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WKFL Bushnell

S

stereolane

Here we go again.

Bruce Cox has filed for yet another CP to upgrade WKFL. 4 towers, 10KW day, 5KW CH. I wonder if this one will finally be built? ::)
 
stereolane said:
Here we go again.

Bruce Cox has filed for yet another CP to upgrade WKFL. 4 towers, 10KW day, 5KW CH. I wonder if this one will finally be built? ::)
Click to expand...

If WKFL is built out to 10kw status, it would make a decent Brooksville-Spring Hill station. Of course now WKFL will have WXJB-FM as a competitor that wasn't previously a concern. It will never make Tampa with a marketable signal, mainly because of WTMP-AM 1150, and a lack of a 1mV/m contour over Tampa Bay, but it should do fine along the Gulf Coast from Spring Hill down towards Hudson and New Port Richey which currently only has WWJB-AM, WXJB-FM, WJQB-FM and WTMP-FM as commercial competition. I wish Bruce much success with WKFL.
 
When WKFL was last on the air earlier this year for about a 4 or 5 week period; they seem to be having all types of technical problems; including but not limited to satellite feed problems and it seems they were not on the full 1,000 watt power currently authorized; I'm guessing they were running about 100 watts and the barely covered the actual city limits of Bushnell with a static free signal.

What amazed me was that their top of the hour i.d.; they identified themselves as
"WKFl Busnell/ Orlando!! There is no way anyone in Orlando with a regular receiver could have received that weak signal; the signal at the time was barely reaching Groveland (extreme western Lake county)

There was not any local programming to the best of my knowledge; not even a pre-recorded weather report, no time checks etc; I hope the owner can do something with the station and have a least several hours a day of local programming and some local advertisers; Bushnell needs an economic boost; it seems to be dying on the vine; even though it is the Sumter county seat; nearly all the population is in the Wildwood area and in the Sumter county portion of The Villages.

drt

drt
 
Why would you file a CP on a station that has been in foreclosure for two years? It is mortgaged to the hilt - debt service alone would be over $3K per month if it was actually being paid. No way to ever justify the extreme expense of the build out, the existing debt, and the fact that it is now invisible to the general public due to being off more than on over the last five years. There is also an outstanding FCC fine for $5K hanging out there as well.

The equipment there is junk, there is no reliable internet service at the transmitter site (satellite internet), and the proposed coverage area has as many cows as people. Knowing the history of Bruce's previous stations, I would bet it will never be built. He is most likely using the CP as a way to help sell it as something more than it is right now, which isn't much.

Good luck to him - it would be nice to see it out of foreclosure.
 
Agreed on almost all points.

If it's been in "foreclosure" for that long, whoever is foreclosing isn't doing a very good job of following through. Who, or what entity would be stupid enough to loan money on an AM daytimer, and then attempt to "foreclose"? Is it a bank, or private equity "fools and their money are soon parted" investors?
 
There are 2 mortgages believe it or not. The first is held by the seller of WKFL to Bruce Cox and is the estate of Keith Walker. Mr. Walker owned many stations during his life and now this one is in a trust - Mr. Walker died several years ago. That mortgage is for $115K but has not had a payment made on it for about 5 years, so the interest has to have run the total over $160K at this point. The second is a private investor and was for $265K originally, but it hasn't had a payment made in years either. If I had to guess, the total debt on the station may approach $500K, plus the outstanding FCC fine.

The only assets are six acres of cow pasture on a dirt access road next to I75, a tower, and some VERY old equipment of questionable value and reliability. I guess the mortgage holders really don't want it back considering the situation. Cox would most likely fight to keep the license even if the mortgage holders got the property, so it is an ugly situation.

You can check it all out at the Sumter County Clerk of the Court site - Cox's company is called "Talknsports". The only active foreclosure now is the second mortgage - the first has done nothing at this point.
 
Hey Mr. OK walters, these may be redundant questions, what's WKFL real value if any, less mortgage and private investments, and in your opinion doe's WKFL have any future potential of going back on-air and how would WKFL best serve, or just a lost cause?
 
ok walters said:
There are 2 mortgages believe it or not. The first is held by the seller of WKFL to Bruce Cox and is the estate of Keith Walker. Mr. Walker owned many stations during his life and now this one is in a trust - Mr. Walker died several years ago. That mortgage is for $115K but has not had a payment made on it for about 5 years, so the interest has to have run the total over $160K at this point. The second is a private investor and was for $265K originally, but it hasn't had a payment made in years either. If I had to guess, the total debt on the station may approach $500K, plus the outstanding FCC fine.

The only assets are six acres of cow pasture on a dirt access road next to I75, a tower, and some VERY old equipment of questionable value and reliability. I guess the mortgage holders really don't want it back considering the situation. Cox would most likely fight to keep the license even if the mortgage holders got the property, so it is an ugly situation.

You can check it all out at the Sumter County Clerk of the Court site - Cox's company is called "Talknsports". The only active foreclosure now is the second mortgage - the first has done nothing at this point.
Click to expand...

Tried to find that stuff without any success.
What a trainwreck of a county website. Somebody needs to call Sumter County and tell 'em it's not 1998 anymore.

I do remember Keith Walker, and his untimely passing. As to the other investors, I can only begin to guess where the 265K went. Property for the new tower site, perhaps?
 
That money is gone with little or nothing to show for it. Station is worth almost nothing as it has no revenue, a weak signal, and few assets. Six acres of cow pasture in Bushnell and some broken equipment and a license couldn't be worth too much. Mr. Tillery would be more versed in how much it may be worth - I would guess something less than $100K for the whole deal.

https://www2.myfloridacounty.com/ccm/do/personCaseSearch?county=60

link to court records

I studied this one pretty well as Cox wanted me to get involved. This one is heading for the scrap heap if I had to predict it's future.
 
Found this while researching WKFL.

I will be "ROFL" for the rest of the night. ::)

Quote:

FOR SALE: WKFL 1170 AM. I have for sale an AM station in Bushnell, Fl. It is currently licensed at 1Kw 1 tower. It does have a CP to go to 10 Kw which will put a signal into Clearwater and North as well as Tampa/St Peteresburg.Station comes with 10 acres of land facing I 75. One can operate it as is or build out the CP. Currently running a sports format. Asking $800K
 
stereolane said:
Found this while researching WKFL.

I will be "ROFL" for the rest of the night. ::)

Quote:

FOR SALE: WKFL 1170 AM. I have for sale an AM station in Bushnell, Fl. It is currently licensed at 1Kw 1 tower. It does have a CP to go to 10 Kw which will put a signal into Clearwater and North as well as Tampa/St Peteresburg.Station comes with 10 acres of land facing I 75. One can operate it as is or build out the CP. Currently running a sports format. Asking $800K
Click to expand...

Just curious, where did you find that ad? I would like to see it myself. Thanks...
 
http://signalforsale.synthasite.com/signals.php

$800K asking price and the place isn't even worth $80K

Bad location, low population, low income level, off air for years, bad equipment, zero income - other than that it is a deal

What do you think Mr. Tillery? I'll bet that one in Ocala you just sold was a whole lot more station for a whole lot less money than that.
 
He was telling everyone he had WFHT 1390 in Avon Park, as well as another station being built in Mulberry at 780 on the dial, as well as WKFL. He never did anything with 1390, he just talked about it. Someone else leased it and it is a financial talk station.
 
And that station has actually been on the air, not silent like WKFL. I heard it was a financial guy/company - Tiger something - is that right Mark?

What other small AM's have sold in the last year in the area or so? I know WZCC in Cross City sold for about $62K including land, and now this one for only $125K and I think there are some assets with it as well. They are selling for not much more than land/asset value at this point.

What is your take on that Mark? You know about these things - what do you think will happen to WKFL and others like it?
 
Looks like the purchase price for WFHT was actually $150,000.00 which included 2.29 acres of land the tower sits on. Equipment was old but functioning. They were off the air for a few months prior to the sale. The big difference between this station and WZCC is that WFHT is in an Arbitron rated market, Sebring is #383 I think. However it does not put a good signal throughout Sebring during the day, and nothing at night. WZCC was off the air, needed a whole lot of new equipment including a transmitter, and is out in the boondocks. But it did have 5 acres of land and very little local competiton unlike WFHT which is battleing FIVE local stations all owned by the Cohan Radio Group and strong signals from Lakeland, Tampa, ect.

Any radio station, WKFL, WFHT, WZCC, or WABC is only worth what someone is willing to plunk down the cash to buy it. Any owner can ask whatever figure they can dream up for their station, but that doesnt mean they will ever get it!
 
Those are some very low sale prices - as I said, pretty much asset value only. There are a bunch of cheap AM's out there right now - good luck with most of them.
 
I won't comment on any specific station value here as there are many factors that are considered when determining what a station's real market value may be. However, as Nostalgia has stated, a radio station, or shoe store, it doesn't matter what we are comparing, is only worth in real world dollars as much as anyone is willing to pay for it. For many of these AM stations that have been silent, tangible assets (land, tower, equipment, upgrade potential, etc.) are just about the only benchmarks one can use in determining a fair market value as a comparable market anaysis is not as effective in determining a FMV due to no positve cash flow available to factor in a CMA.
 
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