Royce Loses Escrow Appeal In KWOD Case
October 22, 2009 at 4:24 AM (PT)
The long-running saga of ENTERCOM COMMUNICATIONS CORP. v. ROYCE INTERNATIONAL BROADCASTING CORP., the battle between ENTERCOM and ROYCE's ED STOLZ over the sale of Alternative KWOD (now '90s KBZC (106.5 THE BUZZ))/SACRAMENTO, continues with a ruling by the CALIFORNIA Court of Appeals in the Third Appellate District in SACRAMENTO rejecting STOLZ' appeal of the termination of a $25 million escrow account in the case.
STOLZ contended that the court had erred in deciding he had forfeited his right to complain that the escrow account accrued too little interest and the amounts for the parties should have been adjusted for ENTERCOM's withdrawal of $2.65 million before the final accounting and distribution.
Over STOLZ' objection, ENTERCOM in 2002 was awarded specific performance of an option to buy KWOD from STOLZ.