The United States Bankruptcy Court for the District of Nevada has conducted its auction for the assets owned by Ed Stolz.
The winning bids totaled $6,345,952.88 exceeding the stalking-horse bid of $4.5 million made by VCY America for all but one of the assets. The organization originally had a deal with former trustee Larry Patrick to purchase KFRH, KRCK-FM and KREV for $6 million. After Stolz temporarily regained control of the licenses and had the original deal terminated, VCY made the same $4.5 million offer as part of a deal to drop its $627,366 claim against Stolz’ company.
VCY did not come up empty handed as the Christian network was the highest bidder for four of the licenses. VCY’s winning bids were $1,954,219.16 for 104.3 KFRH North Las Vegas NV, $298,281.73 for 97.7 KRCK Mecca/Palm Springs CA, $82,282.46 for 98.1 K251BX Palm Desert CA and $111,169.53 for 95.5 K238AK Palm Desert CA.
Friends of KEXP, which operates AAA 90.3 KEXP Seattle look to be in line to return that format to the Bay Area as their bid of $3.75 million was the high for 92.7 KREV Alameda.
Melinda Vega, Kurt Nilson, and Don Davis’s AutoPilot FM, which has been operating KFRH and KREV with Hip Hop formats as “Hustle“, were the winning bidders for Silent 790 KBET Winchester/103.1 K276GX Las Vegas with a $150,000 submission.
Now that the auction has concluded, the winning bidders have until November 7 to designate which leases and contracts they will assume or reject. The judge will grant final approval of the auction winners on November 14.