Content area
Full Text
Ted F. Baze, president and general manager of KGMC Channel 34, is personally negotiating a stock purchase agreement which could give him 100 percent ownership of Oklahoma City Broadcasting Co., the KGMC parent which is controlled by the family of convicted stock speculator Ivan F. Boesky.
"There is no reason the agreement won't go through," Baze said Wednesday. "The FCC (Federal Communications Commission) sees no problem with it."
Baze said he plans to submit an application to propose the stock purchase this week or early next week. Commission approval could come as soon as early June.
The company filed a Chapter 11 reorganization petition on Feb. 9, listing assets of $5.5 million and liabilities of $14.2 million. It has not filed a plan for reorganization.
The 10-year old station is 85 percent owned by the Beverly Hills Liquidating Partnership, which is comprised of Boesky family members. Baze owns the other 15 percent of the company's stock.
Baze said he expects the company will be able to pay off its creditors and come out of bankruptcy in...