Buyer Gets More Time To Close On WLIU
July 2, 2010 at 9:15 AM (PT)
PECONIC PUBLIC BROADCASTING has been given two more months by LONG ISLAND UNIVERSITY to close on its purchase of noncommercial WLIU/SOUTHAMPTON, LONG ISLAND, NY, reports the EAST HAMPTON PRESS. The buyer was to make its final $537,000 payment on the purchase price of $850,000 on JUNE 30th but could not make the deadline and received an extension to AUGUST 31st.
Station Manager WALLY SMITH voiced hope that the SUMMER season and influx of wealthy seasonal residents would help PPB raise the remaining funds, saying, "There are people here now who are willing to help us who weren't here in the WINTER. We have some very active prospects that we think will help us be able to meet that deadline on AUGUST 31st. We pray to God that's going to happen for us."
LIU CFO ROBERT ALTHOLTZ said that if the buyer misses the new deadline, the station licenses and equipment will be put back up for sale and the competing bidders will be contacted; PPB would forfeit the over $200,000 it has already paid.