It’s been almost a year since the world that Rehan Siddiqi lived in was dramatically changed. Kicked off a radio station that he was joyfully buying, he found himself embroiled in a meltdown of major proportions created by BizRadio’s leader Dan Frishberg – also known as “The Money Man” – although it would appear that Dan’s money to support BizRadio was nothing more than an elaborate scam.
As a refresher, Rehan Siddiqi had entered into an agreement to lease/purchase the former station that BizRadio was aired on in early January 2010. Asia Vision took the air the first of January on what Rehan thought was their new home. Dan Frishberg took BizRadio to another station – one that cost him less and seemed to be a solution for the financial failure he was experiencing.
ONE MONTH…that’s all it lasted. Frishberg (now well documented) couldn’t meet the financial obligations on the new station (he had no credit) and the result – SIDDIQI WAS KICKED OFF HIS NEW STATION.
The result was a lawsuit filed by Rehan Siddiqi for $18 million in damages against multiple parties including but not limited to: Dan Frishberg, Elisea Frishberg, and Salem Communications.
Today, now almost a year later, this new year is starting with some good news for Rehan Siddiqi. From reliable sources, it appears that Salem Communications has settled their issue with Siddiqi and as a result – Salem Communications – is no longer a party to the lawsuit filed by Rehan Siddiqi / Asia Vision. What are the terms of the settlement – I don’t know. But, this settlement opens the door for one major step forward with respect Dan Frishberg and his issues with the SEC (which still seem to be unresolved – and a lot of folks are wondering why) that is the sale of the station can now move forward with the Siddiqi lawsuit settled.
To be clear – Siddiqi’s settlement with Salem Communications does not mean he has settled with Dan Frishberg or Elisea. The lawsuit for tortious interference against them still stands – although collecting from Dan or his wife should Siddiqi win the suit might be difficult at best.
I suspect that, based on Tom Taylor’s efforts (the SEC Receiver) the sale of the station will move forward fairly quickly in early 2010. Who will buy it? That remains to be seen. Salem is an obvious candidate as they expressed interest in the station. Likewise, Siddiqi, at one time, was interested. Either way, whom ever buys the station, it would appear that this chapter might soon come to an end. For the investors, however, I don’t suspect that the money from the sale will come close to making you whole as you look at your losses.
THE NEW YEAR’S QUESTION:
With things now open to move forward with the sale of the station, what action is the SEC going to take with respect to Dan Frishberg? There seems to be sufficient evidence that he was an active part in the defrauding of numerous investors – most of whom will not come close to getting their principle losses back. Al Kaleta lost his license as an investment advisor. Dan Frishberg, on the other hand, has not. Why?
Frishberg – “The Money Man” brand – is expanding with the conversion of Salem Stations to talk business stations, so it seems that Dan buys his suits with kevlar material…as thus far nothing seems to stick to him when it comes to law enforcement – either his investment license (SEC authority) or criminal – FBI, US Attorney or others. Perhaps 2011 will bring some resolution to this sad affair.
PRIOR POSTS ARE HERE:
Meanwhile – YOUR COMMENTS ARE WELCOME!