Manna Christian Missions Inc. sold WCRM-AM Fort Myers to Vida Radio Ministries back in the summer of 2008. The buyer, a subsidiary of Christ Centers International Inc., used the 1350 kHz facility for a Hispanic religious format. But a court has ruled that the station will be going back to Manna.
Both parties in the deal are non-profits.
The seller is headed by Michael Quinn.
VRM, headed by Mario Garcia, acquired the station in a deal memorialized in a 6/2/08 contract. It called for a $25K earnest money deposit to be released to the seller at closing along with another $75K in cash. Also on the table: a promissory note for $850K, bringing the total face value of the deal to $950K.
A new transfer application has been filed with the FCC that will send the station back to Manna from whence it came.
The Circuit Court of the 20th Judicial Circuit in and for Lee County, Florida issued a terse order. Under the terms stipulated there, Manna will put $25K into escrow and release it to Christ Center upon FCC approval for the immediate transaction. In addition, all claims, counterclaims and third party claims are to be dropped.
The station operates on 1350 kHz with 2 kW-D, 150 W-N, ND.
RBR-TVBR observation: The summer of 2008, just months ahead of the global financial implosion, was a particularly inopportune moment in history to buy a radio station.
