Bankruptcy Judge Approves Sale of Atlantic Broadcasting’s Radio Stations for $4.2 MillionMay 6, 2011 – In The News
A U.S. Bankruptcy Court gave approval of the sale for Atlantic Broadcasting's Radio Stations to be sold to Longport Media LLC. Owner of Longport Media, George Miller, said he bought the stations to keep them under local control.
The owners of Atlantic Broadcasting had formed a new company, Boardwalk Radio, to be the initial bidder in the auction, but they were not approved by creditor Sun National Bank, attorney Michael Viscount said.
Longport Media has no connection to Atlantic Broadcasting and no collusion was detected in the bidding process, Viscount said.
Boardwalk Radio's role as a stalking horse, and proposal to take on breakup fees of $90,000 and $35,000 in expenses for the debtor, was the topic of debate among all parties.
Judge Judith Wizmur approved the fees and expenses to Boardwalk Radio and said it was a "sophisticated transaction."
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