From Tom Taylor's Radio Now:
After losing a court decision, the Pacifica Foundation could face a Chapter 11 situation.
Here’s what WBAI New York/99.5 says on its front page – “More than $1.8 million. That's the amount WBAI and the Pacifica Foundation need to raise immediately. That’s because Judge Gerald Lebovits decided against WBAI and the Pacifica Foundation in its dispute with the Empire State Realty Trust over rent being charged to house our transmitter in the Empire State Building.” ESRT sued Pacifica last November for back-rent and fees. Pacifica argued that it was being radically over-charged (August 9 NOW). Now Pacifica’s up against it after the judge’s summary decision in favor of Empire State. NOW has the memo to staff from Pacifica Executive Director Bill Crosier – “Here's the news from court in NY - not good...I don't want to scare away donors in our fund drives with the word bankruptcy, but people need to know what when/if we go into bankruptcy (more likely now), it will be Chapter 11 bankruptcy (look it up), in order to continue operating. It will NOT mean that we'd shut down.” Crosier says “Chapter 11 brings with it additional problems but would stop collection efforts by ESRT and allow us to keep operating while we develop a plan to pay off the debts.” Progressive Pacifica Foundation operates in multiple large markets, and some kind of sale or swap involving commercial-band WBAI could solve a lot of its chronic financial problems. Stay tuned.
(Sorry, had to copy and past. There's no link for Tom's newsletter.)
So, if Pacifica needs to swap out their commercial band frequency for something, what do you think will happen? What NYC non-com would be willing to give up their signal? Which mega company would end up with 99.5?
Let the speculation begin!
After losing a court decision, the Pacifica Foundation could face a Chapter 11 situation.
Here’s what WBAI New York/99.5 says on its front page – “More than $1.8 million. That's the amount WBAI and the Pacifica Foundation need to raise immediately. That’s because Judge Gerald Lebovits decided against WBAI and the Pacifica Foundation in its dispute with the Empire State Realty Trust over rent being charged to house our transmitter in the Empire State Building.” ESRT sued Pacifica last November for back-rent and fees. Pacifica argued that it was being radically over-charged (August 9 NOW). Now Pacifica’s up against it after the judge’s summary decision in favor of Empire State. NOW has the memo to staff from Pacifica Executive Director Bill Crosier – “Here's the news from court in NY - not good...I don't want to scare away donors in our fund drives with the word bankruptcy, but people need to know what when/if we go into bankruptcy (more likely now), it will be Chapter 11 bankruptcy (look it up), in order to continue operating. It will NOT mean that we'd shut down.” Crosier says “Chapter 11 brings with it additional problems but would stop collection efforts by ESRT and allow us to keep operating while we develop a plan to pay off the debts.” Progressive Pacifica Foundation operates in multiple large markets, and some kind of sale or swap involving commercial-band WBAI could solve a lot of its chronic financial problems. Stay tuned.
(Sorry, had to copy and past. There's no link for Tom's newsletter.)
So, if Pacifica needs to swap out their commercial band frequency for something, what do you think will happen? What NYC non-com would be willing to give up their signal? Which mega company would end up with 99.5?
Let the speculation begin!
