WPST, WNJE and WCHR are three New Jersey radio stations that have, reportedly, been sold, along with seven others, to complete the bankruptcy related sales of all former Nassau Broadcasting stations. Reports indicate that the ten stations have all been acquired by NB Broadcasting LLC for the credit bid of $38.7-million, plus the assumption of Nassau's debts to unpaid vendors of up to $2-million, and the payment of about $1.6-million in costs related to the bankruptcy.
NB Broadcasting is run by a Denver-based attorney Douglas A. Pluss. His named appeared on last year's original petition by creditors of Nassau Broadcasting to force the company into Chapter-7 bankruptcy liquidation. Pluss signed representing P.E. Capital LLC where his title was given as manager. Along with Goldman Sachs, and Fortress Credit Opportunities, P.E. Capital was listed as one of Nassau's three major creditors.
So, it's NB Broadcasting that will run the radio stations, presumably, until suitable buyers can be found for each station.
Remember, the credit bid means that the buyers, Goldman Sachs, Fortress, and P.E., were owed more than that by the bankrupt company, and have opted to take control of the stations rather than accept money from bids they consider too low. It is assumed that the stations are all still for sale at the right price, and that NB won't want to hold them any longer than it has to.
No further details on NB Broadcasting were given, but its probably a safe bet that it is owned by Goldman, Fortress and P.E., and that Pluss is overseeing its operations. It also, probably, can be assumed that NB expects to sell WPST for more than $22-million, and expects to sell the other two AM stations for, at least, $700,000. Those were the credit bids for those stations submitted in the bankruptcy auction earlier this month.
NB Broadcasting is run by a Denver-based attorney Douglas A. Pluss. His named appeared on last year's original petition by creditors of Nassau Broadcasting to force the company into Chapter-7 bankruptcy liquidation. Pluss signed representing P.E. Capital LLC where his title was given as manager. Along with Goldman Sachs, and Fortress Credit Opportunities, P.E. Capital was listed as one of Nassau's three major creditors.
So, it's NB Broadcasting that will run the radio stations, presumably, until suitable buyers can be found for each station.
Remember, the credit bid means that the buyers, Goldman Sachs, Fortress, and P.E., were owed more than that by the bankrupt company, and have opted to take control of the stations rather than accept money from bids they consider too low. It is assumed that the stations are all still for sale at the right price, and that NB won't want to hold them any longer than it has to.
No further details on NB Broadcasting were given, but its probably a safe bet that it is owned by Goldman, Fortress and P.E., and that Pluss is overseeing its operations. It also, probably, can be assumed that NB expects to sell WPST for more than $22-million, and expects to sell the other two AM stations for, at least, $700,000. Those were the credit bids for those stations submitted in the bankruptcy auction earlier this month.
