Valley Bank picked up three Equity Media stations in the bankruptcy auction held earlier this year. It now has a buyer for one of them, KWWF-DT Waterloo IA. Waterloo TV Licenses LLC, headed by Paul Libovitz and David McAnally, has been LMAing the station since 5/18/09.
The auction price Valley Bank paid as VB Waterloo LLC was $1.6M. They will get that and more in the immediate deal. Waterloo TV is to pay $2M, plus repay an unspecified amount of debt loaned to Equity as debtor-in-possession to keep the station running, and cover reasonable attorney fees incurred by Valley as it went through the bankruptcy process. Any amount Equity may have owed Valley at the time of its bankruptcy declaration is not specified. Waterloo TV will cover the price, once it is determined, via promissory note.
The station’s CP was granted after the FCC had handed out DTV side channels, so it would have had to flash cut to digital 6/12/09. It lacked funding to do so, and is currently dark. It is licensed to Channel 22.
Other properties acquired by Valley in the Equitable auction were located in the Denver CO and Little Rock AR markets.