Repo resale in Colorado


Catholic Radio Network has agreed to buy an AM serving the Fort Collins-Greeley CO market, acquiring the station from Loveland Radio LLC. The deal was filed at the FCC a scant three weeks after Loveland acquired it in a forgiveness of debt transaction. The buyer, headed by James O’Laughlin, will put $50K down in earnest money and sigh a $690K promissory note in a deal valued at $740K, and will operate its acquisition, KSXT-AM Loveland CO, in an LMA until closing. The seller, headed by David Westburg, filed for the license at the FCC on 9/2/08, getting it after owners O.J. & Carol Pratt defaulted on what was originally a $777K loan – it was said to have about $715K in outstanding principal at the time. CRN owns KFEL-AM in Pueblo CO and has additional broadcast interests in Kansas and Missouri.