The most startling aspect of Ferris O’Brien’s purchase of KINB this year, I believe, was the purchase price itself: “Two million American dollars for a 900-watt rimshooter.”
According to O’Brien, the purchase fell through when the station did not appraise for [seller] Last Bastion Trust’s asking price.
“When it comes back at nowhere near that number, it just doesn’t make sense,” O’Brien said.
The FCC didn’t have any problem with it; they’d granted the assignment of the license in November, pending the tying up of all the loose ends.
And it’s hard to fault Eliot Evers, operator of Last Bastion, for asking that kind of money, since that’s basically why the trust, which assumed ownership of a bunch of Citadel stations after the ABC merger, existed in the first place: to extract maximum value from the leftover properties. Still, somebody should have done due diligence.
In the meantime, if you haven’t heard the Spy lately, they’re at TheSpyFM.com.