As RBR+TVBR reported last week, Ed Stolz has been dealt a formidable setback in his quixotic journey to ultimately decide the fate of three FM radio stations that, at present, are under his control.
The Ninth Circuit Federal Appeals Court affirmed a District Court’s decision to deny the termination of a receivership that stripped Stolz of his radio stations, placed them in a trust overseen by respected media broker Larry Patrick, and saw the stations sold in a single deal to non-secular broadcast ministry VCY America.
But, that ruling is largely symbolic today, as Stolz seeks to emerge from Chapter 11 reorganization in a Nevada U.S. bankruptcy court — the judicial body that ordered Stolz to return the trio of FMs to Stolz so the court could fully assuage his assets.
Now, Patrick and his attorneys are shifting their battle to the Silver State, where new filings suggest Stolz’s emergence from debtor-in-possession status is, among other things, “patently unconfirmable.”
