Pricing a radio cluster Zlot spot

The paperwork for Gordon Zlot's Redwood Empire Stereocasters deal to get a third FM in Santa Rosa has hit the FCC. The price for Zlot's acquisition of brand new KGRP-FM will be 2.9M, and he'll start running it 10/1/07 under terms of an LMA. The seller, Stephen Hackerman's Ace Radio Corp. will not get to keep all of the cash, however. In sending it so soon to an established broadcaster, Hackerman will have to reimburse the FCC for a bidding credit he received from the FCC back when the station was still but a twinkle in an engineer's eye.