In a move that apparently stunned the stations' owners:WASILLA -- The operations of Valley Radio and KBYR radio in Anchorage have been taken over by a creditor of the station owner.
Spirit of Alaska Broadcasting Inc., which owns the stations, is in receivership by Gladstone Capital Corp., a Virginia company that took over the company's Wells Fargo loans of $2.1 million in 2005 and of $200,000 in 2006, according to documents filed in federal court in Anchorage.
John Klapperich, who owns Spirit of Alaska with his wife, Joan, called the development "an unbelievable situation."
"The truth is, my wife cleaned the potties on Sundays and we did everything we could for the station and the community. I thought the storm was behind me because we were finally showing a $10,000 profit in June and with all the political advertising coming in with the upcoming elections, I thought we'd be OK."
If Klapperich is right, and the station was looking forward to enough cash flow to stem the tide, as election ad revenue greatly increased in the late summer-fall political contest frenzy, this move makes no sense.
As much as I disagree with John on a number of political issues, we've always been good friends. I dislike seeing another local media company go to an Outside management group.
image - John Klapperich, by PA
1 comment:
most business lines are "demand notes" callable at any time for any or no reason... once a troubled property starts looking like it's worth something is when the banks grab 'em ... happens to farmers here in minnesota all the time ... it's the good farmers who get killed off, not the junkers
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