Five Southern New Jersey Radio Stations Up for Auction Following Atlantic Broadcasting Bankruptcy

April 28, 2011 – In The News
Press of Atlantic City
Boardwalk Radio LLC has contracted to buy Atlantic Broadcasting Bankruptcy LLC of Linwood, which has declared bankruptcy. But Atlantic Broadcasting attorney Joshua Klein said the contract is not a done deal and other parties have prequalified to submit bids.

If other parties do submit qualified bids, Klein said an auction would be held May 4 in Atlantic City. Sun National Bank will receive most of the funds raised through the sale.

"We filed a plan of liquidation which specifies the proceeds (of the sale) get split up. Under the circumstances, it's a good case for them, because they would have gotten nothing," said Klein.

Boardwalk Radio LLC owned stations WOND-AM 1400, WBSS-AM 1490, WMGM-TV 40 and WJSE-FM 102.7. At the time of bankruptcy filing, the company had 34 employees and an annual payroll of $1.6 million.

"The goal is to get a successful bid. We have to go with what's highest and best," Klein said.

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