Before you read the rest of this, you might want to read my 2009 profile of the company, which was already in serious trouble.<\/p>\n
http:\/\/streamingradioguide.com\/blogradio\/?p=832<\/a><\/p>\n and<\/p>\n http:\/\/streamingradioguide.com\/blogradio\/?page_id=703<\/a><\/p>\n 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.\u00a0\u00a0 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.<\/p>\n http:\/\/www.radio-info.com\/news\/nassau-chap-11-auction-ends-with-creditor-goldman-sachs-keeping-some-big-fm<\/a><\/p>\n 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.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 … Continue reading