Except when they answer to investors or shareholders and decisions are voted on. And when they seek a bale out or bankruptcy takes place and the companies are held by the collective lien holders afterward. But ya “they don’t answer to nobody”. Hahaha!
You seem to think that the administrators of a reorganization bankruptcy are paying attention to whether the EAS test is run or whether the auxiliary transmitter is "air ready".
In the case of broadcast groups, the court will name a qualified administrator with broadcast experience to run things while reorganization is being done. The primary job in reorganization is debt settlement to the extent possible while a new business plan is created to sustain the business, the jobs and at least a partial satisfaction of liabilities.
Usually the shareholders take the biggest haircut, sometimes losing all ownership when debt is exchanged for equity.
While some companies enter voluntary bankruptcy, they do it to preserve some equity. In the case of forced bankruptcy, the current owners have the most to loose and the secured creditors take all or most equity. In those cases, the former owners don't vote or decide on anything.
Clear Channel / iHeart was an example of a negotiated bankruptcy where the debt holders accepted more equity and the current stake holders lost equity. It was planned. On the other hand, Cumulus was pushed into bankruptcy and the existing leadership dismissed or pushed out as the lenders put in a bankruptcy / reorganization specialist, Mary Berner.
It's widely accepted that the group of investment bankers who bought Clear Channel overpaid; in fact, with the 2008 recession growing they tried to back out but could not. But the debt holders believed the management team to be sound and kept them after reorganization.
The case of Cumulus was a loss of confidence in top management. They were expelled and a full management reorganization made.
Two bankruptcies, two different solutions and outcomes. And in neither case were they checking the response time to get a station back on the air in the event of a failure.
