Bankruptcy Judge Approves October Auction For Ed Stolz Stations

[Colorado Media Newsroom]

From Radio Insight:

Judge August Landis of the United States Bankruptcy Court District of Nevada approved on Thursday court-appointed trustee Michael Carmel’s plan to auction off the station assets of Ed Stolz’s Royce International Broadcasting.
Any interested party must submit a bid by 5pm Pacific Time on Monday, October 23. The auction will then take place on Thursday, October 26 with a court hearing to approve the winning bidders on Tuesday, November 14. Each station would be sold with their equipment in an “as is” basis with bidders able to make an offer for one or all of the associated licenses with participants providing evidence that they have the finances to close the purchase and make a deposit equal to 10% of their bid. The licenses up for bid are 92.7 KREV Alameda/San Francisco, 97.7 KRCK-FM Mecca/Palm Springs, 95.5 K238AK and 98.1 K251BX Palm Desert, 790 KBET Winchester/103.1 K276GX Las Vegas, and 104.3 KFRH North Las Vegas.
VCY America will has a stalking-horse bid offering $4.5 million for all of the stations with the exception of KBET/K276GX. The organization originally had a deal with former trustee Larry Patrick to purchase KFRH, KRCK-FM and KREV for $6 million. After Stolz temporarily regained control of the licenses and had the original deal terminated, VCY made the same $4.5 million offer as part of a deal to drop its $627,366 claim against Stolz’ company. Should another company win the auction, VCY will receive a $150,000 breakup fee and any other bid for all of the licenses must surpass VCY’s offer by at least $250,000.
Carmel has currently entered a programming agreement with AutoPilot FM to program the stations. Only KREV is currently operating with the station flipping this week from Dance to Hip Hop “92.7 The Hustle“.



more