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radioguy
(@radioguy)
Advanced Member

I came across this story this morning..Could be old news to some.

The FCC has granted the assignment of Talk WSTX-A and Caribbean WSTX-F/CHRISTIANSTED, ST. CROIX, VIRGIN ISLANDS from FAMILY BROADCASTING, INC. to CALEDONIA COMMUNICATIONS CORP., ruling that the assignment will not result in the individuals charged with misconduct at the stations having anything to do with the operation. The ruling rejected a Petition to Deny by ROBERT J. HOFFMAN, who contended that the deal failed the distress sale test under the Second THURSDAY Doctrine and would result in undue concentration of ownership under CALEDONIA shareholder JONATHAN COHEN, who the FCC determined does not have an attributable interest in CALEDONIA. FAMILY admitted to misconduct in the operation of the stations in 2001. Owners GERALD LUZ JAMES, SR. and ASTA JAMES then filed to assign the stations to their four adult children, with daughter BARBARA JAMES-PETERSON named President/GM in MARCH 2001, and an Administrative Law Judge issued a Summary Decision revoking the licenses that AUGUST. In MARCH 2003, the company filed to sell the stations to CALEDONIA under the FCC's distress sale policy, a sale rejected by the ALJ in 2005; FAMILY appealed, then withdrew the application so it could file for Chapter 11 bankruptcy. The sale was refiled in MARCH 2006, and the revised deal provided that the sale price would go directly to creditors.

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Topic starter Posted : June 7, 2010 4:06 pm
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