In August 2014, closing successfully occurred for a 5kw Class C3 FM serving communities surrounding London, Ky., from the city of Manchester.
Unfortunately, the party that acquired the station ran into financial troubles and could not deal with debt issues. It then defaulted on an agreement to pay off the debt, and as such the station license reverted to the seller of six years ago.
That entity clearly doesn’t want the FM back, and has found a new licensee.
As such, WTBK-FM in Manchester, Ky., which had been purchased by Jonathan L. Smith-led Choice Radio Corporation from Manchester Communications for $425,000, is being transferred from Manchester to Strategic Impact Marketing Consulting Corp.
It’s a transaction that sees two Form 314 filings with the Commission.
Choice defaulted on a settlement arrangement involving $191,637.21 in debt, tied to a promissory note that could not be fulfilled. This led WTBK to wind back in the hands of Manchester.
Choice doesn’t want WTBK, which today airs a satellite-delivered Country format, and as such is agreeing to sell it. The deal, which sees Karen Moses signing off for Strategic Impact Marketing, calls for payment guaranteed in a promissory note of $138,541.71 — at an annual interest rate of 12%. As such, a $4,262.86 monthly payment has been agreed upon.
Moses owns WKFC-AM in North Corbin, Ky., to the southwest of Manchester, a property formerly held by Radioactive LLC, the Fort Wright, Ky.-based licensee led by Randy Michaels, whose legal name is Benjamin Homel. She is also the licensee of WPBK-FM in Crab Orchard, Ky.
Manchester Communications is wholly owned by Tim Finley.
