Susquehanna must pay $10 million to a firm involved in its 1996 p...
Susquehanna must pay $10 million to a firm involved in its 1996 purchase of WHMA(FM) Anniston, Ala., said a 2-1 decision by 11th U.S. Appeals Court, Atlanta. A lower court’s finding in favor of Bridge Capital Investors was upheld…
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by Judges Susan Black and Emmett Ripley Cox. Susquehanna agreed to pay the money if it was able to move the station to the “more lucrative” Atlanta area within 6 years, said the ruling. The station was renamed WWWQ(FM) College Park, Ga., FCC records show. Susquehanna argued it didn’t have to pay the money because an FCC order approving the move wasn’t complete until 2005, as a person objecting to the relocation held it up. Two judges disagreed. “The parties… unambiguously agreed to make the $10 million additional payment contingent” on the FCC construction permit, granted in 2000, said Black. Susquehanna Pfaltzgraff kept the obligation after selling all its radio stations, former CFO John Finlayson told us: “We're disappointed, but we have not made any decision yet as to whether or not we are going forward” with an appeal. Finlayson said he and 3 partners took over the rest of Susquehanna’s assets -- office buildings and apartments.