All of the prerequisites are in place.
– TARP funds are being used to bail out banks and buy toxic assets
– Some of the most toxic assets held by the big banks are loans to radio companies
– Tim Geithner has the authority to “buy” up toxic loans
– Tim Geithner could fire the management of the “failed” radio companies (ala GM and Rick Waggoner)
– How about retroactive caps on the earnings of employees are imposed to “recover taxpaper money” (think Rush Limbaugh)
Citadel Radio (who acquired ABC Radio – WABC, WMAL, WJR, WBAP, KSFO, KGO, KLOS, WPLJ) is in technical default of the agreement on the loan they used to “take over” ABC Radio. Things could change very fast from day to day.
Time to read up on Saul Alinksy.
Look for a more detailed list of who the major radio companies are, who they owe money to, and their financial status (to the extent it is public knowledge)
Rather than try to do this as rambilng blog posts, I’m going to create a series of pages – one for each company…. that I can continually update with information as I learn about them or the situation changes.
Dear Mr. Stone: Your blog is so very interesting, especially postings such as this one. Thanks for all the “inside baseball” perspectives!