James Crystal Radio Group employees at News-Talker WFTL-AM 850 and sports Talk WMEN-AM 640 in South Florida have not been paid since Jan. 1, according to a Miami Herald story:
“Gossip Extra has learned that the 75 or so employees of the stations, both owned by local radio pioneer Jim Hilliard’s James Crystal Radio Group, haven’t been paid since Jan. 1. Among the unfortunate workers: High-profile talkers Joyce Kaufman (850) and Sid Rosenberg (640).”
GM Steve Lapa told The Herald that the holder of a $17 million loan managed to freeze the group’s bank accounts, so there’s no cash coming out for things like payroll.
“Mr. Hilliard’s been working from 6 a.m. to 10 p.m. daily to resolve the situation,” said Lapa. “So far, the employees have only missed one pay period.”
See the Miami Herald story here
RBB-TVBR observation: While we were unable to reach Hilliard, usually this means a loan interest payment was not met. Hilliard will likely have to pay a penalty and free up the bank account. It may require more. The Radio Group has sold off a few stations in the past years, including WJVJ-AM Boynton Beach, FL in late 2011 and WRMF-FM in 2002.
So they employees only missed one pay period? He makes it sound like that’s okay. And I’d love to know what bank it is that’s open at 6am so the owner can work on it. Sounds like a pretty arrogant guy. I think the big part that’s missing from the story is WHY did the “holder of the loan” free the bank accounts? Bet someone was not paying the money back.
I think that the holder of the 17 million $ loan is risking not being paid. If you put the radio station out of business then the station will not have the money to pay you back. Stupid move.
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