1
1st of 5
Guest
Just out of curiosity, what has been the format history of 550 KTSA? Growing up in the '60s, I remember KTSA as a Top 40 station, with the local weekly Top 40 countdown every Friday from 3 to 6 PM. I do remember that during the 60s, KTSA, 860 KONO and 1200 WOAI were all Top 40 stations. 930 KITE was some kind of semi-easy listening adult station. KITE's format always made me think of a dentist's office. I once remember watching some crazy late night local live interview program on KENS 5 TV sometime in the summer of 1980 or 81 where the show was taking place in an actual studio of KTSA with the DJ going about his job on air, when not being interviewed on TV. I can't recall when KTSA switched to newstalk format, or even when the entire AM dial changed into what it is now.
R
rstatic
Guest
KTSA was top 40 until about '87 or '88 and then went to "classics" format...can't remember what it was called, but it was broadway hits and the like....KTSA went all news in 1991 the day the first Gulf War started.
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