E-String Wireless Ltd. is selling its relatively young KKVR-FM Kerrville TX to a group already active in the area, Radio Ranch Ltd. in a deal that has been over three years in the making. In fact, it’s been in the works so long that an unjust enrichment clause in the contract has been rendered moot.
The seller is Yates Communications, headed by Bret D. Huggins. The price of the station is $375,001, and should be covered by a pair of option payments. The purchase option dates to 11/6/06, with an initial payment of $52.2K and an extension, which was due by 12/31/06, of $325K. The contract provided for possible unjust enrichment payments by the seller, but since five years have passed since the CP was issued, that possibility no longer exists.
The buyer is headed by Lyndell and Nancy Grubb. It owns KRNH-FM Kerrville already, and has an LMA dating to 5/8/07 with KSYY-FM Ingram TX. The acquisition of KSYY is pending, and it’s coming from Randy Michaels’ Radioactive Inc. for $475K. That deal was filed with the FCC 12/11/09.
Kerrville is in unrated territory about 70 miles northwest of San Antonio.