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Friday, September 3, 2010

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Legacy stations forced into receivership.

This is becoming a summer of takeovers by financial backers. In the latest example US Capital uses legal maneuvers to put most of Legacy Communications into the hands of a receiver after the company failed to repay millions owed to the Colorado-based lender.

Utah District Court Judge Eric Ludlow appoints Salt Lake City forensic accounting firm president Dirk Rasmussen to oversee the stations. According to court documents, the receiver’s job will be to “wind-up or liquidate” the company which owns stations in Salt Lake City, Las Vegas and Idaho Falls stations. All are off the air except country KITT, Soda Springs, ID (101.1).

Legacy CEO Morgan Skinner warned liquidation was possible -- and he's moved-on to a new business. Details in today's Inside Radio.

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