Denver Host Gets Backing Of Largest Creditor In His Bankruptcy Case
September 27, 2011 at 4:02 AM (PT)
CLEAR CHANNEL Talk KHOW-A/DENVER "TROUBLESHOOTER" TOM MARTINO is getting some support in his Chapter 7 bankruptcy filing from his largest creditor, who sent an e-mail to CLEAR CHANNEL saying that it does not think MARTINO committed fraud.
The DENVER POST reports that COLONY CAPITAL is owed over $30 million by MARTINO but told his employer that it does not think the host or his partners have engaged in any fraudulent action. Another creditor, INTERNATIONAL BANK, which is owed $2.8 million, charged in a court filing last week that MARTINO may have moved $22.7 million in assets to his wife HOLLY before filing for bankruptcy on SEPTEMBER 2nd. COLONY CAPITAL's email, by portfolio manager MICHAEL SANCHEZ, says that his company was "about 60 days" from a resolution of MARTINO and his partners' debt when the smaller creditor forced MARTINO into bankruptcy.
On MARTINO's website, where the full e-mail from COLONY is posted, MARTINO wrote, "PLEASE LET THE BANKRUPTCY TRUSTEE DECIDE -- DO NOT TAKE EVERYTHING YOUR HEAR FROM THE MEDIA AS GOSPEL. THEY DO AN INCOMPLETE JOB -- ON PURPOSE." Earlier, he called INTERNATIONAL BANK's allegations "unnerving" and "completely false" and said that his attorney called it a "common practice." "In the end, no fraud will be found, because no fraud was committed and the allegations will be proven false," MARTINO wrote. "I simply ask that all of you, who have been so trusting of me and my show, continue to believe me – not based on media reports – but based on court proceedings."
MARTINO has been talking about his commercial real estate company's financial difficulties for a year on the air and has been blogging about it as well.