Loan Default Leads To Transfer Of Massachusetts AM
September 11, 2008 at 5:18 AM (PT)
HISPANIC BROADCASTING ASSET TRUST is acquiring Spanish Variety WMSX-A (LA SUPER X)/BROCKTON, MA after HISPANIC BROADCASTERS, INC. defaulted on its loan from lender LIFE INSURANCE COMMUNITY INVESTMENT INITIATIVE, LLC. $1,263,200 of the note remained outstanding, as well as $500,000 in interest through MAY 30, 2008, $73,402 in delinquent property taxes paid by the lender, and attorney's fees.
The transfer releases HISPANIC BROADCASTERS, INC. from liability for the debts.