A bankruptcy trustee for the company that owns three Muscatine radio signals has withdrawn an FCC application to transfer the licenses to a new company.
Jeffrey T. Testa, the trustee of JAM Media Solutions LLC, filed an application in April to transfer the licenses to Davis Media LLC. The deal would have included KMCS/93.1 (Muscatine), KWPC/860 (Muscatine), KWPC translator K236CF/95.1 (Muscatine), and four FM stations in North Carolina.
However, Testa withdrew the application on May 30 with a letter stating, “the transaction between Licensee and Davis Media, LLC will not proceed.”
The agreement had listed an aggregate purchase price of $800,000 but noted that the purchaser would have initially paid $650,000 at closing, with $150,000 going into a segregated account for repairs at one of the North Carolina transmitter sites. Any money not used for the repairs would have been given to the seller once repairs are complete.
The April filing indicated Davis Media was to begin operating the stations on May 1 under a time brokerage agreement.
Davis Media owns two other stations in North Carolina, as well as two in Virginia.
This article was originally posted on April 21 and was updated on May 31.