When Lynch & Co. took over the stations, It's assumed they also take over all the standing debt, contracts and other obligations. Is that not the case?
If they short-change employee checks without the consent of the employees, that sounds illegal. But like you said, it really seems like the "whole" story is not being divulged.
What is almost certain is that another morning show is gone for good. The money is not there, and/or companies are not willing to pay the over-inflated salaries for over-inflated egos. They've been living high on the hog for so long, they feel entitled.
Meanwhile, the too-close-to-minimum-wagers trudge along doing the grunt work for the majority of stations that are not on sindicated or voice-tracked programming.
If radio has not hit bottom, it's gonna be an ugly sight when it does.