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WORKING FOR A RADIO STATION THAT IS OFFICIALLY BANKRUPT

E

Early Byrd

I used the word "officially" in the subject line to distinguish from the plight of most radio stations these days (i.e.,lousy cash flow, sluggish revenue) and those that may have officially filed for bankruptcy.

Anyone ever worked for a radio station that was in bankruptcy? I did, (part time) back in the 1990s. The station will remain namless. Your paycheck has wording on it at the top near the name of the issuer indicating the account is under a bankruptcy court-appointed receiver, who usually is the one that signs the check, so that anyone who would see it (e.g., bank tellers) knows you are working for a company in bankruptcy.

The worst part was that often the receiver or his agent didn't deposit sufficient funds in the account to cover the paychecks, so we were often told to wait a day or two before cashing them or depositing them. Not good, but because they were in bankruptcy, they got away with it.

If you find yourself ever working for a station that declares bankruptcy, or one that already has, my advice to you would be to leave as fast as you possibly can.
 
It wasn't a radio station (although it had four letters in the name beginning with 'W') but I was an employee of Wang Laboratories when Rick Miller was there. One day the paychecks arrived early (even at a computer company, I don't believe anybody had direct deposit) and we were told to cash them NOW! There was a branch of the Shawmut Bank, at the time right at the traffic circle near the Lowell Connector, and I wouldn't be surprised if they might have run out of money before that day was over!
 
I think people should probably prepare themselves to see more of this.

With a continuation of declining revenue, fragmentation of listeners, not keeping up with digital media and a disgusting amount of debt, what other outcome could possibly exist?

Everyone is happy smiley about being up 6% ... but up from what? The second worst year in the history of broadcasting. Big deal. It’s not just hard economic times folks. It’s beyond a trend. This is a new reality for the industry. The waters are calm at the moment, but the perfect storm is on the horizon. Those that adapt and work smart will survive, those that don’t, will perish. I imagine most will not overcome these struggles.
 
Scott Fybush's "Inside Radio" reports that 334 commercial stations have given up the ghost. (I don't know if this includes transitional outlets like Natick, Ma WQOM which is SUPPOSED to come back). I suspect that this list may be proprietary; if not, maybe s could display it some day.
 
Laurence Glavin said:
Scott Fybush's "Inside Radio" reports that 334 commercial stations have given up the ghost. (I don't know if this includes transitional outlets like Natick, Ma WQOM which is SUPPOSED to come back). I suspect that this list may be proprietary; if not, maybe s could display it some day.
Click to expand...

Just for clarification: it's not my "Inside Radio." I work for the company as editor of another publication, "The Radio Journal," and I contribute material to IR from time to time, but I don't own it.

I believe the "334 silent stations" listed in this morning's IR refers to stations that remain licensed but have requested silent status. That would include stations like WBIX/WQOM and WDDZ that have been operating but are silent between owners, as well as a whole bunch of construction permits, mostly in very small towns out west, that signed on to keep the CP from expiring but then immediately went silent pending a buyer who may or may not ever materialize.
 
I've never worked for a station in Chapter 11, but some friends at Citadel tell me it was almost business as usual.
 
Early Byrd said:
I used the word "officially" in the subject line to distinguish from the plight of most radio stations these days (i.e.,lousy cash flow, sluggish revenue) and those that may have officially filed for bankruptcy.

Anyone ever worked for a radio station that was in bankruptcy? I did, (part time) back in the 1990s. The station will remain namless. Your paycheck has wording on it at the top near the name of the issuer indicating the account is under a bankruptcy court-appointed receiver, who usually is the one that signs the check, so that anyone who would see it (e.g., bank tellers) knows you are working for a company in bankruptcy.

The worst part was that often the receiver or his agent didn't deposit sufficient funds in the account to cover the paychecks, so we were often told to wait a day or two before cashing them or depositing them. Not good, but because they were in bankruptcy, they got away with it.

If you find yourself ever working for a station that declares bankruptcy, or one that already has, my advice to you would be to leave as fast as you possibly can.
Click to expand...

Been there, done that! Though it wasn't at a radio station, rather, a TV station. I was the last Master Control Operator of that certain TV station which went silent for over 7 years. 7 years later, the station was rebuilt with a new owner, a new faculty and a guaranteed paycheck that didn't bounce to the next planet. Ironically, I was one of the FIRST MCO's of that station when it reactivated. I was also the person to shut down that station's analog operation and was there to help fire up the station's permanent DTV operation. Even though I no longer work there, it will always have a special place in my heart. I still keep in touch with the crew.
 
Although not in radio I once worked for a smallish IT company that delayed payday from Friday to the following Monday to gain interest on the payroll deposit over the weekend.

Talk about a hanging on a thread! :eek:

And years later worked for a major corporation (still in business and making huge money) that put its entire state workforce on unemployment for a week at Christmastime. We got our regular paychecks but had to turn over the unemployment checks to them. Very strange!
 
readingradio said:
I have on at least three occasions worked for stations that were "morally bankrupt." Does that count?
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I think that would apply to far too many of us!

Seriously now, part of the problem are the people in radio who either don't see or refuse to see there is a problem. They keep making the same mistakes over and over. Radio has become a ho hum medium. Someone needs to bring back the excitement, if it's not too late.
 
If you find yourself ever working for a station that declares bankruptcy, or one that already has, my advice to you would be to leave as fast as you possibly can.

and that would be really bad advice to follow.

I have worked for a radio group that was in bankruptcy. It was a smart business move by the comany to file because it relieved them of bad debt and gave them a new start financially. he only people who spoke about it negatively was the competing radio groups who thought it was advantageous to instruct their sales staffs to use that as negative selling point. The filing was not an indicator that my radio group was failing or that any of its clients or employees needed to worry. Bankruptcy is tactic used by many PEOPLE (not just businesses) to stay afloat, and not one to reflect trouble or demise. The group I worked for kept all its employees and their salaries as a result, and it never affected the day-to-day operation of the stations. That radio group is thriving today as a result of that smart move a few years ago, and continues to hire new employees as a result. The only group that looks bad is the one who tried to use the filing as an advantage in the sales market.

Sure, some businesses file bankruptcy to escape responsibility and close its doors. but many other do it to get a "fresh start", as bankruptcy is often called in legal offices today. the better advice would not be to "leave as fast as you possibly can", but to speak to all involved and find out how such a move affects you personally. You may find there is nothing to worry about at all.
 
NHRadio said:
I've never worked for a station in Chapter 11, but some friends at Citadel tell me it was almost business as usual.
Click to expand...

I can personally vouch for that .. well, except maybe a decrease in pay across the board (which was almost fully restored after a period of time)
 
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