Payday deferred for Florida noncom FM seller


Back Woods Communications has a deal to sell WWJJ-FM Jasper FL, but there won’t be any gasps of amazement if and when it deposits the proceeds at the local bank – it gets $1 by cash or check. However, there may be more cash in store if the station is resold.

The buyer is Florida Educational Radio Inc.

If FER decides to sell the station, it has agreed to pay Back Woods, headed by Donald L. Smith, either 20% of the net proceeds of the sale, or $10K, whichever is least.

The station is a Class A on 91.7 MHz with 200 @ @ 81’. It serves an unrated portion of Florida not far from the Georgia state line. It is about halfway between Jacksonville and Tallahassee, which – if you know anything about Florida geography – makes it close to neither.

Two of the three individuals listed as principals of the buyer hold 33.3% of the votes and 50% of the equity in the station: Joseph M. Dipietro, who also serves as president; and Kyle Magrill. The third has no equity, but apparently wields the tie-breaking vote by a margin of 0.1% by virtue of a 33.4% share of voting interest – that would be Nicholas T. Schroeder.

The current transaction mirrors one filed in 2011, with the same seller, buyer and terms, back when the station was but a CP.