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THE HUMBOLDT TIMESTTwrt., Sept. 22, 1966, Poge 2Concord TV'StationEUcloucmildtomotonipmphIs BankruptSAN FRANCISCO (AP) - Afinancially plagued Concord tel*Orknot!wpstfairpatcilowin ft24 Ievision station obtained a court TotNOforder under the Federal Bank- J#rSurruptcy Act Wednesday in hope of getting back on the air. ^ ,High frequency station KCFT- ” «TVGeneral Electric repossessedvital equipment.U.S. District Judge Stanley AWeigel granted Jerry BassettInc., which operates the station,an order leaving the corporationSin possession of all of its equipment and authorized to continueedoperation. mu.The order was granted underChapter 10 which permits corporate reorganization under protectiongrashostoiBassett said he expects the station will be back on the air sailt;in a few weeks. *raThe corporation sought the Wcorder to permit it to raise therpmainine 5120.000 of an authorized new capital stock issue of 5170.000..tinwaiforret28.The station has been in financial trouble since it first went on the air Feb. 8 with capital-; .1 Al eoor QQQ knitrp ^ ‘ ‘itaUvii vi funu.wvv, u ”* i Cpjoperation dwindled from 16 to jdroppedLast Satur lised 17.000po!telephone bills and give some back pay to employes.onBut on Tuesday, Bassett said, General Electric representatives showed up with a moving van, deputy sheriff, locksmith and court order and began removing 5128.000 worth of equlp-prianment that was only partly paidin|doscthBfor. nrThat silenced KCFT-TV. plt;
Newspaper Details
Eureka Humboldt Times
Eureka, California, US
Thu, Sep 22, 1966
Page 1
Full Page
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Sammi B.
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