By RBR-TVBR on Mar, 25 2012
Article from nbr.com and tvbr.com
Valley Bank (the “Secured Creditor”) has extended various secured loans and other financial accommodations (the “Loans”) to Louisville TV Group, LLC, an Iowa limited liability company (“Louisville Group”), and Louisville TV Licenses, LLC, an Iowa limited liability company (“Louisville Licenses”) (Louisville Group and Louisville Licenses sometimes hereinafter are referred to collectively as the “Debtor”). The Loans are secured by liens on substantially all of the assets of the Debtor (collectively, the “Collateral”).
The Collateral includes, without limitation, all of the accounts, goods, inventory, equipment, instruments, chattel paper, general intangibles, documents, deposit accounts and investment property of the Debtor, as well as the proceeds derived from a sale or transfer of the FCC licenses held by Louisville Licenses for the operation of full-power television station WBKI-TV (FCC Facilities ID #25173) licensed to Campbellsville, Kentucky and operating on Digital Channel 19, and for the operation of auxiliary stations WMU207, WMU208, WPQR553, WPQR554, WPQR555, KB55772, and WPQR552 in connection therewith.
Due to the occurrence of various events of default under the Loans, the Secured Creditor, pursuant to Section 9-610 of the Uniform Commercial Code as adopted and in effect in the State of Iowa, will sell, at a PUBLIC SALE, all of the Collateral to the highest qualified bidder.
The Secured Creditor will sell the Collateral at a public disposition on April 6, 2012 at 10:00 a.m. Central Standard Time (CST), at the offices of Perkins Coie LLP, 131 S. Dearborn Street, Suite 1700, Chicago, IL 60603.
The following information is provided regarding the public disposition:
1. The Collateral will be sold as one lot, or as otherwise determined in the Secured Creditor’s discretion.
2. The bidding will be by written bid delivered in person or by fax. Bids must be submitted in writing in person at the place of sale, or faxed to the attention of Megan Morrissey, Esq., Perkins Coie LLP, Telecopy No. (312) 324-9406, in each case received by 10:00 a.m. CST on April 6, 2012.
3. The Collateral may be purchased only in whole for cash or cash equivalent (including wire transfers) delivered to the Secured Creditor at the time and place of sale. The Secured Creditor may bid for and purchase all or a portion of the Collateral by credit bid up to the amount of its claim against the borrowers and guarantors, including without limitation, expenses of the public sale, principal and accrued interest.
4. The Secured Creditor reserves the right to adjourn, delay or terminate the sale by announcement at the time and place of sale in its sole and absolute discretion, and such sale may without further notice, be made at the time and place to which it was so adjourned or delayed.
5. For further information on the terms and conditions of the sale, prospective bidders may contact the Secured Creditor’s counsel, Megan Morrissey, by telephone at (312) 324-8406 or by email at MMorrissey@perkinscoie.com.
THE PUBLIC SALE SHALL BE “AS IS” AND “WHERE IS”, WITHOUT EXPRESSED OR IMPLIED REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE WHATSOEVER AND ALL WARRANTIES OF TITLE, POSSESSION, QUIET ENJOYMENT, MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE, OR THE LIKE ARE EXPRESSLY DISCLAIMED.
The sale shall be subject to such further conditions as may be announced by the Secured Creditor or its agents at the start of the public sale. Sale of the Collateral does not affect the rights of the Secured Creditor to pursue any other right or remedy it may have against Debtor or any other party.
About The Author: RBR-TVBR has been reporting on the business of broadcasting for nearly three decades. Beholden to no one, it is independently owned.
Article from nbr.com and tvbr.com