Posted on 11/25/2005 4:53:49 PM PST by Pharmboy
SANTA ANA, Calif. (AP) -- For more than 30 years, public television station KOCE has dedicated coverage to Orange County in a media market otherwise dominated by the news and glitz of nearby Los Angeles.
But the small station is now battling in court to prevent Daystar, one of the nation's largest Christian networks, from taking over its airwaves.
The conflict began in 2003, when the Coast Community College District decided to sell KOCE-TV to the KOCE Foundation, the station's fundraising arm, over competing bidder Daystar.
Daystar Television Network sued, claiming its bid should have been selected because the sale was completed under a state law that allows college districts to sell surplus property "for cash" to the highest bidder.
KOCE supporters worry that Daystar would strip all local programming and beam in national shows.
"If we were in the middle of Kansas somewhere, these 3 million people would be their own city with six competing TV stations," said Mel Rogers, KOCE-TV president. "But Los Angeles television doesn't stray down here unless there's some car chase or shooting."
The foundation had offered $32 million - an $8 million down payment in cash, with the rest spread over 30 years of payments. That amount later dropped to $28 million.
Texas-based Daystar offered $25.1 million, but in cash. One day after the deadline for bids, it raised its offer to $40 million.
A lower court ruled in favor of the college district and the foundation, but that ruling was overturned on appeal. On Tuesday, a state appeals panel reheard arguments in the case - a highly unusual move - following a petition from KOCE, the foundation and the district.
Daystar attorney Richard Lloyd Sherman said the district had a "symbiotic, close relationship" with the KOCE Foundation.
"There's been a corrupt auction that took place to give this station to the foundation," Sherman told the three-judge panel of the 4th District Court of Appeal. "Their desire to have a PBS station outweighs everything else. It was never going to fall into the hands of a television evangelist."
Ardelle St. George, the foundation's legal counsel, said that district has an obligation to Orange County to keep KOCE-TV as a public asset.
"KOCE offers the only continual coverage of Orange County and it has just been a tremendous asset," she said. "It's really the voice of Orange County."
The appeals court is expected to rule by January.
One of which is that retards keep posting to me. Please don't.
And you would rather have the socialists spewing their dreck rather than the moral voice of Christianity? (Valley girl voice) Hello-oh...
No. I hope neither of you is involved in finance. The foundation offered $8 million cash plus $24 million over 30 years. The net present value, doing a little quick math in my head, would be about $16-20 million. Daystar offered $25.1 million in cash. So their offer would be worth about $5 to 9 million or so more than the foundation offer.
I'll put it in simple terms. If I offered to give you $1.00 now, and someone else offered to give you $2.00 in 30 years, which offer would you accept.
That being said, I'm not sure I'd call a lot of what Daystar puts on 'Christian programming'.
Yep...commies, nazies = same thing.
Oh. I thought this was basically about how to keep the station out of the hands of Christians with legal gymnastics on what constitutes "cash".
I agree with each of your points. (including the typical Daystar programming) Good post.
The cash offer is worth far more than the installment plan.
In that case, the Christian broadcaster, Daystar, wins -- hands down.
I asked my 8 yr. old about your post and he said "It takes one to know one!"
I resent your comment about my head. It's my only body part that I bother to wash :-)
You can always leave...
I'm an atheist and I agree with streetpreacher...
balrog666 is a loser name for someone who's only purpose here on FR is to defame the religious people.
Of course, when you really look at it, the screen name is a pathetic attempt at a harrowing display of blasphemy by a guy who thinks equating himself as some big bad hobgoblin is too scary for anyone to challenge... just a pathetic anti-Christian and wannabe satanist...
Enough already balrog666, you are too incompetent and ignorant to be a Satanist...
Usually I'd be rooting for the PBS affiliate to lose this sort of contest.
The sad thing is that KOCE is the PBS affiliate in the LA/SoCal area
that actually isn't totally sold out to the left.
It's just too bad the judge can't give DayStar the license now held by
the total-leftist PBS affiliate, KCET in Los Angeles proper.
Just checked your Freeper "About" page--can you please put me on the bibliopath ping list?
What is the expected interest rate over that time, and the expected value of investing the money?
Thanks for the clarification. I did not know that.
Amen!!! Daystar has the moxie and male glands to get the job done.
Nobody cares.
If the interest rates is 3/4% per year, or better, the $25.1 million is the higher bid.
It's reasonable to assume that interest rates will be more than 3/4% per year, therefore the single cash bid of $25.1 M would be the higher bid. Everyone involved knows that, but many don't want to admit it, thats why this has become such a problem.
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