Here, with musical interlude shortened, is the entire half-hour program.
An unvarnished blog that dips into the past and comments on the present of WBAI-FM, a once significant, intelligent New York radio station that for years has suffered chronic abuse from within and now nears extinction. Your comments are welcomed and will not be censored.
Apparently, the proceeds from an initial "bridge" loan will not even pay off the entire ESRT judgment, but it is "hoped" that an initial payment of part of the judgment will induce ESRT to hold off from executing the judgment while WBAI gets a second loan that will pay off the first loan, and the rest of the judgment. What could possibly go wrong with such a course of action?
ReplyDeleteSounded like Pacifica is going the Payday Loan route....
ReplyDeleteand now they were saying liens and bank seizures in Calif could be as soon as Jan 8, earlier than I had heard mentioned in earlier reports (Quincy KPFA GM, PNB meetings)
I cannot for the life of me imagine why they think ESRT might settle for anything other than every penny they're owed in a contract just upheld and effectively reaffirmed in Summary Judgement.
ReplyDeleteThen again, I have no idea what they're smoking most the time.
Must be some serious shit.
~ 'indigopirate'
ESRT will not accept a penny less than the full judgment, but it is conceivable that it might hold off from executing the judgment for a little while, in return for a large cash payment. Pacifica is cash poor and seizing its bank accounts will yield little. Foreclosing on its real estate could be cumbersome and could take some time. However, if ESRT agrees to forbearance from execution in return for a large cash payment, I suspect that the forbearance period will be short and Pacifica will have to pay the balance of the judgment in order to avoid execution. Of course, as others have said, there is still Pacifica's obligation to pay the rest of the rent owed to ESRT, that is not included in the judgment, as well as Pacifica's other debts (not mention Pacifica's day to day expenses, which it can barely keep up with).
DeleteCredico says the House Intelligence Committee wants him to testify. He claims the 5th. Then, the Committee says he's not needed "at this time". What this really means is high profile people like Schiff and Nunes won't get any mileage having a no name comic come and testify. How many times have you heard Credico's name? How many times have you heard "radio host" meintioned? Today was the first time I read some news outlet that actually said WBAI-FM. BUt NOBODY has ever said Pacifica. Even "propaganda" outlets like RT. Credico's hysterical. He's a radio host. Really? What network? Nobody cares.
ReplyDeleteThis is why nobody will buy BAI's frequency. No speculation in corporate media. No speculation in NYC news outlets. No speculation in broadcasting trades like Talkers or Variety. Even if you're a bank or a hedge fund, what's the gain? What about Amy Goodman wh's still a major creditor of Pacifica? I'd be shocked if she doesn't insist on having major input in anything that Pacifica does.
Credico is a publicity hound who will stoop low to attract attention. Note that what we hear about him generally comes from Credico himself.
DeleteWho can fire the IED? It might be the hail Mary play at this stage of the delay game. Or will it become a "bail Mary?"
ReplyDeleteWhen she was the iED, Summer Reese responded to a common demand and fired Berthold Reimers, but her decision was overturned by the PNB, whose majority at that time comprised Cerene's wrecking crew. Perhaps someone can give us the specific rule on that, but I assume that the iED alone can't make that decision.
DeleteWhy Bill Crosier, with a more cooperative PNB minority, hasn't kicked Reimers out is the big question in my mind.
If Crosier replaced Reimers with someone even marginally more competent, it would raise hope that WBAI might be saved, on the existing frequency.
DeleteThe logical conclusion, then, is that he doesn't want that to happen.
~ 'indigopirate'
A while back I said that WBAI's destiny was in the hands of California, and that it was on the chopping block. I have a feeling I was right. I think everyone wants to dump it, even if they don't admit it. Some religious broadcaster would love the real estate.
ReplyDeleteSDL
How about the Church of No Shopping with Reverend Billy? Somebody say Amen.
ReplyDeleteA vulgar expression but appropriate -- the PNB can't decide whether to shit or go blind.
ReplyDeleteThis financial thing has been coming to a head for a long time. Ample warning these folks have had.
Of all the options, the one never mentioned is the one that will most likely succeed -- do nothing. Do nothing is what the PNB has been doing.
Do nothing and they will do it to you. They will turn off the lights, and shut the doors. All the value of all the licenses will wither into dust.
Pacifica, you will be missed.
Hey, anybody know what she was talking about when she was talking about kickbacks? Kickbacks she said!
ReplyDeleteWas she accusing Mr. Crosier of getting kickbacks?
I think that she said that the person who is offering the bridge loan is connected to a member of the PNB.
DeleteWhat is her proof? Who is the PNB member and the alleged relationship?
DeleteThose details were not given.
DeleteI have a great idea Chris. Let's get the PNB vice chair to interview the iED and have a fair and balanced discussion and when we're done indoctrin uh I mean informing the listeners, we can get them to send emails to the PNB.
ReplyDeleteDid anyone hear the promo on WBAI for the giving party out in Farmingdale at some theater? The only event details were how you could give money to WBAI, but there was no mention of any activities, entertainment, etc. I guess you go there, drop off money and leave. Exciting!
ReplyDeleteSDL
BAI Buddy update as per Andrea Katz, Interim Development Director (How many years?)
Delete"I am happy to announce the following results from the End of the Tax year Campaign Dec 27th-31st:
99 new BAI Buddies (our goal was 100 and is our highest amount yet)
$15,880 from the WBAI website homepage
$13,100 from give2wbai.org
Thanks to those of you who Tweeted and forwarded our emails and donated as well!"
Not quite 4 months of Berthold's salary. Hope the folks in Farmingdale are generous and "show their love."
Welcome to the WBAI giving out party in Farmingdale. On behalf of the GM and program manager, I want to thank you for your support. The GM is unable to attend as he is still on vacation but he sends his warmest regards. We're particularly glad to be here as your support shows the audience is not just limited to left wing nuts in Brooklyn and the Upper West Side. We have heard your concerns and pledge to have more programming that will appeal to Long Island. With your help, we will be able to reduce the fundraising time by .0002%. Due to technical difficulties, we can't broadcast directly right now but please feel free to meet with the producers and enjoy the vegan buffet we have prepared.
DeleteWait,...you mean Wbai is still there?
ReplyDeleteFrom the Wall Street Journal - answers a few questions. Pity Jim Dingeman doesn't come here though I don't agree with some of his positions re WBAI. Mine is that Pacifica needs to file Chapter 11 ASAP to protect assets. Pacifica will not be able to agree on plan going forward, the books will be a complete mess so a trustee will take over - dissolve the PNB (Hooray), bypass membership restrictions (Hooray again), likely force a sale or swap or MNN get's what remains of WBAI, KPFA and possibly other stations go it alone - KPFA is most likely to succeed - some over there were smart enough to register a non-profit a while back as fall back for projected collapse of WBAI. Here's WSJ report I believe which comports with what I've heard of situation. Nonprofit foundation’s board hopes to arrange a loan to avoid having to file for chapter 11 protection. https://www.facebook.com/andrew.l.phillips.9/posts/10156166716329363?comment_id=10156166970089363&reply_comment_id=10156167024024363¬if_id=1514940253249829¬if_t=feed_comment
ReplyDelete