[Kzyxtalk] KZYX FINANCIAL RESEARCH

[sako4 at comcast.net]

Hey Tim, how about answering my question in an earlier regarding a single line item for salaries and benefits? One line. With one number. It seems as if that single budget item item has been deliberately obfuscated in both our audits and IRS returns. This could be an IRS issue if the intent was to deceive or conceal. 


Regarding Doug's rather clever piece of forensic accounting, I'm guessing Coate inherited a line of credit from Ms. Rawlin's that had been drawn down by $55,000. I'm virtually certain more was drawn down before Coate fired Christina on the pretext of austerity. Then, and only then, did Coate disclose a total debt of $175,000. 


If either of the two issues above can be substantiated, then we have more serious issues that can added to the five complaints currently on file at the FCC. 

----- Original Message -----
From: "Tim Bray" <tbray at wildblue.net> 
To: kzyxtalk at lists.mcn.org 
Sent: Friday, February 28, 2014 6:47:57 PM 
Subject: Re: [Kzyxtalk] KZYX FINANCIAL RESEARCH 


Doug, I'm afraid neither of these statements are true. If you read that October 2008 GM Report (the first one John Coate prepared), you saw that he reported to the Board that the Line of Credit had been drawn down to around $55K, and he also reported an additional $50K in other debts. That was the situation he discovered upon arriving at KZYX; it is my understanding that it had developed rather suddenly during Belinda's last few weeks/months in office. MCPB ended FY 2007 (June 2007) about $16K in the black. 

John also notified the programmers of the debt situation early on - I have the email from 18 September 2008 in which he informed everyone that the station had ended FY 2008 $93K in debt. 

I don't know when we began telling everyone on-air about the debt situation. But John made no attempt to keep it secret, and was surprised when people seemed to be blindsided by the crisis when Christina was laid off (June 2009). 

Tim Bray 



On 2/28/2014 10:32 AM, doug mckenty wrote: 


>From what I can gather, when Coate became GM the station was broke, but without much debt. 


Rather than go public with this info, as KMUD did when they had a financial hiccup a few years ago, he waited until the station was 175k in debt and he let Aanastad go. Only at this time did the membership discover the extent of the financial problem. 


Doug 




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