James Crystal Bankruptcy Update
Update 4/7: Jorgenson is paying $5.5 million for the four James Crystal Radio stations. He began operating them via LMA on March 3.
Update 4/4: It had been fairly quiet since the auction of the four James Crystal Radio stations took place on March 2. Now we know via Tom Taylor Now that the credit bid by Atalaya Capital was the only bid for the stations, which will soon be transferred to a new group headed by auction broker Mark Jorgenson.
The new group is currently operating Sports 640 WMEN Royal Palm Beach, News/Talk 850 WFTL West Palm Beach, Brokered Brazillian 1400 WFLL Fort Lauderdale, and Brokered Christian 1480 KBXD Dallas via LMA. However WMEN and WFTL will have some services including Sales handled by Digity Media’s Palm Beach Broadcasting. Digity currently owns four FM’s in the West Palm Beach market including Hot AC 97.9 WRMF, Urban “X102.3” WMBX, Country 103.1 WIRK, and AC “Sunny 107.9” WEAT.
Original Report 2/11: The United States Bankruptcy Court for the Southern District of Florida will auction off James Crystal Radio’s four stations on Monday, March 2.
James Crystal Radio filed for Chapter 11 bankruptcy in February 2014 after failing to meet payroll. Creditor Atalaya Special Opportunities Fund filed a lawsuit in 2013 after Crystal failed to pay off loans due in 2009 in excess of $17 million. At the time of the bankruptcy filing other creditors listed included the IRS, ASCAP, BMI, SESAC, Salem Communications, and multiple attorneys and tax collectors.
James Crystal Radio owns three stations serving portions of the Miami/Fort Lauderdale and West Palm Beach markets and one in Dallas. the stations are: Sports 640 WMEN Royal Palm Beach, News/Talk 850 WFTL West Palm Beach, Brokered Brazillian 1400 WFLL Fort Lauderdale, and Brokered Christian 1480 KBXD Dallas. Jorgenson Broadcast Brokerage is representing the bankruptcy court.