Admittedly I'm no expert on bankruptcy but I didn't know this was even a thing. So in Chapter 11 a company can try to cancel contracts because they paid too much to begin with? To be clear, I'm not criticizing Mary Berner. Hell, I'd use every tool at my disposal just like she is but how would you like to be on the other end of this? Who would pay anything close to what Cumulus did for Merlin Media, especially now? I know, it still has to be approved and may not be.
"ATLANTA, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (PINK:CMLSQ) (the “Company,” “we,” “us,” or “our”) today announced that it has filed motions with the United States Bankruptcy Court for the Southern District of New York requesting authority to reject a handful of extremely unprofitable contracts, including those with the Chicago White Sox and the Chicago Bulls. Cumulus is also seeking to reject its agreements with Merlin Media (“Merlin”), as the Company has determined that the legacy terms to acquire WKQX-FM and WLUP-FM in Chicago for approximately $50 million is significantly in excess of the stations’ market value. In total, the Company is seeking to reject fewer than 20 contracts out of more than 15,000 agreements. The Court is scheduled to rule on the Company’s motions at a hearing on February 1, 2018." https://globenewswire.com/news-rele...n-to-Reject-Certain-Uneconomic-Contracts.html
"ATLANTA, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (PINK:CMLSQ) (the “Company,” “we,” “us,” or “our”) today announced that it has filed motions with the United States Bankruptcy Court for the Southern District of New York requesting authority to reject a handful of extremely unprofitable contracts, including those with the Chicago White Sox and the Chicago Bulls. Cumulus is also seeking to reject its agreements with Merlin Media (“Merlin”), as the Company has determined that the legacy terms to acquire WKQX-FM and WLUP-FM in Chicago for approximately $50 million is significantly in excess of the stations’ market value. In total, the Company is seeking to reject fewer than 20 contracts out of more than 15,000 agreements. The Court is scheduled to rule on the Company’s motions at a hearing on February 1, 2018." https://globenewswire.com/news-rele...n-to-Reject-Certain-Uneconomic-Contracts.html