Radio’s Baker family does a lot of religious-themed broadcasting and operates in both the commercial and noncommercial realms. One of its commercial license companies is selling WOKE-FM Garrison KY to the family’s noncom Positive Alternative Radio Inc.
The licensee doing the selling is Big River Radio Inc.
The price: $150K, almost all of it backloaded in a five year $149K promissory note.
The station is a Class A on 98.3 MHz with 5.2 kW @ 351’. It’s located in the eastern portion of the state, just to the west of the Huntington WV-Ashland KY Arbiton market. It carries Christian programming.
RBR-TVBR observation: If you need any evidence that attorneys live in a different dimension than the rest of us, then perhaps the contract for this deal provides it.
This deal essentially transfers the station from an entity controlled by Edward A. Baker to another one controlled by Edward A. Baker. He signed off for both the buyer and the seller, and is listed as holding a third of the buyer.
But many of the contract clauses appear to be of the boilerplate variety, and if you keep in mind what is actually taking place, they seem a little strange.
Take this one, for example: “Possession and control of station: Between the date of this Agreement and the Closing Date, Buyer shall not control the operation of WOKE-FM, but such operation shall be the responsibility of the Seller. It is further understood and agreed that, effective on the Closing Date and thereafter, Seller shall have no control over, nor right to intervene or participate in, the operation of WOKE-FM.”
That can be read to say that Edward A. Baker will continue to run the station until closing, and Edward A. Baker must keep his hands off during this period. But once the deal closes, Edward A. Baker will cease having anything to do with the station, as Edward A. Baker steps in and begins to run it.
If Edward A. Baker can pull off this feat – running it while not running it, both before and after closing, then he is twice the man we are – in fact, he would have to be!
It suggests that while the rest of us are restricted to the mundane realms of time and space, attorneys are aware of another more flexible dimension, and someday soon we hope they will clue us in!