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In re Tracy Broadcasting Corp.
Citation:
696 F.3d 1051 (1oth Cir. 2012)Facts
Tracy Broadcasting operated an FM radio station under a license issued by the Federal Communications Commission (FCC). On May, 2008, Tracy Broadcasting executed a promissory note for a $1,596,000 loan from Valley Bank & Trust Company. On January, 2009, Spectrum Scan, LLC obtained a judgment in Nebraska federal court against Tracy Broadcasting in the amount of $1,400,000. Seven months later, Tracy Broadcasting filed a petition under Chapter 11. The two primary creditors of Tracy Broadcasting were Valley Bank and Spectrum Scan. The most valuable asset listed was the broadcasting license.
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