Report: Pacifica's Board Meets To Discuss Financial Woes
November 18, 2015 at 4:01 AM (PT)
The UNIVERSITY OF CALIFORNIA-BERKELEY's DAILY CALIFORNIAN reports that the PACIFICA FOUNDATION's national board met last THURSDAY (11/12) to discuss contingency plans in case the company defaults on its debts. Among the options presented by board member LUIS FUENTES-ROMAN, the paper reports, were selling the company's BERKELEY national office and "financial swaps of broadcasting rights."
The five station noncommercial group is reportedly having severe financial trouble at four of its five stations, with only KPFA/BERKELEY meeting its financial requirements; an "ambiguously directed $400,000 bequest" in FEBRUARY that was unclear as to whether it should be applied to KPFA directly or the company overall was granted to KPFA, but the station then lent out over $400,000 to the other stations, including WBAI/NEW YORK, which owes $1 million in rent at its EMPIRE STATE BUILDING transmitter site.
An audit of the company by the CALIFORNIA Attorney General is expected to be completed next year.