Financier R. Allen Stanford is facing charges for allegedly running a huge multi-billion dollar Ponzi scheme and is currently awaiting trial. Meanwhile, his stake of roughly 12% in Houston indy KTBU-DT is going to inflate the stake of John B. Goodman Jr. in the station’s license company well above the 50% threshold.
The station is licensed to Conroe TX and broadcasts its mix of rerun, syndicated and local programming over Channel 55.
The station is licensed to Humanity Interested Media LP, which is controlled by US Farm & Ranch Supply Company Inc., which lists the station under its USFR Media Group Inc. division.
Through receiver Ralph S. Janny, Stanford International Bank Ltd. is divesting 3.08% of the license company, and Stanford Venture Capital is divesting 8.77%.
The buyer is John B. Goodman Jr.’s KTBU Acquisition LLC. Goodman goes into the deal with a 44.8% stake in USFR, a stake that will increase to 56.7% at closing.
The price of the stock acquisition is $2M cash.
Stanford, who holds dual citizenship, with one country being the US, was knighted by the other – Antigua and Barbuda. He was arrested in connection with fraud charges in the summer of 2009.
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.