Last Day For Competing Bids To Come Forth For Atlantic City-Cape May Quintet
April 28, 2011 at 1:10 PM (PT)
While the sale of the former ATLANTIC BROADCASTING cluster in ATLANTIC CITY-CAPE MAY to BOARDWALK RADIO for $3 million awaits FCC approval, the PRESS OF ATLANTIC CITY reports that other bidders have until 5p (ET) TODAY to come forth. JOSHUA KLEIN, the attorney for bankrupt ATLANTIC, told the paper that other parties have prequalified to submit bids and if any do file qualified bids, an auction would be held next THURSDAY (5/5) in CAMDEN.
ATLANTIC has been operating the stations as debtor-in-possession. BOARDWALK RADIO, LLC is controlled by investment group NORTHWOOD VENTURES/NORTHWOOD CAPITAL PARTNERS and HENRY T. WILSON, who collectively go from 89.5% to 99% ownership. CEO JOHN CARACCIOLO owns 0.71% of the new entity, and PAUL R. HOMER and JANA E. HOMER the other 0.29% The stations include Classic Rock WMGM (THE SHARK 103.7)/ATLANTIC CITY, Spanish Tropical WBSS-A (LA FIESTA) and Talk WOND-A/PLEASANTVILLE, Top 40/Rhythmic WWAC (WILD 102.7)/OCEAN CITY, and Oldies WTKU (KOOL 98.3)/PETERSBURG, NJ.