Distress sale: FCC reads Miranda rights


The FCC is finally allowing the sale of WEWC-AM Callahan FL in the Jacksonville market from Circle Broadcasting to Norsan Consulting and Management. The sale was unopposed, but there was a problem with the seller. Its principal, Nestor C. Miranda, was convicted of conspiracy to commit money laundering and actual money laundering, on 11/19/99 and sentenced him to 210 months in prison (the conviction is under appeal). The deal with Norsan, filed 8/24/04, was for 650K. The problem is that Miranda is not legally allowed to profit from sale of an FCC-licensed property while under conviction. However, Miranda says appraised value of the station is 1.375M, and that the entire proceeds of the sale will be put toward repaying debt as well as partially repaying two employees who say they have salary coming. The debts and salaries total over 760K, leaving Miranda some 110K short. The FCC decided it was in the public interest to allow the sale to go through, but stipulated that Miranda shall not be involved with any FCC-licensed property without advance notice. They also included an appendix of debts and stipulated that all proceeds form the WEWC-AM sale are used to satisfy them.

RBR/TVBR observation: There is no reason to make people suffer because of Miranda’s alleged misdeeds. Even if two of the individuals on the appendix, Eleonora A. Miranda (wife) and Amanda Miranda (daughter), would appear to have closer ties to Nestor Miranda than most. The document stipulates that neither have ever been implicated in Nestor’s problematic activities in any way.