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Sov Comm Failing

Covers all of Northern Lower Michigan (from Ludington to Tawas northward), as well as the Straits Area and Soo Region.
Wags
Posts: 2
Joined: Tue Dec 05, 2017 1:54 pm

Sov Comm Failing

Post by Wags » Wed Mar 28, 2018 8:45 pm

Well it looks like Bill's DUI's are finally catching up with him.
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From the Newberry News
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CurtisB
Posts: 7
Joined: Tue Dec 05, 2017 8:44 pm

Re: Sov Comm Failing

Post by CurtisB » Wed Mar 28, 2018 8:53 pm

Is this in direct correlation to the owners multiple DUI’s or just a lack of revenue and over extending himself and his finances? Or all of the above?

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Anyone know which stations could be in jeopardy by this?
Last edited by CurtisB on Thu Mar 29, 2018 6:54 am, edited 2 times in total.



Deleted User 1225

Re:NM

Post by Deleted User 1225 » Thu Mar 29, 2018 5:23 am

Please note - the legal notice published in The Newberry News is for ONE parcel of land on M-123 in Luce county.

An excerpt from the published legal notice has the land as:
"...said premises are described as follows: Land situated in the Township of Pentland, County of Luce, Michigan, described as: Part of the Southeast 1/4 of the Northeast 1/4, Section 11, Town 45 North, Range 10 West, described as: Commencing at a point on the Westerly right-of-way line of Highway M-123, 200 feet South of the North line of said Southeast 1/4 of the Northeast 1/4; thence West 400 feet; thence South 300 feet; thence East 400 feet to the West right-of-way line of Highway M¬123; thence North along said right-ofway line 300 feet to the Point of Beginning. TAX ID #48-004-003-011-1600 The redemption period shall be six (6) months from the date of such sale."

This is a land mortgage foreclosure, not a business loan. Whomever is the highest bidder will own the land and structures, not the business or FCC licenses.
Last edited by Deleted User 1225 on Mon Apr 02, 2018 5:15 pm, edited 2 times in total.



CurtisB
Posts: 7
Joined: Tue Dec 05, 2017 8:44 pm

Re: Sov Comm Failing

Post by CurtisB » Fri Mar 30, 2018 10:55 am

More on the foreclosure of more than 12 U.P. radio stations – controlled by Sovereign Communications and its co-owners William C. Gleich and Tim Sabean, and shareholders. An over three million dollar foreclosure sale has been set for the 15 or more U.P. radios station financed by Sault Ste. Marie, MI based Sovereign Communications and its recently jailed co-owner Bill Gleich, III, set for 10 a.m. ET on Thursday morning, May 10, 2018 on the steps of the Luce County Courthouse. The foreclosure was initiated by creditor Newtek Small Business Finance, Inc.

https://upperpeninsulabreakingnews.word ... its-co-ow/



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MWmetalhead
Site Admin
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Joined: Sun Oct 31, 2004 11:23 am

Re: Sov Comm Failing

Post by MWmetalhead » Fri Mar 30, 2018 7:43 pm

If this strictly a mortgage foreclosure, the auction will only pertain to the REAL ESTATE of the radio stations, not the personal property & intellectual property.

You do not file a mortgage to perfect a security interest on personal property and intellectual property. You would file a UCC financing statement. If copyrights, trademarks and patents are involved, certain additional documents may also need to be filed with the feds.

An Article 9 foreclosure sale, of if bankruptcy is filed, a section 363 sale would need to occur in order to be able to buy the actual radio station assets (license, music library, studio equipment, contractual rights, the "brand name," etc).

Bear in mind the debtor is welcome to bid at a foreclosure sale. Do not be shocked if Tim Sabean or a representative of Sovereign shows up to participate at the sale.


Radio's downfall has been under-investing in its core competency and becoming distracted by delusions of grandeur by thinking development of a half-assed national digital strategy will somehow put it on par with the Facebooks and Googles of the world.

906XJ
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Joined: Wed Mar 08, 2017 5:19 am

Re: Sov Comm Failing

Post by 906XJ » Mon Apr 02, 2018 1:57 pm

93.1 WIMK and 94.1 WUPK are both owned by Sovereign.

This is a really interesting development.



++++
Posts: 189
Joined: Tue May 22, 2012 8:36 pm

Re: Sov Comm Failing

Post by ++++ » Mon Apr 02, 2018 5:09 pm

Might this explain why 1240 WIAN is/has not been on in almost one year? (WIKI does not show WIAN as owned by Sovereign. It is.)
WYSS is a shadow of what it was. Now mornings are piped in, 7pm thru 6am is piped in. Jackson Blue. The two midday jocks are voice-tracked.



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Colonel Flagg
Posts: 344
Joined: Tue Nov 18, 2008 3:54 pm

Re: Sov Comm Failing

Post by Colonel Flagg » Mon Apr 02, 2018 6:06 pm

With all of this going on, they may have lost access to the WIAN transmitter site.


"Remember, Colonel Flagg was never here. Tell your people!"

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