As news of Cumulus Media‘s intention to reorganize under Chapter 11 bankruptcy protection filtered across the broadcast media industry on Wednesday evening and throughout Thursday, the realization that its beleaguered stock would be canceled out to $0 started to sink in with investors.
At the same time, there are some big creditors who have some sizable unsecured claims they may not be able to collect more than pennies on the dollar on, should things turn particularly sour for the nation’s No. 2 broadcaster by number of stations.
Among those impacted: Industry veteran Randy Michaels, and Westwood One founder Norm Pattiz.
