The sellers of WNMN-DT Saranac Lake NY had a better deal to sell five years ago when the station was but a CP – unfortunately that deal did not go through and the new price as an up-and-running facility is substantially reduced.
The seller is Channel 61 Associates LLC, headed by Donald McHone.
The buyer is Cross Hill Communications LLC, with principals John O’Connor, Sarah O’Connor, Gregory Uhrin and Douglas Solomon.
The price is $225K cash for the station, which serves the Burlington VT-Plattsburgh NY DMA.
An 11/1/08 proposal to sell the station as a CP to Twin Valleys Television for $1,000,001 was dismissed by the FCC.
There is potential for this deal to come undone. According to Contract Schedule 1.1(e), “A prior agreement exists to which Seller is a party that might result in a third party claim to the right to purchase the station and/or a claim to ownership of the Station’s transmitter. Buyer will assume no liability or responsibility under any such agreement, but Seller will not commit to expend financial resources to defend against any such claim.”
Additionally, they not that the buyer may be called upon to provide a substitute transmitter to be used during the duration of the TBA the parties are entering into. It the deal fails to close, the seller may by the transmitter for its actual cost plus either $10K or the total amount of legal fees run up by the buyer in the course of striking the purchase and TBA – whichever is less.
