WTIB ?

[Groove1670]

What is the story on this station. It was just sold..dark... ???

 

[RFLA]

You mean KTIB Thibodaux?

And it was dark because of fueding between the partners of the licensee (which I want to see if it will throw the deal on this sell also as it did about 6 months ago with another buyer) and the fact that the station needs a little work (was operating on STAs for a few years)

Proported purchaser is a GAP BROADCASTING, LLC from Dallas with a manager of George Laughlin who's apparently a director of business development for First Broadcasting.

Now it's to see if they will fix the station or try to move it to the Baton Rouge or New Orleans markets....

RFLA

 

[RFLA]

It filed for bankruptcy but one of the owners was fighting it tooth and nail as the other partner put it into bankruptcy.

Word is, the station didn't have the funds to keep operating and pay for the repairs needed to get away from the need of STAs

We may have an agreement for sale, but one of the shareholders (owners), unless he settled with the other one, will try to block this sale through the FCC and courts like he did for "cajun radio"

RFLA

 

[oldiesstation]

Re: WTIB ? KTIB SOLD

Delta Starr's La Terr Broadcasting Corporation's KTIB-AM/Thibodaux, LA (by and through Michael Chiasson, the Chapter 7 trustee appointed by the U.S. Bankruptcy Court) to Gap Broadcasting for $650,000.

Louisiana
KTIB-AM/Thibodaux
PRICE: $650,000
TERMS: Asset sale for cash
BUYER: Gap Broadcasting LLC, headed by Manager/Member George Laughlin. Phone: 214-405-1979. It owns no other stations. This represents its entry into this market.
SELLER: Delta Starr Broadcasting, headed by Chapter 7 Bankruptcy Trustee Michael Chiasson. Phone: 985-674-9848
FREQUENCY: 640 kHz
POWER: 5kw day/1kw night
FORMAT: DARK
BROKER: TAG Media Consulting
COMMENT: Delta Starr's La Terr Broadcasting Corporation's KTIB-AM/Thibodaux, LA (by and through Michael Chiasson, the Chapter 7 trustee appointed by the U.S. Bankruptcy Court) to Gap Broadcasting for $650,000, payable in cash at closing. $30,000 escrow deposit.

 

[RFLA]

It has made the media already in Houma/Thibodaux with the partner that didn't agree to the chapter 7 bankruptcy trying to fight it already.

The newspaper account basically was erronious in saying that it was already transfered to Gap (but was corrected by Chaissons' lawyer that it would be on FCC approval) has said that through chapter 7 that it was sold completely (all things belonging to the station) for the $650k figure. However partial owner John Treen and Vincent Bruno have been in court trying to get the courts to deny a chapter 7 and instead reorganize under a chapter 11 Bankruptcy with Bruno as the head of LaTerr (as a meeting was held that supposedly removed Michael Starr, the person who now claims to head LaTerr, for Bruno as Treen and Bruno voted for Bruno) with a meeting supposedly two days later removing Bruno and installing Starr (Both allege the meeting didn't involve either one of them (as Bruno,Starr,And Treen are the owners of LaTerr) as there was no owner quorum.

This is the mess that Gap Broadcasting got itself involved into. Now it's to see if he fights it or decides to cut and run like applicant Cajun radio (which was a religious broadcaster)

For the whole story I will try to post the link as soon as I can to the newspaper article.

 

[RFLA]

Here is the article (registration may be required):
http://dailycomet.com/apps/pbcs.dll/article?AID=/20061028/NEWS/610280312/1013

RFLA