Thursday, December 7, 2017

From Bill Crosier—A reality check.


Over at Pacifica Radio Waves, the discussion rages on. Opinions and bits of factual information are intermingled and tossed out there to build up or smash dreams and fabrications. Everybody seems to have a solution to the ESB crisis—some are sincere, some not. The Cereneistas are still on the rampage, fiercely determined to place WBAI on the MNN death row while a mixed breeze blows in from the West Coast. 

People on both Coasts seem to think that the money so desperately needed can be had by taking out a loan or liquidating assets—a station here, a station there, California buildings, etc. Of course, all this is taking place in the looming shadow of the mighty NY Ape.

Our local businessman, Nullite marketeer, Steve Brown has suggested selling Pacifica property that is worth millions, Mitchel Cohen thinks a loan is the way to go, etc. Mitchel—still levitating above reality—is reluctant to take into account the potentially high added interest required of a shaky borrower, and remember that we are talking about paying off a multi-million dollar debt. Selling property is more realistic, but businessman Steve Brown's assessment is apparently also dusted with a handful of make-believe. A couple of hours ago, Pacifica iED Bill Crosier, who apparently keeps up with the posted to and fros, decided to issue a reality check with the following note addressed to Steve Brown:


Steve, I think you are going by some very over-optimistic assumptions that some people had made about what our buildings are worth.


We've had all of our buildings converted. That building in Berkeley next door to KPFT, which houses the Pacifica National Office and a storage area (which you are correct used to be a Thai restaurant and which is indeed not in good condition) appraised for only $770,000 - not the "millions" that some people had assumed.

The KPFT building, which some of us had also hoped would be worth "millions", appraised at $1.2 million.

Both of the appraisals were based on sales of comparable properties, adjusted for size of the building, etc.

So both of them together are only worth about $2 million. And we can't just turn them out onto the street - it would cost money to relocate KPFT and the National Office (and storage).

We also owe a lot more than $1.8 million already to ESRT. The judgment included that, plus interest and attorney's fees (not determined yet but undoubtedly substantial). And it only covers the time until ESRT filed for summary judgment (in April if I remember correctly). We also owe for the tower lease since May (plus interest on that, too). And the lease payments, which WBAI has paid nothing on since June, go up from about $60K to about $65K next month. The amount we owe them goes up every month.  —Bill


41 comments:

  1. What does this prove? That Pacifica's various creditors could care less about the "grand history and traditions" of an organization like Pacifica. All they care about is getting their money and not taking a huge haircut in the process. Does a publicity hound like Credico realize that his cheap empty threats are actually HURTING this process? No, of course not. This is his chance to (in his mind) cash in big time. Look at me. I'm on MSNBC, RT and others. But not once do any of these outlets ever say he's on Pacifica. Why is this?

    These media companies despise Pacifica.
    They despise Credico.
    Credico's been on RT, which is "Russian propaganda". So we can't give them time.
    BAI is the place where that conspiracy theory nutcase Null is.
    Amy Goodman works for Pacifica. Which isn't true. She's a content provider for them.

    Don't be surprised if nobody buys BAI or Pacifica. One reason is the high debt loads that various media companies are now carrying. Why would they take on the added risks of a group like Pacifica?

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    1. Thank you for an excellent comment. Your still life is painted with insightful strokes.

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  2. Let's see if I got all this. We can't change the management or the programming. We can't do a loan. We can't do a signal swap. We can't do a sale. We can't do an LMA. We can't sell real estate. We can't do underwriting. We can't lease time. Other than that, all options are on the table.

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    1. That about sums it up, but we all know how unreliable issued bottom lines are at Pacifica/WBAI 🌝

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    2. The can do a sale and they will eventually do a sale. Even we write down Brown's assessment of the value of BAI's license by $50 million, to a mere $100 million, that would be enough to pay off not only the ESB debt, but every outstanding debt owed by Pacifica and every one of the individual stations. And with all those debts paid, there would still be a vast sum left over, enough to fund an internet-based BAI for years, with premium content designed to attract a new generation of listeners, and with no fundraising. And even after all that, there still would be enough money left over to create a safety net to ensure financial stability for the network for a long time.

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    3. Jim Dingman's estimate for WBAI is $60 million. That edtimate of $60 millionis based on the number of people within the listening area.

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    4. So Pacifica decides that WBAI must go - it gets sold off. The letters WBAI are trademarked (Registration Number 2527449, filed 01/08/2002)

      Think a commercial FM purchaser would want to keep the WBAI call sign?

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    5. I wouldn't think so—it makes intelligent people cringe.

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  3. Chris,

    Didn't Steve Brown give an estimate of WBAI's value as $150 million last year?

    Thank you.

    Ed Manfredonia

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    1. I’ll have to look fhat up, Ed, but it rings a bell.

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  4. Did I hear the promo correctly? WBAI is going to hold some $500 per ticket shindig? I can only imagine what a fiasco that will be.

    SDL

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    1. I didn't hear that one! Another flop, and they'll blame it on King Kong. :)

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  5. The PNB is having fits over the drama at KPFT. At the center of all this is our favorite director.

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  6. Almost every time I turn on WBAI I hear the Boku extendomercial. I do have to laugh at it, though, as I bet it burns up Gary Null, who probably sits there thinking every sale of Boku is a no-sale for Stuff.

    SDL

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    1. I had the same thought. Someone named Mario, whose handle is Sun Kissed, posted a serious complaint about his sister never receiving the $200 Boku product.

      I will post it anon.

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    2. He should contact Boku directly and see what they have to say. Let's see if Reno is a stand up guy...

      SDL

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  7. BOKU FUEL + PROTEIN POWDER :
    This is a special blend made just for Pacifica Radio that combines Boku’s Super Fuel with their Super Protein Powder. This is a Pacifica exclusive! Not available anywhere else! FUEL: Organic Energy Powder containing our proprietary blend of adaptogenic phytonutrients formulated to elevate mind and body performance. Designed specifically for the most elite, professional level athletes and discerning clientele, Boku Super Fuel is sure to give you a BODY & MIND lift. Brimming with extremely rare adaptogenic phytonutrients and the most pristine performance based ingredients. PROTEIN: a blend of 3 stellar vegan proteins that are headed straight to your cells in minutes – including SACHA INCHI – a new natural source of protein. If you’re in the mood for nude, join us as we laugh in the face of heavy metals, kick GMO’s to the curb, and continue our quest to deliver the world’s finest super foods.

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    1. Wasn't Sacha Inchi, the deaf swordsman, brother of Zato ichi, the blind swordsman?

      SDL

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    2. If his name was "Inchi", he could not have been much of a"swordsman".

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  8. Chris,

    Mario's sister ordered the product for someone, who had cancer.

    I told Mario to contact the FTC.

    Thank you.

    Ed Manfredonia

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    1. Yes, I think it was his sister's son who had cancer. Mario's posts are very difficult to read—I don't know if that's deliberate on his part, but I will post that entry as is.

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  9. I see that the WBAI art auction is still going on. I guess it was not a sell-out the first time around. What a surprise!

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    1. Apparently not going too well, they are now offering "up to 30% discount".

      I would like to know how one gives a discount at an auction.

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    2. Another Andrea Katz calamity. Like The Remnants even know any art beyond graffiti on a wall.

      SDL

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    3. I was amused to see that one of the artworks is a print of an Avadon photograph depicting the key individuals responsible for WBAI's downward trek to oblivion.

      Minimum bid is $5,000, but you can "buy it now" for $8,000.

      Does the line form on the left, or right?

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    4. Let's be serious. WBAI listeners can't even afford an internet connection. Do these nuts at WBAI really think they are going to buy "art"?

      SDL

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    5. At $8,000 I’m surprised that someone hasn’t snapped up this not so well composed black and white photo of five unsavory white guys. Perhaps they should have made it into a dartboard, then they could have added five darts for a mere $1,000 extra.

      They claim it’s worth $10,000—that’s five meals with Amy, a bargain any way you slice it!

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  10. Chris,

    Recently I was forwarded an e-mail in which Jack Shalom excoriated you for criticizing Marilyn Vogt-Downey. Shalom provided a list of Vogt-Downey’s volunteer activities for WBAI- including the donation of thousands of dollars.

    Unfortunately, you are correct. Vogt-Downey is a throwback to the 1930s. Vogt Downey is a sclerotic supporter of Communism. Vogt-Downey founded a Moscow based organization, which advocates the rehabilitation of Trotsky, Zinoviev, Kamenev, Tomsky, etc. Note: Mitchel Cohen once quoted Tomsky in an e-mail. If I am correct I once encountered Vogt-Downey at a WBAI meeting where she was advocating in favor of Russia’s annexation of Ukraine.

    It is precisely this 1930s view of Communism that has resulted in a decline in the audience of WBAI.

    Furthermore, when I distributed a copy of the convictions of James Sagurton for touching a 14-year old girl and performing a self-pleasuring sex act outside a movie theater, Vogt-Downey asked to be removed from the list. Vogt-Downey even remarked that I could save her the task of moving her finger from a button of some kind of self-implement to the delete icon.

    My posting Sagurton’s conviction resulted in a torrent of individuals connected to Sagurton’s candidacy for membership of the WBAI LSB were outraged that someone should post a conviction for molesting a teenager. These individuals, such as Vogt-Downey, Mitchel Cohen, Carolyn Birden, Alex Steinberg, Berthold Reimers, are to quote Guardians of the Galaxy: A bunch of A- - holes.

    The fact is that Sagurton was unapologetic concerning his sexual misadventures. And the cost to WBAI, if Sagurton were to repeat one of his sexual misadventures, would be $1 million.

    Could you imagine the WBAI Marathon raising $1 million.

    These people cannot understand why they are irrelevant.

    Thank you.

    Ed Manfredonia

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    1. On the Radiowaves listserv, Vogt-Downey comes off as a very rude, unpleasant person. Ditto Jack Shalom, whoever he is. I was not at all surprised to see Mitchel jump to their defense—I don't know how true Shalom's portrait of St. Marilyn is, but it takes much more than a bozo's benefaction to convince me that the concern is real. Were these people truly concerned, they would not crawl around with their noses in the air.

      Apropos that, they are obviously aligned with Reimers, who today posted a message to Mario (Sun Kissed), From what I understand, Mario complained over his sister not receiving a paid-for Boku product. Berthold has a lot in common with Trump, it seems. This is what he addressed to scammed contributor Mario today:

      "Mario - The truth is that you are a fucking looser - get a life you idiot."
      Berthold

      Berthold, the real truth is that you will be more in your element behind bars that at any Pacifica station.

      Marx must be spinning in his grave.

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    2. I can't help but note that Reimers, true to form, can't even spell the word "loser".

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    3. For a GM of a radio station to speak like that is very unprofessional, in the least.

      SDL

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    4. Reimers is the consummate unprofessional.

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    5. Trumpty Dumpty should hire Reimers for something.

      SDL

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  11. looks like dick gregory has been added to the long line of dead black guys
    that has been added to the bai roster as just another excuse to talk about race .

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    1. Soon they will dig up some newly discovered recordings made by Frederick Douglass.

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  12. Don't hear much about Booker T Washington (not Booker T and the MGs). What about Frederick Douglass?

    Ed Manfredonia

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    1. According to the moron in the White House, Mr. Douglass is doing some wonderful things these days.

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  13. Wow , Thank God that crap with Bates , Reimers and Davis is over ,
    Not we could get back to the race based crap. Getting worried , haha

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