Lender Takeover Of Border Media Reaches FCC
July 27, 2009 at 4:32 AM (PT)
BORDER MEDIA's takeover by its lenders has been filed with the FCC. As previously reported at ALL ACCESS (NET NEWS 7/16), veteran broker and station operator LARRY PATRICK of PATRICK COMMUNICATIONS is taking over as trustee for the BORDER MEDIA BUSINESS TRUST, which will be the 100% equity owner of the stations while PATRICK has 100% voting control.
The trust will own the BMP GEN PAR, LLC (100% voting, 1% equity) and BMP LIM PAR, LLC (99% equity) companies, which will in turn partner to own the five BMP companies which hold the licenses. The moves resolve BORDER MEDIA PARTNERS' loan defaults "in an amicable manner," according to an exhibit filed with the application.