Paper Chronicles James Crystal Enterprises' Woes
June 23, 2008 at 4:27 AM (PT)
JAMES CRYSTAL ENTERPRISES' legal woes have hit the pages of today's MIAMI HERALD, which reports on the SOUTH FLORIDA broadcasting cluster's financial problems and revelations in court.
Among the travails chronicled by the HERALD are the lawsuit by COBALT OPERATING alleging that JAMES CRYSTAL inflated the cash flow and failed to air paid ads on AC WRMF/WEST PALM BEACH, which it sold to COBALT in 2002, in which a judge ruled that JAMES CRYSTAL, headed by JIM HILLIARD, overvalued the station by $11 million; allegations that HILLIARD intermingled personal and company funds; the widely-publicized $7 million judgment in the JENNIFER ROSS noncompete case; a $26,000 tax lien from the IRS; and a hearing on WEDNESDAY on a motion by the stations' landlord to evict the cluster from its studio in FORT LAUDERDALE.
"We're acting on everything," said Talk WFTL-A/WEST PALM BEACH-FT. LAUDERDALE GM STEVE LAPA. "We don't comment on these issues. It's a privately held company."
Read the HERALD report by clicking here.