On today’s broadcast of Dan “The Money Man” on BizRadio 1110 – is was reported that Dan announced that his broadcast would now be known as Business 1110 (not BizRadio). After hearing that report, I tuned in to BizRadio.com and heard the on-line broadcast which seemed quite normal – just business as usual. Then the questions began…
As a side note, when I was young I recall my Mom saying to me, “Boy, you just ask too many questions!” I didn’t understand. If you wanted to know something, how else could you get the answer other than asking questions. She then said, “You know, you better watch out, someday you might just run out of words,” to which I replied. “Well, Mama how many words are there?” I guess somehow the questions have never stopped.
So with Dan’s announcement I began to think – wonder what the motivation is? Keep in mind an earlier Houston Chronicle story reported the following:
“In order to reverse what injustice has taken place here, so that the victims of this fraud can be made whole, what we’re seeking is that the relief defendants relinquish their possession of assets to which they have no rightful claim,” said Timothy McCole,the SEC attorney handling the case.
Frishberg said he and Kaleta are no longer partners. (Although Kaleta was reported at his office as late as January 2010). His firm and BizRadio will repay the debt under the terms of the promissory notes, he said.
“We’re eager to have them hurry up and appoint a receiver and get it going,” he said.
Despite Frishberg’s eagerness, neither BizRadio nor DFFS has made the payments required under the notes so far, the SEC’s lawsuit said. A receiver is likely to demand full repayment of the notes so it can be returned to investors.
Now, here are questions to consider (Mama would be proud):
- Is this change BizRadio to Business 1110 a veiled attempt to avoid payment to investors as part of the SEC receivership and agreement?
- Is Business 1110 the same as BizRadio and if so, does the operation of Business 1110 share in the BizRadio liability?
- Salem purportedly bought 1110 AM back from Frishberg, where did that money go? Did the SEC appointed receiver get any of those funds so that investors can be repaid?
- Salem is supposed to be a reputable firm, wonder why they would enter into an agreement to lease the station to Frishberg considering the SEC scrutiny and attention? Is there no other programming that could be broadcast on this Salem station?
- BizRadio and Frishberg (along with related entities) were sued by Rehan Siddiqi for $18 million. Is that business change (BizRadio to Business 1110) an attempt to avoid liability?
- What liability does Salem incur since BizRadio apparently voided a lease/purchase agreement to Siddiqi? Wouldn’t it make sense on Salem’s part to wait on any transfer until that lawsuit is resolved?
- Most importantly, how does Frishberg “The Money Man” plan on making whole the investors who (as they put it) were part of a scam? And, how is financially strapped Frishberg and BizRadio able to continue in his “new” format – Business 1110.
- Oh, and where can I find Business 1110 on the web? New format – old web site – old format. Can someone please explain?
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