A Federal Personal bankruptcy Judge has ordered receiver Larry Patrick to change 92.7 KREV Alameda/San Francisco, 97.7 KRCK-FM Mecca/Palm Springs and 104.3 KFRH North Las Vegas again more than to firms controlled by Ed Stolz’s Royce Worldwide Broadcasting.
California U.S. District Judge Jesus G. Bernal requested the appointment of Patrick as receiver for the three previous CHRs on July 6, 2020 authorizing him to solicit presents to promote the stations and take care of the licenses in the interim. A $6 million sale to Christian operator VCY The us was agreed to in December 2020 with the network launching its programming on the a few stations final spring. Though Bernal thought of the circumstance closed pending approval of the sale by the FCC following several appeals courtroom losses by Stolz, Stolz filed for Chapter 11 personal bankruptcy safety in Oct 2021.
On January 31, an Crisis Joint Motion was granted by Decide August Landis of the United States Bankruptcy Court District of Nevada under 11 U.S.C. § 543(a) stating that Patrick “shall not make any disbursement from, or consider any action in the administration of house of the Debtors, proceeds, product or service, offspring, rents, or gains of this kind of residence, or residence of the Debtors’ personal bankruptcy estate, in Receiver’s possession, custody, or control, apart from these motion as is vital to preserve this kind of house. For clarity, avoidance of any question, and without the need of limitation, Receiver shall not get any motion in an exertion to alienate or offer any or all of the radio broadcast licenses issued to any of the Debtors by the Federal Communications Commission” and that below 11 U.S.C. § 543(b)(1) “Receiver shall produce to Debtors, by their running member Edward R. Stolz, any residence of the Debtors held by or transferred to Receiver, or proceeds, products, offspring rents, or profits of this sort of house, that was in Receiver’s possession, custody, or control on or right after November 9, 2021”.
Patrick is also ordered to file an accounting of his procedure of the stations given that becoming appointed as receiver by April 8.
In the bankrupcty filing, Stolz’s providers claimed he owed $590,340 to Patrick for receiver and lawyer service fees and unspecified amounts to other lawyers, VCY The united states, as perfectly as Crown Castle for disputed transmitter web page leases.