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WVKO sold

C

cadkins6739

Investment firm buys Ohio radio group
Thursday, February 09, 2006
Percy Squire’s Ohio radio group has a new owner. D.B. Zwirn Special Opportunities
Fund, a global investment firm, was the successful bidder at a Jan. 26 bankruptcy-court
auction. The sale is pending any appeals and FCC approval. Zwirn, which was owed
at least $15.6 million by Squire’s group, used $12 million of that debt as its winning
bid. Squire’s radio group, Stop 26 Riverbend, filed for Chapter 11 bankruptcy last
year. Stop 26 owned Spanish-language station WVKO-FM (103.1) and gospel station WVKO-AM
(1580) in Columbus and three stations in Youngstown.
 
> Investment firm buys Ohio radio group
> Thursday, February 09, 2006
> Percy Squire’s Ohio radio group has a new owner. D.B. Zwirn
> Special Opportunities
> Fund, a global investment firm, was the successful bidder at
> a Jan. 26 bankruptcy-court
> auction. The sale is pending any appeals and FCC approval.
> Zwirn, which was owed
> at least $15.6 million by Squire’s group, used $12 million
> of that debt as its winning
> bid. Squire’s radio group, Stop 26 Riverbend, filed for
> Chapter 11 bankruptcy last
> year. Stop 26 owned Spanish-language station WVKO-FM (103.1)
> and gospel station WVKO-AM
> (1580) in Columbus and three stations in Youngstown.
>

Interesting. This is the second time this has happened to them in about 2 weeks time (Zwirn that is)... from a radioandrecords.com Google Cache:

KFCD-AM/Farmersville and KHSE-AM (CP)/Wylie (Dallas-Ft. Worth)

PRICE: $9 million
TERMS: Bankruptcy court-ordered sale
BUYER: D.B. Zwirn & Co, headed by Managing Partner Daniel Zwirn. Phone: 646-720-9100. It owns no other stations.
SELLER: DFW Radio License, headed by Manager David Schum. Phone: 214-369-2990
FREQUENCY: 990 kHz; 700 kHz
POWER: 7kw day/920 watts night; 2kw day/920 watts night
FORMAT: Talk/Sports; N/A
BROKER: Larry Patrick of Patrick Communications
COMMENT: The purchase price will be credited against amounts owed by the seller to the D.B. Zwirn Special Opportunities Fund. The buyer will then LMA KFCD within five business days of the date upon which the bankruptcy court order approving the purchase agreement becomes final. The construction of KHSE will be managed by broker Larry Patrick.

http://64.233.179.104/search?q=cach...com&hl=en&gl=us&ct=clnk&cd=1&client=firefox-a
 
this is really the best thing that could have happened AND dhould have happened a long time ago.........

time for somebody else to take a turn


> > Investment firm buys Ohio radio group
> > Thursday, February 09, 2006
> > Percy Squire’s Ohio radio group has a new owner. D.B.
Zwirn
> > Special Opportunities
> > Fund, a global investment firm, was the successful bidder
> at
> > a Jan. 26 bankruptcy-court
> > auction. The sale is pending any appeals and FCC approval.
>
> > Zwirn, which was owed
> > at least $15.6 million by Squire’s group, used $12 million
>
> > of that debt as its winning
> > bid. Squire’s radio group, Stop 26 Riverbend, filed for
> > Chapter 11 bankruptcy last
> > year. Stop 26 owned Spanish-language station WVKO-FM
> (103.1)
> > and gospel station WVKO-AM
> > (1580) in Columbus and three stations in Youngstown.
> >
>
> Interesting. This is the second time this has happened to
> them in about 2 weeks time (Zwirn that is)... from a
> radioandrecords.com Google Cache:
>
> KFCD-AM/Farmersville and KHSE-AM (CP)/Wylie (Dallas-Ft.
> Worth)
>
> PRICE: $9 million
> TERMS: Bankruptcy court-ordered sale
> BUYER: D.B. Zwirn & Co, headed by Managing Partner Daniel
> Zwirn. Phone: 646-720-9100. It owns no other stations.
> SELLER: DFW Radio License, headed by Manager David Schum.
> Phone: 214-369-2990
> FREQUENCY: 990 kHz; 700 kHz
> POWER: 7kw day/920 watts night; 2kw day/920 watts night
> FORMAT: Talk/Sports; N/A
> BROKER: Larry Patrick of Patrick Communications
> COMMENT: The purchase price will be credited against amounts
> owed by the seller to the D.B. Zwirn Special Opportunities
> Fund. The buyer will then LMA KFCD within five business days
> of the date upon which the bankruptcy court order approving
> the purchase agreement becomes final. The construction of
> KHSE will be managed by broker Larry Patrick.
>
http://64.233.179.104/search?q=cache:2lM_TmfowAQJ:www.radioandrecords.com/NewsRoom/2006_01_20/Transactions.asp+zwirn+site:r> adioandrecords.com&hl=en&gl=us&ct=clnk&cd=1&client=firefox-a
>
 
Any word what changes might be in store for the two stations in Columbus? Listened in yesterday and it sounded like nothing had changed format or personnel-wise.

Is Squire still involved with any of the stations?
 
Status
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