One of RBR/TVBR’s predictions for 2009 was that “Many broadcasting companies will trip on loan covenants in 2009. Most, though, will get waivers or renegotiated terms” – and we’ve already had reason to reference that in subsequent stories. One reader sees that as a localism opportunity.
When 2009 covenants can’t be met, taxpayer owned (or owed) banks should seize the stations and/or groups which they funded and transfer the facilities in FCC sanctioned public auctions to local interests. In such transactions, former employees would receive special consideration, including the opportunity to be considered for SBA Federal loans, to not only gain control, but participate in common, community oriented ownership.
Details to be determined.
Nothing to it but to do it.
Fifty Years in Radio
[Editor’s note: It’s doubtful this could be done legally, but it is fun to think about.]