Well, we have the answer to the thread title below, and now we know "How Long Goldman Sachs" will keep the Nassau radio stations in the Valley area. http://boards.radio-info.com/smf/index.php?topic=211697.0
Several reports indicate that the 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. He 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, 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 a bid 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.
The Valley stations include Classic Hits WODE-FM, ESPN Sports simulcast WEEX-AM in Easton and WTKZ-AM in Allentown, Religion WBYN-AM Lehighton and The Bone, WWYY FM-107 in Belvedere.
Talk WVPO-AM and Hot AC WSBG in Stroudsburg are also included, along with several stations in New Jersey.
Several reports indicate that the 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. He 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, 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 a bid 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.
The Valley stations include Classic Hits WODE-FM, ESPN Sports simulcast WEEX-AM in Easton and WTKZ-AM in Allentown, Religion WBYN-AM Lehighton and The Bone, WWYY FM-107 in Belvedere.
Talk WVPO-AM and Hot AC WSBG in Stroudsburg are also included, along with several stations in New Jersey.