BizRadio is DEAD – Well maybe Cryo-freeze (Frishberg’s assets are Frozen)!

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!

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6 Responses to BizRadio is DEAD – Well maybe Cryo-freeze (Frishberg’s assets are Frozen)!

  1. mrsnarkypants says:

    I can think of one very good reason for Salem to continue to give Dan airtime.

    The sale has not closed yet. Businessradio Houston LLC is still the licensee. Salem is operating the station under a LMA until the sale closes, and the LMA contains the provision that gives Dan his show on KTEK.

    Salem cannot take Dan off the air because legally they cannot operate the station yet. If they kicked him off, the FCC would fine them for taking unlawful control. (BusinessRadio Houston LLC is also responsible for conducting EAS tests, keeping logs, and keeping the station operating within licensed paremeters during this time.) They don’t have the license, they just have a lease for programming the station during the rest of the daylight hours.

    Right now, the FCC has approved the assignment of the license on 4/28/10 and they have 90 days to close the deal and file the papers for Transfer of Control.

    Once the FCC accepts the Transfer of Control, then Salem is free to do whatever they want. Until then, it’s still Dan’s radio station and you will see them make no public comment or do anything that could be viewed as taking control of the license before that has been granted by the FCC or else the entire thing can unravel.

  2. radioblah10 says:

    If Salem can not operate the station yet, why is the Biz Radio studios at Salem’s office?

  3. roger b. says:

    Dan Frishberg’s employees work in the Salem offices. I’m guessing they’re there until the sale goes thru, and then Dan will be on his own.

  4. robert says:

    Im dissapointed in bizradio…enjoyed the shows very much for several years.

    shocked really.

  5. jammas says:

    I thought they fired mostly everyone?

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