From Tom Taylor today.
At the Chapter 11 auction of four James Crystal stations, the “credit bid” won.
It usually does, as it did in the recent Fredericksburg auction involving the Free Lance-Star radio and newspaper assets. In fact, major creditor Atalaya Capital was the only bidder at the March 3 auction involving three AMs in Florida and one in Texas held by James Crystal. Here’s the status update Mark Jorgenson of Jorgenson Broadcast Brokerage gives to NOW – “James Crystal Inc., the debtor-in-possession, is still the licensee for all the stations (WMEN, WFTL, WFLL in South Florida and KBXD in Dallas). But it will soon be filing a request with the FCC for transfer for all the licenses to a new company owned by me.” At the moment, Jorgenson’s new company is operating the quartet under an LMA with the licensee. The February 12 NOW Newsletter said “a year has passed since the Chapter 11 reorganization filing, and the auction is set by the U.S. Bankruptcy Court for the Southern District of Florida.” That’s what transpired on March 3. The stations are talk WFTL West Palm Beach (850), brokered-ethnic WFLL Ft. Lauderdale (1400), “640 Sports” WMEN Royal Palm Beach – and out in the Metroplex, gospel KBXD Dallas (1480).
It’s “a new day” for two West Palm stations, says WMEN sports talker Sid Rosenberg.
More about the James Crystal story, where it’s “a new day” because of Palm Beach Broadcasting beginning a new relationship with WMEN and sister WFTL – but it’s not an LMA, remember. Sid posts on Facebook that today, April 1, “is a new day for my brothers and sisters at 640 Sports [WMEN] and [talk] 850 WFTL...Some are enjoying benefits of a big-time company for the first time in their careers.” (Rosenberg’s worked at stations like CBS-owned all-sports “Fan” WFAN New York/660.) He goes on to “personally thank Palm Beach Broadcasting for their enthusiasm and commitment in this partnership endeavor.” Going back to Mark Jorgenson, here’s a clearer understanding of the underlying business situation. He says “In West Palm Beach, I have hired Palm Beach Broadcasting to provide some services for WMEN and WFTL.” But he emphasizes that “It is not an LMA and it only involves two of the four AM stations.” Not brokered-ethnic WFLL Ft. Lauderdale/1400 or gospel KBXD Dallas/1480.
Anyone know what the difference between an LMA and "some services" are?
Also, if I'm not mistaken, Palm Beach Broadcasting is part of Digity Media which owns quite a number of stations.
http://www.palmbeach-broadcasting.com/
http://www.digity.me/
At the Chapter 11 auction of four James Crystal stations, the “credit bid” won.
It usually does, as it did in the recent Fredericksburg auction involving the Free Lance-Star radio and newspaper assets. In fact, major creditor Atalaya Capital was the only bidder at the March 3 auction involving three AMs in Florida and one in Texas held by James Crystal. Here’s the status update Mark Jorgenson of Jorgenson Broadcast Brokerage gives to NOW – “James Crystal Inc., the debtor-in-possession, is still the licensee for all the stations (WMEN, WFTL, WFLL in South Florida and KBXD in Dallas). But it will soon be filing a request with the FCC for transfer for all the licenses to a new company owned by me.” At the moment, Jorgenson’s new company is operating the quartet under an LMA with the licensee. The February 12 NOW Newsletter said “a year has passed since the Chapter 11 reorganization filing, and the auction is set by the U.S. Bankruptcy Court for the Southern District of Florida.” That’s what transpired on March 3. The stations are talk WFTL West Palm Beach (850), brokered-ethnic WFLL Ft. Lauderdale (1400), “640 Sports” WMEN Royal Palm Beach – and out in the Metroplex, gospel KBXD Dallas (1480).
It’s “a new day” for two West Palm stations, says WMEN sports talker Sid Rosenberg.
More about the James Crystal story, where it’s “a new day” because of Palm Beach Broadcasting beginning a new relationship with WMEN and sister WFTL – but it’s not an LMA, remember. Sid posts on Facebook that today, April 1, “is a new day for my brothers and sisters at 640 Sports [WMEN] and [talk] 850 WFTL...Some are enjoying benefits of a big-time company for the first time in their careers.” (Rosenberg’s worked at stations like CBS-owned all-sports “Fan” WFAN New York/660.) He goes on to “personally thank Palm Beach Broadcasting for their enthusiasm and commitment in this partnership endeavor.” Going back to Mark Jorgenson, here’s a clearer understanding of the underlying business situation. He says “In West Palm Beach, I have hired Palm Beach Broadcasting to provide some services for WMEN and WFTL.” But he emphasizes that “It is not an LMA and it only involves two of the four AM stations.” Not brokered-ethnic WFLL Ft. Lauderdale/1400 or gospel KBXD Dallas/1480.
Anyone know what the difference between an LMA and "some services" are?
Also, if I'm not mistaken, Palm Beach Broadcasting is part of Digity Media which owns quite a number of stations.
http://www.palmbeach-broadcasting.com/
http://www.digity.me/
