WFTL-WMEN Ownership Declares Bankruptcy; Payroll Now Caught Up
February 7, 2014 at 12:36 PM (PT)
Last week (NET NEWS 1/27), ALL ACCESS reported JAMES CRYSTAL RADIO Talk WFTL-A and Sports WMEN-A (640 SPORTS)/FORT LAUDERDALE-WEST PALM BEACH has missed payroll and that 75 employees had not been paid since JANUARY 1st.
In an update, GM STEVE LAPA told ALL ACCESS, "Employees are caught up on payroll as JAMES CRYSTAL's 850AM WFTL and 640AM WMEN progress through reorganization. We look forward to getting back to business as usual. The stations' bank accounts were frozen by the holder of a $17 million loan," and added that owner JIM HILLIARD had "been working from 6a to 10p daily to resolve the situation.”
Now comes word that several companies owned by HILLIARD have filed for Chapter 11 bankruptcy.
The SOUTH FLORIDA BUSINESS JOURNAL reports, "JAMES CRYSTAL SOUTH FLORIDA and JAMES CRYSTAL INC. filed for Chapter 11 bankruptcy reorganization," and notes "both companies list liabilities between $10 million and $50 million."