The attorney for the debtor-in-possession of bankrupt KFFV Seattle will auction off the independent station on June 30 with the help of broker Kalil & Co. The stalking horse bid is $3,450,000. The first overbid must be at least $3.7 million.
For Sale At Auction: One Seattle TV Station
Interested in a full-power TV station in Seattle-Tacoma, the nation’s 13-largest TV market?
Then, you need to be in the law office of Nate Riordan in Seattle on June 30 at 10 a.m. PT. That’s when Riordan will auction off bankrupt KFFV, asking for a minimum bid of $3.7 million. Riordan is the attorney for the debtor-in-possession.
According to Frank Higney, of Kalil & Co., the broker working with Riordan, KFFV is an independent station owned by North Pacific International Television Inc. It’s controlled by Carlene Casey, the widow of Kenneth, who passed away last year.
The station began to struggle in 2008 during the recession and filed for bankruptcy last year, Higney said.
KFFV broadcasts infomercials and other paid programming on its primary channel and Azteca America and Asian programming on three subchannels, he said.
A stalking horse bidder has offered $3,450,000 for KFFV. Higney said that he was not at liberty to identify the stalking horse, and the name did not turn up in a review of the bankruptcy filings.
According to Higney, the initial overbid must be $250,000 over the stalking horse bid or $3.7 million. Subsequent bids must be in increments of $100,000.
To participate in the auctions, bidders must come up with a refundable deposit of $150,000 and be qualified by either Riordan or Higney by the end of business on June 27 and be present at the auction.