"The Wall Street Journal reported yesterday that the nation's third largest radio broadcaster, Citadel Broadcasting, presented a deal to lenders under which it would file a pre-arranged bankruptcy plan that would have the support of many creditors.
Among their stations is a group in Little Rock. One of the seven stations is KAAY. Creditors may like it, but current shareholders' investments would be wiped out. Ouch!
It is rumored that Jerry Sims, local broadcaster in Little Rock, is in the process of assembling a group of investors to take over one of these stations. Primary ownership would include contributors to popular blog spot "The Mighty 1090 KAAY" . On air talent would include former employees of this yet to be named station. Sims was listed as interested, as well as a former D. J. at the station, listed only as currently working at a radio station in Hot Springs, Arkansas. Sims said he would attempt to set up a meeting with him at a secret location in Friendship, Arkansas. Sims was quoted as saying he was confident that they could deliver an immediate audience equal to the size of the blog, as well as "lots of other old people". Advertisers would not be limited to overnight P.I. announcements, Batman Sweatshirts, and Bud's Record Shop-Satsuma, Alabama.
The above is factual, with the exception of the last paragraph (which included edited portions of a late night dream of the author)"
Now folks, this is the kind of zany comedy in the last paragraph that made KAAY famous! Sadly enough, the first two parahraphs are true, released at 5:35PM EST December 10, 2009 via the Wall Street Journal and Barron's:
http://blogs.barrons.com/stockstowatchtoday/2009/12/10/wsj-citadel-broadcasting-bankruptcy-near/
A very sad reality....
As for my record shop, well, if Jerry hires me, I'd better get geared up to explain to this generation (and others to follow) what a record is....
Nice going Jerry! You gave me a great lift on an otherwise dreary day! Bud S.
Jerry, what a great posting! This is so funny! I must admit, though, I did have a glimmer of hope the first time I read it. There are still a lot of people who would like to see that happen. But it appears that the glory days of KAAY are gone, except in our memories. That is why this blog site is so important, as is Bud Stacey. Thanks to you, Jerry, for you efforts to keep us informed with your recollections. I hope to be able to interview you one day.
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Richard Robinson
I heard on the news this morning Citadel has filed for Chapter 11 bankrupcy. No word yet on what effect it will have on stations in Arkansas.
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