Connoisseur Moves To Assume Debtor's Bid To Buy 10 Nassau Stations, Including WPST

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Buying

The debtor group that applied to take over 10 NASSAU BROADCASTING stations in NEW JERSEY and PENNSYLVANIA  in bankruptcy has moved in U.S. Bankruptcy Court to assign its right to buy the stations to JEFF WARSHAW's CONNOISSEUR MEDIA.  NB BROADCASTING LLC, headed by DOUGLAS A. PLUSS, made a credit bid (by NASSAU's lenders led by GOLDMAN SACHS) of $38.7 million plus $1,633,890 for administrative costs and assumption of liabilities for the stations, which include Top 40 WPST and Religion WCHR-A/TRENTON; Spanish Sports WNJE-A (ESPN DEPORTES RADIO)/FLEMINGTON, NJ, Classic Hits WODE-F (99.9 THE HAWK)/EASTON, PA; Sports simulcast WEEX-A/EASTON, PA-WTKZ-A/ALLENTOWN, PA (ESPN 1230 AND 1320); Religion WBYN-A (THE LIGHT 1160)/LEHIGHTON, PA; Active Rock WWYY (107 THE BONE)/BELVIDERE, NJ; and Talk WVPO-A and Hot AC WSBG/STROUDSBURG.

"Rather than proceeding to close the section 363 sale transaction," the motion says, "the Agent has spent considerable time and effort over the past several months in an effort to attract a satisfactory purchaser who is willing to take an assignment of the Agent’s successful section 363 bid for such radio broadcast assets. As part of this process, the proposed purchaser (CONNOISSEUR) has requested that it be permitted to enter into a local programming and marketing agreement with the Debtors for the 10 stations which are the subject of the transaction and pending regulatory approval of the underlying sale – and, hopefully, approval – of the transfer and assignment of the licenses and a section 363 sale closing."

CONNOISSEUR has proposed an LMA before closing, paying $200,000 for each of the first two months, $100,000 for each of the third and fourth months, and $500,000 per month after that until closing or termination.  The licensee will have the option to program 6-8a SUNDAY mornings.

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Binnie Gets 30 Nassau Stations

5-22-2012

That was the result from the bankruptcy court yesterday to disburse of the remaining 30 Nassau stations that were not auctioned off in an earlier proceeding. Bill Binnie is successful businessman, who's made his money in plastics, and owns several Television stations. Binnie made an unsuccessful 2010 run at a Republican Senate seat. He's also the finance chairman of the New Hampshire Republican Party. Binnie's Carlisle Capital will pay $12.5 million for the stations. The bid was made jointly with Jeff Shapiro, who owns a number of Upper Valley radio stations. Nassau was forced into bankruptcy last September.

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Report: Nassau Broadcasting Headed for Involuntary Bankruptcy

Bloomberg is reporting that Nassau is facing an involuntary petition for bankruptcy from creditors for which the company owes over $80 million. Goldman Sachs says it is owed nearly $70 million of the $83 million from the Nassau debt. Fortress has also made a claim for more than $11.2 million, and P.E. Capital LLC. seeks $2.8 million. The Chapter 7 petition has been filed in U.S. Bankruptcy Court in Wilmington. Nassau runs or owns stations in New Jersey, Maine, New Hampshire, Vermont, Maryland and Pennsylvania.

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