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Radio station may be playing their last tune after filing for bankruptcy

Pembrook Pines Mass Media a New York media company may be able to keep their radio station assets according to an October 2, 2012 New York Law Journal article.

Back in 2009 a default judgment was entered against Pembrook Pines Mass Media and Pfuntner for defaulting on their loans. Along with the judgment a forbearance agreement was also issued. A forbearance agreement postpones, reduces, or suspends a loan payment for a designated time period.

The parties’ forbearance agreement expired in early 2012, allowing the creditors to seek then appointment of a receiver. Specifically, the creditors argued that Pembrook and Pfunter’s radio stations continued to make a profit; however, the sale of the stations would generate a much larger profit to satisfy the companies’ debts.

After reviewing the factors of the case, the court reached a fairly neutral decision. The court ruled that the two media companies would leave a $20,500 deposit with the creditors. In exchange a stay order would be placed on the sale of the radio stations. The media companies would then work to pay the creditors $379,500. Upon satisfying the debt amount, the court would discontinue the sale of the radio stations and their assets.

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