KTIB sale pending; no word what’s next

Tri-Parish Times

Thibodaux’s landmark radio station, KTIB-AM 640, is in the process of being purchased by a Dallas-based firm for $650,000, an asset purchase and sale agreement document shows.

The sale breaks down into two parts; $450,000 for the FCC license, goodwill Towers, Tower Site realty and tangible assets, and $200,000 for the studio building and the property associated with it, according to the document.

This purchase will represent Gap Broadcastings entry into the radio market, according to Gorge Laughlin, manager/owner of the Florida-originated limited-liability company listed in the agreement.

This will be Laughlin’s first broadcasting entity. Until the sale is finalized, the buyer is not outlining plans for the station or indicating when it might return to air. “We’re not ready to release any plans for the station as of yet,” he said.

The asset and sale agreement shows that a $30,000 deposit has already been placed in an escrow account on behalf of the LLC, according the agreement.

KTIB took to the airwaves in 1953 and continued to broadcast for over 50 years before being silenced by financial turmoil in May 2005. KTIB’s latest format consisted of talk radio, sports programming and classic oldies hits.

Much legal and financial controversy surrounds the sale of KTIB. According to co-owner of La Terr Broadcasting Corporation Vincent Bruno, even after the stations sale is finalized, his fight is not over.

Bruno said that co-owner Michael Starr lacked the authority to put La Terr Broadcasting Corporation into Chapter 7 bankruptcy in March 2005, requiring them to sell all assets to pay off acquired debts.

According to Bruno, La Terr should have been placed in Chapter 11 bankruptcy, allowing them to reorganize their debts.

Bruno said that he and other co-owner John Treen had “removed Starr” from his position two days prior to Starr’s actions. In essence, giving him no right to put the corporation in the quandary.

Bruno said that he and Treen cannot get a hearing on the meeting that removed Starr from his position, which relinquished his right to vote-in-stock of the company. Now the station is pending sale to Gap Broadcasting.

“My rights and Mr. Treen’s rights are being violated,” Bruno said.

If Bruno and Treen are granted a hearing after the station is sold and the judge rules on their behalf, then Bruno does expect some form of restitution.

“They [Starr and attorneys] will have to pay us for what they did,” Bruno said. “It’s taking our property and selling it.”