Payment terms of endearment


A pair of DIY projects, one an FM in New Hampshire and the other an AM in Virginia, are going from Jackman Holding Company and Jackman Properties to a non-profit corporation. Such a transaction isn’t unusual, especially these days, but the terms for payment certainly are on the unusual side. The buyer is Silver Fish Broadcasting Inc.

The FM is WTTT-FM CP, earmarked for Stratford NH. It’ll be a Class A on 98.7 MHz with 143 w @ 1,959’. The price listed for it is $100K.

The second station is an AM, as yet without calls, pegged for Rushmere VA. It’s licensed as a Class B on 890 kHz with 1 kw-D, 195 w-N, DA2. Its price is listed as $350K.

In both cases, if fair market value exceeds the price listed, the seller will claim the difference as a charitable donation for tax purposes.

Here’s the unusual part. The money is due to Jackman “when the assignee’s board determines it is able to do so.”

Jackman is headed by A. Wray Fitch III. The fact that two other Fitch’s are listed among Silver Fish’s principals no doubt explains the unusually patient payment schedule, Carlton Fitch and Aubrey Fitch IV. Peyton Young is the third listed Silver Fish principal.