J.C. Van Ginkel is redeeming his shares in several companies which own radio stations in Western Iowa, according to FCC filings.
The stations include Wireless Communications Corporation’s KJAN/1220 (Atlantic) and KJAN translator K266AN/101.1 (Atlantic), Wireless Broadcasting LLC’s KNOD/105.3 (Harlan), and Crawford County Broadcasting Corporation’s KDSN-FM/104.9 (Denison) and KDSN/1530 (Denison).
Van Ginkel currently owns 55.5% of each company. James Van Ginkel and John Van Ginkel each own 5.5% of the shares in Crawford County Broadcasting, with the Van Ginkel shares of that company totalling two-thirds.
Three agreements, filed for FCC approval on March 15, call for Van Ginkel to receive a combined $1.653 million plus 55.5% of of cash on hand and accounts receivable as of April 30 for WCC/KJAN and WB/KNOD and two-thirds of cash on hand and accounts receivable for CCBC/KDSN as of April 30.
The individual redemption prices are $867,000 for CCBC/KDSN, $564,000 for WCC/KJAN, and $222,000 for WB/KNOD, plus the specified cash on hand and accounts receiveable for each.
The applications specify that following the transaction, James M. Field will be the single controlling shareholder of CC/KJAN and CCBC/KDSN. For WB/KNOD, Field will own 50.5%, Rodney Christensen will own 39.6%, and Becky A. Christensen will own 9.9%.