RWaves LLC has struck a deal to acquire a second FM in the US Virgin Islands, with both properties located on the island of St. Croix. The value of the deal for WVVI-FM is over $600K, but in yet another sign of the times, it is completely comprised of liability assumption.
The seller is The Rain Broadcasting Inc., headed by Roger Morgan. Amanda Friedman is the principal of the buyer. The total value of the deal, listed in the contract down to the penny, is $610,021.04.
WVVI, licensed to Christiansted VI, will join WMYP-FM Frederiksted VI in an FM duopoly.
You may be pleased to know, if you happen to be a tax-paying citizen of the United States, that the Internal Revenue Service is one of the beneficiaries of Friedman’s promise to settle WVVI accounts. Here is the complete list of debtors who stand to enjoy compensation:
* ASCAP (music licensing fees)
* BMI (music licensing fees)
* Christiansted Port Terminal (studio/office rent)
* Fletcher, Heald & Hildreth, PLC (legal fees)
* Deepak Bansal (accounting fees)
* Sprint (telephone fees)
* SBA Infrastructure (tower site rental)
* Internal Revenue Service (federal tax obligation)
* Virgin Islands Bureau of Internal Revenue (Territory tax obligation)
* Ed Lemco, Rhonda Small and Phil Schoonover (loan)
* Fred Lalik (loan)