Before you read the rest of this, you might want to read my 2009 profile of the company, which was already in serious trouble.
http://streamingradioguide.com/blogradio/?p=832
and
http://streamingradioguide.com/blogradio/?page_id=703
This week, Goldman Sachs (who loaned the money to buy the stations) held an auction to sell off the stations to the bidders it thinks were offering the best deals, under the supervision of the Bankruptcy process. The original owner (Louis F. Mercatanti) had been stalling the bankruptcy process on the premise that he was going to raise money to pay off Goldman’s loans just any day now – but that never happened.
Goldman is going to keep a few of the more viable stations, and sold off others for about 1/3 of what they were purchased for back during the gold rush days about a decade ago.