[BC] Here we go again

[Tom Taggart]

Remember the long delayed ownership report?

It's Baaaack! Notice released Friday, to avoid the news cycle.

Original controversy was that everyone with more than a 5% interest,  
or a director, or officer--now had to get a separate FRN. As several  
DC law firms pointed out, the FCC failed to comply with several laws  
regarding the collection of social security numbers & safeguarding of  
same; not to mention skipping some procedural steps required before an  
agency issues new forms.

So the Commission retreated.  Now they are back--having ignored these  
issues, but making a minor tweak regarding submission of information  
in machine-readable form.  New deadline for the ownership report is  
July 8, 2010.

What is really bizarre is that the information must be as of NOVEMBER 1, 2009.

Which get interesting for me since on that date I had 2 stations, now  
have 3. Leaving the interesting question of who files the ownership  
report for that 3rd station. The former owners are out of radio now &  
could care less, and I obviously can't certify to any knowledge of the  
ownership structure of their company as of last November. May get  
clarification on this issue next week, but I doubt it.

I'm sure there will be other examples where minor shareholders,  
directors or officers have died, sold out, or retired since November,  
leaving corporate licensees with some interesting problems. Not to  
mention those station groups now in bankruptcy, --technically under  
the control of the bankruptcy trustee.

Government idiots at work as usual.