Every bankruptcy is a tragedy. This one is even more tragic. Here is the sad saga of KNRV-AM Denver and KNUV-AM Phoenix.
Former Susquehanna Radio and SBS manager Maria Elena Llansa set out to build her own radio group. In fact, Susquehanna was so impressed by its former employee that it became a minority investor in New Radio Venture Inc. That 10% equity interest later transferred to Cumulus Media Partners when it purchased the Susquehanna group.
New Radio Venture Inc. bought KNUV for $3.75 million in 2005 and KNRV for $5.525 million in 2006. A Spanish Talk radio group was born. A few months later, Maria Elena Llansa was dead from a brain aneurism at age 50.
Her business partner, Heberto Limas-Villers, carried on as President of New Radio Venture Inc., but the stations have struggled. KNRV is currently on the air with a Spanish brokered format. KNUV was to have been the flagship for the Nova M liberal talk network, but that planned sale fell apart when the network shut down. KNUV has been off the air since then.
New Radio Venture Inc. is now in Chapter 11 bankruptcy. Media Services Group’s Jody McCoy has been named by the court to conduct an auction of the stations, with a bidding deadline of April 30th. McCoy told RBR/TVBR that the tower sites are owned by an outside party, Terrus, but that the company has spelled out terms for leasing or selling the sites to the new owner or owners of the stations. The two AMs are being auctioned separately or together.