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WJJL seller being sued per RBR

davideduardo

davideduardo

Moderator/Administrator
Staff member
SomeRadioGuy said:
at least this one may be remotely legit and appears to have nothing to do with the crazy lady who tried to claim ownership before.
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It appears that the response is that the complaint is way outside the statute of limitations. Further, the supposed part owner appears to have never been on FCC ownership reports.
 
DavidEduardo said:
It appears that the response is that the complaint is way outside the statute of limitations. Further, the supposed part owner appears to have never been on FCC ownership reports.
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i should've qualified my "remotely legit" comment.... not sure how to.. the last lady that did this was clearly mentally ill. this person... may not have much of a leg to stand on if what youre saying is true, but i think you get my point
 
I was told the tale of an AM station some 30+ years ago. It seems there had been 5 investors in the station. They signed it on, ran it for a couple of years, got nighttime and a daytime power increase. It seems during all of this, two of the investors were supposedly bought out or as they claimed, were not involved in the station except the initial investment. After about 5 years, the company managed to sell. They were in trouble and about to file for bankruptcy. The buyer assumed a loan of about $160,000 that was long past due and the buyer shelled out $105,000 in cash.

As the sale was being approved by the FCC, these two investors tried to block the sale claiming to be part owners of the station. The FCC rejected their arguments based on the fact they were not listed as owners on FCC documents (for at least a couple of years or more).

It is likely these two investors filed a lawsuit against the other three that sold the asset however they did file a lawsuit against the new owner claiming he did not have a legitimate right to ownership.

The station, being in a rated market at this point, operated commercial free with a live 24/7 staff for 10 months on the advice of the new owner's legal counsel. The thinking was if there was a legit claim and the new owner incurred damages, it would be hard to collect on those from a company with no income and huge monthly expenses. It bode well for the ratings as the station managed to reach the #4 spot 12+ and come out #2 and #3 in key demos. They managed about a 18 month stretch getting a good spot rate and billing about $500,000 a year back then (not a cash cow but surely not bad for an upstart). That was when I was told this tale. He felt the station, if it could maintain, could grow sales another 50% as more agencies were looking at them. It seems by that time he had lowered the debt by about $200,000.

The end result was the two investors were found to have no legitimate claim to the station nor the license.

I concluded the deal was a couple of investors who put up money and did not see it's return nor profits, let attorneys loose on any party with dollars that might be squeezed to 'lower their losses'.
 
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How do you not laugh. This reads like another WUWU fiasco. The only people making money are the attorneys.
 
Rusty Bridges said:
How do you not laugh. This reads like another WUWU fiasco. The only people making money are the attorneys.
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The only thing consistent with 1440AM is litigation over who owns it. Long time readers of this board will recall the lady that claimed she owned the station and she made and FCC filing or two about it as I recall. I think it was the ex-wife of the actual owner but the details have become foggy.
 
spt87 said:
The only thing consistent with 1440AM is litigation over who owns it. Long time readers of this board will recall the lady that claimed she owned the station and she made and FCC filing or two about it as I recall. I think it was the ex-wife of the actual owner but the details have become foggy.
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he claimed to be the owner and ex wife, i think.. but she was some nutty mental patient in NYC
 
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