A debt-clearing agreement is the precursor of a station sale in unrated territory in the northeast corner of Georgia. The station is WCHM-AM Clarkesville GA.
The station is going from Rehoboth Beach Communications Inc., headed by Meyer Gottesman, and will be bought by WCHM Radio LLC, headed by Jeffrey T. Batten.
It is considered to be a two-part deal, and is actually a three-parter since the debt clearing arrangement is a contingency. That part involves SB Communications, and reduced seller indebtedness to SB from $120K to $65K.
Beyond that, the station will be sold for $91K, according to the contract filed with the FCC. Part One of the deal is for all non-license and permit assets, valued at $90K. The licenses and permits are covered by the remaining $1K in Part Two. $9.1K will be put into escrow, and $81.9K will be paid at closing, with SB getting its $65K at that time.
Rehoboth bought the station from SB in a deal filed with the FCC 8/19/08; the price back then was $175K, comprised of $50K cash and a $125K note.