The buyer is TMA TIG LLC, headed by Marlen Abrahantes. The seller is headed by Mark Jorgenson.
The price will be paid in two parts – and in fact, part of it has already been paid according to the contract. The equipment was valued at $125K and that amount was due in cash on the day the contract was written, 12/17/12, otherwise known as the first closing date. The other assets were valued at $350K, paid via a $75K with the remainder due on the second closing date, which of course is pending FCC approval of the transaction.
That works out to a total value of $475K.
The six-figure ROI was the barest of six-figure returns. Del Caribe paid $375K for the station back in a deal struck back in December of 2008 when the station was W47AL. The seller back then was Concilio Mision Cristiana Fuente de Agua Viva Inc., and the terms of payment called for three $125K remittances due 12/31/09, 12/31/10 and 12/31/11.