A pair of troubled AM stations in the Norfolk-Virginia Beach-Newport News are ready to be sold out of bankruptcy, but a chance is being offered for any interested parties to up the ante. There is a wide gulf between an earlier offer since withdrawn and the amount of money currently on the table. The stations are WVAB-AM 1550 and WBVA-AM 1450. R. Clinton Stackhouse, trustee for the stations, has a deal with TL Communications, headed by Terry Suggs aka Terry Love, worth 275K. This is a drop from a prior transaction filed with the FCC last November in which Nancy A. Epperson’s Chesapeake-Portsmouth Broadcasting Corp. agreed to pay 775K for the stations, which would have added to three other O&O AMs in the market. That deal is now terminated, although Chesapeake is still running the stations under an LMA. Broker Ray H. Rosenblum is handling the sale of the station, and will get a chance to procure a better deal soon. Very soon. Next Tuesday, 10/16/07, the US Bankruptcy Court in Norfolk will hold a hearing on the matter along with a possible auction. Stackhouse is referring all interested parties to Rosenblum at (412) 362-6311.
