Last week the blog entry was as follows: https://chuckgallagher.wordpress.com/2010/05/06/bizradio-is-dead-frishberg-kaleta-et-al-effectively-accused-of-fraud-prediction-criminal-prosecution-to-follow/
So what was the outcome? Simply put, as I see it, three things took place:
1. Dan Frishberg’s assets are frozen (as I understand it he agreed to that), pending the decision by the Judge;
2. The folks seeking the Involuntary Bankruptcy have put that on hold pending the decision by the Judge regarding the Receiver’s request; and
3. The Judge has postponed the decision pending more information from the Receiver related to the web he portrayed that Frishberg, Kaleta, et al created related to numerous companies listed as follows: Al Kaleta and Kaleta Capital Management (KCM); Daniel Frishberg, Daniel Frishberg Financial Services (DFFS – his RIA), BizRadio, BizMedia and other “shadow” companies named – Frishberg Global Investments, LLC and Portnoy, LLC. New hearing date is June 10, 2010 (I think).
QUESTIONS AND COMMENTS:
I do understand the temporary hold on the involuntary bankruptcy. If the Receive is successful (which I would bet he is – eventually), then he would have a superior position so better for him to deal with all the assets.
I am still confused when it comes to the Salem Communications sale:
- First, I hear that the FTC has approved the sale and it is done;
- Then, I hear that it is in limbo land pending the outcome of the hearing related to the Receiver’s request;
- Supposedly Frishberg was to receive $800,000 cash, but I am not sure that those funds have changed hands; and if they have changed hands, where is the money?
- The most confusing question is – with all the drama around Dan Frishberg, with the SEC investigating him, and with the likely probability that the US Attorney is also looking at Frishberg’s actions, why would Salem continue to let him broadcast his show “for free!”?
I WOULD LOVE SOME COMMENTS THAT WOULD CLARIFY THE QUESTIONS THAT I HAVE POSED!