POMPANO BEACH — After failing to pay its 75-plus employees since Jan. 1, the owner of two major South Florida radio stations has filed for bankruptcy.
It’s yet another Gossip Extra exclusive: James Crystal South Florida and James Crystal Inc. filed for Chapter 11 bankruptcy late last week in the hope to reorganize.
Both companies list liabilities between $10 million and $50 million, according to the filings obtained by Gossip Extra.
The stations own some of the strongest signals in the country, and can be heard from north of Vero Beach to the Florida Keys.
I’m told by several sources that no employee has been paid this year.
Because the holder of a $17 million-loan taken by the company ran by local radio pioneer James Hilliard froze all the companies’ accounts, including those used to pay salaries.
“Mr. Hilliard’s been working from 6 a.m. to 10 p.m. daily to resolve the situation,” said GM Steve Lapa.