Radio Stations for sale

[LowPayDJ]

Boo Hiss... It would have been nice to see a new owner come into the market.

 

[The Voice of Reason]

I am not surprised to hear the outcome. No one in their right mind is going to fork over $500k for radio stations located not only in small markets but also in economically depressed areas of the state.

Even some of the mega-giant media conglomerates are having a tough time trying to unload stations is medium and larger markets.

 

[hypwr]

Keep in mind that NO bank will lend 500K to purchase 3 radio stations. Also, whatever they are sold for, they will be worth less than that 3 years from now.

 

[Radio_bored-Op]

Since the deadline passed,
does that mean "NO SALE"
...by rules,regs as per FCC
or was that a personal deadline set by the station?

 

[JustPastBuffalo]

The stations have been returned TO the owner (the guy who's paying the mortgage) FROM the receiver. It would be similar to having a house that was repossessed by the bank because the home owner missed a number (a lot) of monthly mortgage payments. The bank steps in and takes possession of the house because the mortgage holder is in default (late or missed payments.) In this case, the mortgage holder came up with the cash to cover the missed payments; or he re-structured the payment plan to the satisfaction of the lender. As a result, the lender says "OK, you can move back into the house" and gives the deed back. It's all good. At least for now.

 

[JustPastBuffalo]

But wait, there's more. It's all in the details. Read carefully:

A jilted buyer tries to stall a station transfer in New York state. Great Radio claims the FCC should require former owner Robert Pfuntner to use Form 315 instead of Form 316, and there’s a big difference.

Back in March, control of Pembrook Pines Mass Media and its three stations was transferred from Pfuntner to receiver Richard Foreman. They used Form 316. That’s more commonly used for a reorganization among existing owners, but is also appropriate for the involuntary transfer of a controlling interest to a court-appointed trustee or receiver.

Then this Summer, Foreman held an auction for Bath-licensed sports WABH (1380) and AC WVIN (98.3). Great Radio was the winner. Pfuntner was the winning bidder for AC “Q93.5” WQRW, Wellsville.

Then things got messy. Pfuntner told the court in September that he’d voluntarily deposited enough money to satisfy one of his creditors, and he wanted the two Bath stations returned to him. The federal court agreed on November 6, and ordered the receiver and other parties to make the FCC filing.

Now Great Radio says the transaction is not “involuntary,” since Pfuntner voluntarily put money in the account – and since he’d be holding 100% of the votes and total assets, so there’s a real transfer of control, from 0%.

Yesterday’s FCC Daily Digest carried news of Great Radio’s objection.

It argues the public interest would be served by having deeper consideration by the FCC, and an opportunity for outside comment on matters like Pfuntner’s legal and financial qualifications.

 

[SirRoxalot]

My head hurts just reading this. Sounds like lawyers will make more money.