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