Newspaper article THE JOURNAL RECORD

Baze Testifies in KGMC Case

Newspaper article THE JOURNAL RECORD

Baze Testifies in KGMC Case

Article excerpt

KGMC TV Channel 34 would have some liquidation value but no market value today if sold independent of the other two Oklahoma City independent television stations, testified KGMC president and general manager Ted Baze in U.S. Bankruptcy Court for the Western District of Oklahoma.

Baze was one of two witnesses who testified Wednesday. Three others are scheduled to testify today with an anticipated ruling today on confirmation or denial of the company's Chapter 11 reorganization plan.

At issue in the company's bankruptcy reorganization is whether the company would gain more value as an operating entity or from the liquidation of its assets.

Baze has asserted that an oversaturated market with three independent television stations, inadequate cash flow and other difficulties have created difficulties for the station since it filed for bankruptcy on Feb. 9.

The Oklahoma City broadcasting plan now under consideration proposes that Baze would inject $125,000 in cash to become owner of 42,500 shares of Class A stock or 85 percent of the stock of the company, while NCNB Texas National, its largest secured creditor, would receive 7,500 shares of Class B stock, or 15 percent of the total shares. …

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