Ed Stolz Deposits $1.3 Million With Court In Attempt To Stave Off Sale Of Stations By Receiver

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ED STOLZ has deposited $1,301,523.16 with the Clerk of Court in an attempt to head off the the court-ordered receivership of Top 40 KREV-F (92.7 REV THE REVOLUTION)/ALAMEDA-SAN FRANCISCO, Top 40 KRCK/MECCA-PALM SPRINGS, CA, and Top 40 KFRH (104.3 NOW FM)/NORTH LAS VEGAS, NV for nonpayment of music royalties and return the stations to his ownership. despite a pending sale by court-appointed receiver LARRY PATRICK. PATRICK has already received approval from Judge JESUS BERNAL to sell the stations to an unnamed buyer.

In response to STOLZ's deposit, PATRICK said, "Setting aside the mysterious origins of STOLZ’s funds recently deposited with the Court, such a deposit is nowhere near adequate to secure the extraordinary remedy that STOLZ seeks of interrupting, after substantial expenditures of time and expenses, the orderly proceeding of the Receivership and the sale of the receivership assets." PATRICK noted that STOLZ actually owes over $3.74 million to various plaintiffs and other parties and characterizes STOLZ's move as an "inadequate and last-second effort to derail an orderly liquidation of the receivership assets."

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