Communicom Stations Sold Out Of Bankruptcy
Update 6/25: The four buyers have been revealed for the stations auctioned off on behalf of Communicom bringing in a total of $2.15 million.
Gospel “Rejoice 1440” WDRJ Inkster/Detroit goes to TFG Holdings/Great Lakes Radio-Detroit for $375,000.
First Citizens Bank & Trust, the lender for Christian Preaching 1060 WLNO New Orleans receives that station for $725,000.
The two Phoenix stations were split to two separate owners. Buford Ortale gains 1280 KXEG Phoenix for $500,000, while Salem Communications adds Christian Preaching 1010 KXXT Tolleson for $575,000. Salem already owns Conservative Talk “960 The Patriot” KKNT and Christian Preaching “Faith Talk 1360” KPXQ in the market.
Robert J. Mancini of Media Services Group has been appointed as Chief Transition Officer to oversee the license transfers of the stations.
Original Report 5/15: The US Bankruptcy Court for the District of Colorado has ordered the auction of the four stations owned by Communicom Corporation of America.
The court as retained Media Services Group to accept bids on the stations and are due by 11:00am on May 30.