Less than a month after saying it had gotten a reprieve from major creditors, Mega Media Group has filed for Chapter 11 bankruptcy protection. The penny stock company operates “Pulse 87.7” in New York, although it does not own the license for WNYZ-LP.
The filing in a US Bankruptcy Court for the Eastern district of New York lists assets of $180,000 against secured creditor claims of $458,524, priority unsecured claims of $53,159 and unsecured non-priority claims of $3,052,376. Among those claims are some from former employees for wages and $47,730 owed to Arbitron. Claims from two lawsuits alleging fraud amount to over $1 million. The IRS is also owed $41,674 in payroll withholding taxes and there are tax liens by the IRS for $413,546 and the State of New York for $44,978.
Pulse 87.7 is licensed as a low-power TV station. Operating on Channel 6, the audio of WNYZ-LP can be heard on most FM receivers, just to the left of the dedicated non-commercial band.
