Not only are the sellers of an AM CP in the interior of California north of Sacramento trusting the buyer to pay off the transaction over time, two of the three entities with an interest in the seller are in fact trusts.
The CP, which does not even have call letters yet, is a Class B on 890 kHz with 350 W-D, 250 W-N, DA2. It’s licensed to Olivehurst CA, located in unrated territory north of the state capital and not far from Yuba City.
The buyer is Tom Huth. He’ll pay $45K under terms of a very unusual promissory note. For one thing, the note bears no interest. The deal calls for the payment of $1.5K per month – after 30 months, the purchase price will be covered.
But Huth won’t be making one payment per month. Three have a stake in seller Valley Broadcasters, and each stakeholder will receive an $500 monthly payment, meaning that Huth will be on the hook for 90 disbursements over the term of the note.
The sellers receiving payments are Carl A. Auel; the Beverly M. Smith Survivors Trust; and the Robert A. Jones Trust.