Details on upstate tweener deal


SoldWe call it a tweener because it is pretty much between two different radio markets – but for the purposes of an associated local consolidation report, the station was listed as being an Olean NY signal. Broker: Richard A. Foreman Associates Inc. (seller)

The station is WZKZ-FM Alfred NY.

Dick Forman is more than the broker, he is also the court-appointed receiver for the seller, Pembook Pines Inc.

The buyer is Bettina Finn’s Sound Communications LLC.

The price is $190,000. The deal carries an unusually high escrow deposit of $90K, with the remainder due in cash at closing.

WZKZ-FM is a Country Class A on 101.9 with @ 1 kW @ 801’. It serves the area to the east of Olean, and to the west of Elmira-Corning. Its primary contour gets all the way into neither.

WZKZ-FM will join a cluster that includes two Olean stations, Standards 1590 WGGO-AM and Hot AC 101.5 WMXO-FM; and two Salamanca stations: Standards 1360 WOEN-AM and Classic Rock 98.3 WQRS-FM.

Since this was a bankruptcy deal, the contract set a pecking order for getting paid. The cash will be used to pay Foreman in his role as receiver for unpaid costs and expenses, pay Richard A. Foreman Associates for brokerage fees, pay ASCAP, BMI, SESAC, and RMLC; with the rest put on hold pursuant to court order, for ultimate benefit of ACM Browncroft Trust.

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