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Start Free Trial NowTitle: Iowa firm requests television station's equipment for debt
Description: KRZB
10-A - SATURDAY, JULY 16,1988 - THE SENTINEL-RECORD \ HOT SPRINGS NATIONAL PARK, ARKANSAS \ Iowa firm requests By MARK GREGORY and R.L. JACKSON S-R Staff Writers An Iowa corporation wants the licensee of television sta tion KRZB and its guarantors to return television equipment worth an estimated $100,000. PPD&G owes nearly $200,000 on four leases, the LeaseAmer- ica Corp. of Iowa alleges in a Garland County Circuit Court lawsuit filed last week. However, there is the "dis tinct possibility" of an out-of- court settlement, attorney Rob ert L. Pierce said Friday. Pierce’s law firm, Pierce. Stanley and Robinson of North Little Rock, represents LeaseAmerica. In the event of a settlement, the equipment would be sold at commercial value or at an amount agreed upon by both parties. The money would be used to pay the balance on the leases, he said. The four leases, valued at $409,765.99, were signed in 1985. PPD&G’s payments to LeaseAm erica total $210,472.65. The last payment was made Dec. 20, Officers work robbery, battery calls By DONNA WHITTON S-R Staff Writer Hot Springs Police Depart ment officers responded to Municipal Court date set for Aug. 1. At about 12:50 a.m., police in vestigated an armed robbery re ported at Travelier Motor television 1987, according to the lawsuit The lawsuit seeks a judgment equal to the amount of the four original leases minus the pay ments (leaving a balance of about $200,000), less proceeds from the sale of the equipment worth an estimated $100,000. It also seeks costs of reposses sion, costs of the sale of the equipment, termination pay ments set out in the leases, at torney fees and court costs. The station’s owner, Melvyn Bell, is not named in the action. Listed as defendants are Wy- cott Corp. and its president, Pat Parker, Les Green, Donald Pitt man and Leonard K. Dunn indi vidually and as guarantors. LeaseAmerica requested pay ment from each defendant on each obligation and payment was refused in each case, ac- station’s equipment for debt cording to the lawsuit “We have been talking with LeaseAmerica in an effort to ar rive at a value of that equip ment,” Dunn said. “I thought we were proceeding with that I guess they decided to take the litigation route instead." While Federal Communica tions Commission records list Dunn with 5 percent of the sta tion’s stock, he said “I’m com pletely out of it (the station)." Parker and Pittman are also listed as stockholders by the FCC. Parker, like Dunn, has de nied any involvement with the station, including stock. Bell is not listed in the suit because he is not listed as the agent of service for PPD&G with the Arkansas Secretary of State's office, Dunn said. Pittman is listed as the agent of service for PPD&G, a spokes woman for the secretary of state’s office said Friday. Bell Equities, which is owned by Bell, holds 85 percent of the station’s stock, according to the FCC. Secretary of state records do not list him as a part of the corporation. The defendants are required to file written objections to the LeaseAmerica complaint within five days, excluding weekends and holidays, according to an other circuit court document Pierce said he may take fur ther action Monday if responses are not filed. The actual value of the items is impossible to determine, ac cording to a statement given by Mary Lynn Jones, a LeaseAmer ica representative. Jones’ affi davit is filed with the lawsuit A nine-page property list is at tached to the affidavit Jones es timates the value of the prop erty is $100,000, but adds that a sale is the only way to deter mine the value. “These items were purchased new and have been used by PPD&G for approximately two years," Jones states. “Values of this type of used equipment are not maintained by any inde pendent agency.” The value depends on the cur rent demand for equipment of that type and the general eco nomic climate, she states. When KRZB shut down opera tions March 31, its management said a new 5-million-watt transmitter would be installed, along with a new antenna sys tem.
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Clipped 1 year ago
- Sentinel=Record
- Hot Springs, Arkansas
- Jul, 16 1988 - Page 10