A promissory note was proffered as most of the compensation for WBBV-FM Vicksburg in a deal filed in March of 2008 – just ahead of the Great Recession. The result was a default, an attempt at a reconciliation, another default and a trip to court.
Debut Broadcasting bought the station from Holladay Broadcasting of Louisiana LLC, headed by Robert H. Holladay, pursuant to a 3/3/08 contract. The compensation package had a total value of $900K and included an $800K note.
There was another deal between the two parties as well – HBL LMA’d KLSM-FM Tallulah LA to Debut on 3/17/08. That arrangement ended in default and it was terminated by Holladay 10/18/11.
As for WBBV, the parties agreed to a settlement under terms of which Debut was to pay $500K by 4/30/12.
That didn’t happen and the matter wound up at the United States District Court, Southern District of Mississippi, Western Division. Holladay and its representation showed up at court 7/10/12, but Debut did not.
The result – Debut was found in contempt of court and was ordered to turn the station assets over to Holladay. A transaction application to that end was accepted by the FCC 8/23/12.
Holladay owns numerous other stations in the Vicksburg area, as well as a bit further east in the Jackson MS market.