Papers Are Filed in Radio-TV Deal
Spokane Daily Chronicle
A $1,223,500 chattel mortgage on television station KXLY-TV and radio station KXLY was filed today at the courthouse.
The papers were filed by Randall, Danskin & Lundin, Spokane attorneys for the Northern Pacific Television Corporation and the Northern Pacific Radio Corporation, buyers of the TV and radio firms.
Mortgagees are the persons who sold the properties to the two corporations. They are Edmund Craney, Harry L. (Bing) Crosby, John and Lulu Wheeler, Dr. Joseph Lynch, Robert P. Porter and Mahlon B. Rucker.
The Washington Trust Bank was listed as trustee for the mortgagees.
The mortgage covers the stock in the Symons Broadcasting Company, which owned radio station KXLY, and interests of the limited partnership in KXLY-TV.
The $1,123,500 represents the amount the buyers of the property must pay to the mortgagees.
The buyers bought the radio and TV stations for $1,723,500. They made a down payment of $500,000, leaving $1,123,500 to be paid over a period of time, papers show.
Norman Eisenstein and Joseph Harris, both New York business men, are listed in the chattel mortgage as president and chairman of the board, respectively, of the two buying corporations.
Tuesday, January 26, 1954