BizRadio – unfortunately for the investors the implosion continues…

On February 19, 2010 I posted a blog that asked a number of questions related to BizRadio and Daniel Frishberg.  Not long after a reply appeared on radio-info.com that said:

You seem almost giddy at the thought of an implosion…I on the other hand would like to see this radio format survive.  I don’t really like Dan (and his wife’s) shows that much, but I like most of the rest of it…and of course there are too many show production glitches for my taste.

My response was as follows – “I am not “giddy” by any means and if I left that impression to you or any of the investors I apologize.  I am interested in people making choices that empower them and improve the lives of others.  I have made some bad choices in my life and the consequences sucked.  Likewise, I have made other choices that yielded some outstanding consequences.  It seems that Frishberg has been more concerned with ILLUSION than truly providing an outstanding return for investors.  Giddy…is not how I feel.  Pleased that in some form I can open the doors of transparency so the investors can see reality for what it is…yea…I’m O.K. with that.  I, too, see BizRadio as an organization with some potential, but many great businesses have been destroyed by mismanagement, greed and hubris.  The real question is – Is there anything to save?  And, do the investors have the clout to pull “saving” BizRadio off?  Or is it a sinking ship that needs no more investor funds?  Instead of focusing concern over how I feel, (and frankly in Greenville, SC I am truly disinterested – other than it being a great story) it would appear that folks in Houston, Dallas and San Antonio should be demanding that many of the questions I’ve asked be answered and answered now.”

Well, today there is more evidence of the implosion of BizRadio.  BizRadio is now off the air in San Antonio for failure to pay for their air time.

If I were the station owner, I would be less than happy with this outcome.  In this economy, especially with smaller stations, I would assume that you would do anything to keep an income stream flowing.  Yet, if you are not paid for your airtime, then you can’t continue to incur costs with no funds flowing your way.  It’s sad to see, but now BizRadio is off the air in Dallas (at least that’s the last I’ve been told) and now off the air in San Antonio.  What’s left is Houston and that is in question with the sale of 1110 back to Salem and convoluted with the retracted Siddiqi lease/sale.

Wikipedia says of BizRadio (which perhaps needs to be updated): “BizRadio lost $1.6 Million between January and August 2009, though performance has since improved considerably with injection of capital from several media partners. BizRadio programs are now increasingly airing through syndication on business stations around the country.”

The question following questions now exist (at least from my perspective):

  1. Will the SEC expand their investigation from the Kaleta beginnings into Frishberg’s activity with BizRadio?
  2. How long will BizRadio be a viable business enterprise when the broadcast facilities are dropping them for non-payment?
  3. Are investors, based on what’s going on, willing to pony up more money to keep the ship afloat?
  4. Did Frishberg use BizRadio to perpetuate his investment business?  And, if so, was that justifiable or a scam?

I am not passing judgement as I clearly don’t have all the facts.  The best I can do is ask the questions knowing that every choice has a consequence.

COMMENTS ARE WELCOME!

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2 Responses to BizRadio – unfortunately for the investors the implosion continues…

  1. Winsome Wit says:

    Chuck,

    UPDATE. Spoke with two self-proclaimed BizRadio early investors that told me that they had no clue what was going on and no one from Daniels office has called them to let them know all of this was happening. I referred them to this link to catch them up.

    Also, you have a link on this page labeled “investor meeting implosion.” this is a dead link. Can we get that refreshed?

    WW

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