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WMOP/WGGG being sold (?)
- Thread starter Jeff2
- Start date
From everything I've read in the trades, yes.. it's being sold.. with some of the money going to debts owed.
The application spells it out pretty clearly. Three individuals are buying Florida Sportstalk corporation from its current 100% owner. The deal is mainly a leveraged buyout in the amount of $470k, of which about $300+k is leveraged and about $170K in old debt is also leveraged. So, basicaly, the old owner is saying to the new owner: "OK, come run the station and see if you can make money with it. If you can, everyone gets paid. If not, I get it back and a lot of old debt, too". This strategy could be risky for the old owner since the buyrs are taking over the corporation and could run up even more debt, but he's likely at the end of his rope and this risky strategy is his only way out. It is also interesting to note that the seller admits that he failed to file his IRS corporate tax return since 2008, a move that will cost him about $7,500.00 in penalties which the buyer is advancing in cash.
I wish them luck.
I wish them luck.
It's a shame it's come to this. When they first went sports back in the 90's they really did a nice job and had some enjoyable local shows. There was a guy named Terry in the afternoon who was very good. I think he went to Jacksonville. I can't think of his last name. For a while WGGG had a small studio in the Sun Center.
Sort of on topic—when did WGGG move to the tower off NW 39th?
Sort of on topic—when did WGGG move to the tower off NW 39th?
Jeff said:
I remember them having a studio in Thornbrook Village shopping center for a couple of years.
Jeff said:
That was back in the '80s. Harvey Budd owned the station at the time. They still had studios in Harvey's building on NW 8th Ave when the move was made. The 39th Av tower is technically short spaced with 1240 in Cross City. Field strength measurements had to be made to establish that the new tower wouldn't cause interference to Cross City.
The think that looks a little weird to me is that some of the "NEW" owners also show up on the list of creditors so while "new" in their position as owners, they are "old" due to some past relationship with the seller that racked up some big debt with them and others, not to mention the IRS. So what I'm saying is, is this a real, new regime, or just a shell game?
Oh, I am sure thats the real deal and a plan to avoid bankruptcy. The creditors, probably unsecured, would be left out in the cold. And if they really wanted the radio stations they would have to pay real green dollars to the bankruptcy trustee to get them. Hey, just sign a few documents, transfer a stock certificate that no longer exists, and viola the names have changed but Florida Sportstalk lives on! BRILLIANT!
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