Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
meeting with creditors is in april.. guess we will see how much silverpoint has.... waiting......................
Young did not go Chapter 11 because of the ecomony. I'm sure it hurt some, but they are bankrupt because of stupid management pure and simple. Buying KRON is the reason these idiots are in trouble. They vastly overpaid and then got into a pissing contest with NBC and LOST. Young destroyed one of the best TV stations in the country. Young's chapter 11 was their own doing.Because of KRON now Most of the stations they own are now are weak number 2 or 3's, usually the WORST station in the market. Young is clueless and Silverpoint will now take over.
good point. TRMP - Trump Casinos just went bk for the 3rd time in its history. Las Vegas Sands is a 2 dollar stock.
The pain is everywhere.
yep. those long may get warrants, may not, who knows.
Granite Broadcasting commons got warrants.
I had hoped they could have worked things out without going this route, but here we are. Maybe things would have gone differently under other circumstances, but it seems that every business on the planet is on the brink of collapse. No doubt every CEO should have their salaries cut and be paid a reasonable wage, like other employees. IMO their succeess should always be tied to the success of the company they run. Pay them $50K salary with the rest being stock compensation, limiting their stock sales in 50% increments - meaning they can only sell X amount of stock every time they can boost the average PPS 50% over the average for the previous quarter. Of course, the limitations could be assessed differently for each company. However, the key is to compensate them, based on the success of the company and NOT through some other perception of performance. In any event, NO employee should be compensated 10,000 times other employees. CEO salaries and perks are WAY out of control!
agreed.. most of youngs stations are cash cows.. even in the state of the economy now.. he has already slashed to the bone with all other expenses.. if somehow he can workout the exchange for kron to silverpoint.. reduce the debt owed to them.. while keeping the other stations we could be in a very good spot..
personal note.. i hope the "trustee" cuts vinne's pay and takes his limo away!!!
Anything is possible. Honestly, I think they dropped it way too low. I can't believe people were selling at .008. I can understand cutting losses, but that's one hell of a dip. Sometimes situations like this are opportunities. At least I hope that's the case here!
What happened to the common share holders. Were they wiped out?
some reading involving silverpoint
http://www.bingham.com/Media.aspx?MediaID=5439
Looks like Young Broadcasting is soon to be Silverpoint Broadcasting
I'm holding also. In fact, I picked up some .011's and .009's today to average down. Hopefully it pays off. I certainly wasn't going to sell at .008. I'm too stubborn for that.
looks like im gonna sink or swim for me.. gl.. slide me a email if you get a chance.. custom4eyes@yahoo.com
ok. have fun.
i am resigning as mod
from yahoo board....
Young Broadcasting spells out its overleverage
Young Broadcasting spells out its overleverage
16 February, 2009 03:45:00
The Chapter 11 petition that Young Broadcasting filed Friday lists total assets of $575.6 million, including the current value of KRON-TV San Francisco, which it bought a few years back for $820 million. The company’s debt load is $980.4 million, including $640 million face value of publicly traded bonds.
Keeping creditors notified during the Chapter 11 restructuring process won’t be anywhere nearly the expensive proposition currently faced by Tribune Company. Young estimates that it has fewer than 50 creditors. It has not yet filed a list of the major creditors and the amount each is believed to be owed.
Surprisingly, the company estimated that it has only 99 shareholders for its 21,864,047 shares of Class A stock. Only 49 (employees and Young family members) hold the 1,941,414 shares of super-voting Class B stock.
As the Young Broadcasting board of directors approved the decision to file for Chapter 11 reorganization, the board also appointed David Pauker as CRO – Chief Restructuring Officer. He is a restructuring specialist from Goldin Associates. The CRO is to report to and take direction from CEO Vincent Young and the board of directors. He is to assist the board and management in negotiating with creditors.
RBR/TVBR observation: We don’t know yet exactly how much of Young’s debt is owned by Silver Point Capital, but it is believed to be substantial. It could be that Silver Point has a particular interest in KRON. The investment group already owns Granite Broadcasting, acquired through a Chapter 11 process, which just happens to own Independent KOFY-TV San Francisco. If we were running Silver Point, which we’re not, we would certainly have some interest in exchanging our big chunk of Young’s debt for KRON, creating a duopoly in the sixth largest US market.
http://www.rbr.com/tv-cable/12930.html
lets see how this plays out tomorrow, if it holds im in
it's supposed to be out this week, but now, who knows.
if i get a decent bid somehow, i'll be out tomorrow.
why hold through a chapter 11 ?
it's just going to be a long, drawn out process where the best we could hope for is some form of heavily diluted rights.
gonna be interesting to see the 10q and see what the bottom line looks like.. when is it due out..??
Very good point. No matter what happens Vince is done. The court will appoint temporary execs to run the company , the board might be gone as well. What does happen when a station goes BLACK?
I agree, dissapointing indeed. Mr. Young is up to his ears in debt. Just remember though, if there are no buyers, the Chapter 11 could morph into a Chapter 7 similar to what happened with Circuit City IMHO. I am staying out of YBTVA until the smoke clears. GLTYA
yep there was good news in the pipeline!!!!way to go vinnie.... lets hope this will give him the wiggle room he needs to pull out of this
http://finance.yahoo.com/news/Young-Broadcasting-to-bw-14364116.html
There's your good news straight out of the pipeline...
Young will have to start selling off pieces (Tv stations) to pay off their debts. Vince will be removed as well as all of the general managers from the stations. The dismantling of Young Broadcasting is about to begin.
well.. we got a bk.. lets see what happens now!!!
is it possible that 20 million common shares could be worth more than 4 cents ?
up almost 100% on small volume?? hmmmm again??
hmm.. WHY ??? has to be for a reason.
SC 13G/A
WESTPORT ASSET MANAGEMENT INC filed this Form SC 13G/A on 02/13/09
<< Previous Page | Next Page >>
Securities And Exchange Commission
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Amendment No. 7
Young Broadcasting, Inc.
------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
987434107
---------
(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[x] Rule 13d-1 (b)
[ ] Rule 13d-1 (c)
[ ] Rule 13d-1 (d)
The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page. The information in the remainder of
this cover page shall not be deemed to be "filed" for the purpose of Section 18
of the Securities and Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
13G
Cusip No. 987434107
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Westport Asset Management, Inc. - 06-1087640
Westport Advisers LLC - 06-1497709
2. Check the appropriate box if a member of a group* (a) [ ]
(b) [X]
3. SEC Use Only
4. Citizenship or Place or Organization
Connecticut
------------ 5. Sole Voting Power
Number of 0
Shares
Beneficially 6. Shared Voting Power
Owned By 1,003,100
Each
Reporting 7. Sole Dispositive Power
Person 0
With
8. Shared Dispositive Power
------------ 1,003,100
9. Aggregate Amount Beneficially Owned by each Reporting Person
1,003,100
10. Check Box if the aggregate amount in row (9) excludes certain shares [ ]
--
11. Percent of Class Represented by Amount in Row 9
4.60%
12. Type of Reporting Person*
IA
Item 1 (a) Name of Issuer:
---------- ---------------
Young Broadcasting, Inc.
Item 1 (b): Address of Issuer's Principal Executive Offices:
----------- ------------------------------------------------
599 Lexington Avenue
New York, NY 10022
Item 2 (a): Name of Person Filing:
----------- ----------------------
Westport Asset Management, Inc.
Item 2 (b): Address of Principal Business Office:
----------- -------------------------------------
253 Riverside Avenue
Westport, CT 06880
Item 2(c): Citizenship:
---------- ------------
Connecticut
Item 2(d): Title of Class of Securities:
---------- -----------------------------
Common Stock
Item 2 (e): CUSIP Number:
----------- -------------
987434107
Item 3. If this stated is filed pursuant to Rules
------- -----------------------------------------
(a) ( ) Broker or Dealer registered under Section 15 of the Act
(b) ( ) Bank as defined in Section 3(b)(6) of the Act
(c) ( ) Insurance Company as defined in Section 3(a) (19) of the
Act
(d) ( ) Investment Company registered under Section 8 of the
Investment Company Act
(e) (X) Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) ( ) Employee Benefit Plan, Pension Fund which is subject to
the Provisions of the Employee Retire- ment Income
Security Act of 1974 or Endowment Fund; see ss.240.13d-1
(b)(1)(ii)(F)
(g) (X) Parent Holding Company, in accordance with
ss.240.13d-1(b)(ii)(G) (Note: See Item 7)
(h) ( ) Group in accordance with ss.240.13d-1 (b)(1)(ii)(H)
Item 4. Ownership.
------- ----------
(a) Amount Beneficially owned: 1,003,100 shares
(b) Percent of Class: 4.60%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 1,003,100
(iii) sole power to dispose or to direct the disposition of: 0
(iv) shared power to dispose or to direct the disposition of:
1,003,100
Item 5. Ownership of Five Percent or Less of a Class
------- --------------------------------------------
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following ( X )
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
------- ----------------------------------------------------------------
N/A
Item 7. Identification and Classification of the Subsidiary Which acquired
------- ------------------------------------------------------------------
the Security Being Reported on By the Parent Holding Company.
-------------------------------------------------------------
Westport Asset Management,Inc. makes this filing pursuant to Rule 13D-1 (b) (ii)
(G) since it owns 50% of Westport Advisers LLC. Westport Asset Management, Inc.
is an investment advisor and Westport Advisers LLC is an investment advisor for
a Series of Public Mutual Funds.
Item 8. Identification and Classification of Members of the Group.
------- ----------------------------------------------------------
N/A
Item 9. Notice of Dissolution of Group.
------- -------------------------------
N/A
Item 10. Certification
-------- -------------
By signing below, I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purpose or effect.
Disclaimer
----------
The undersigned expressly declares that the filing of this Schedule 13G shall
not be construed as an admission that such person is, for the purpose of Section
13(d) or 13(g) of the Securities Act of 1934, the beneficial owner of any
securities covered by this statement.
Signature. After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Date February 13, 2008
Westport Asset Management, Inc.
By /s/ Andrew J. Knuth
--------------------------
Andrew J. Knuth, Chairman
i can't believe someone was willing to pay more than I did.
So close to the final breath.
some nice buys coming thru.. guess other people are willing to throw the dice too!!!
Hopefully Young has made deals to sell off stations to save whats left. Vince made be incompatent as as ceo, but he does have a very large ego and doesn't want to lose his 2 million or whatever his grossly overpaid salary is. I know some Young stations have stopped paying its bills.
some buying today. hmm
How's that good news in the pipeline coming along??? Anyone?
101 wild turkey helps// FYI
i will refrain from any further speculation, just sit on my new shares and hope for the best..
I bought enough to bring my average to .03 today(started at .50).. now its time to pray or drink.. or maybe both!!! how much do you think it will move when(if) he makes the note and goes to otc???
Change: 0.02 (100.00%) Volume: 337,128
i like the risk/reward and bought all the .035s on the screen so far today.
guess i'll just let it play out now.
Adam Young bio:
Mr. Adam Young entered the media industry at the young age of sixteen years old. The National Broadcasting Co. (NBC) selected him as a page and in no time he was promoted to the position of Chief Page. Mr. Young remained at NBC for six and a half years, working in various network departments, including: Programming, the Artists Services Bureau, and eventually Research and Promotion.
Adam moved on from NBC in 1936, opting to get more involved in the broadcasting industry. He began producing radio shows for an advertising agency, and eight short years later went into business himself as a radio station representative. This radio rep (Adam Young, Inc.) would grow itself, with Adam at its masthead, into one of the six largest United States firms involved in radio representation for that time.
Television representation was always an interest of Adam’s, so it only made sense to follow the smart decisions he made in the radio field with even more cutting edge thinking involving television representation. He began three other businesses in the late 1940’s: Young Television Corporation (representing United States’ television stations), Young International, Ltd. (representing radio and TV stations) and Canadian Station Representatives, Ltd. (representing Canadian radio and TV outlets).
Always striving for more, after he conquered the land of TV representation Adam moved on to tackle the organization of the television representatives into a formal association. Hence, he was a founder of the Station Representative Association, also known as the SRA. He went on to serve as President of the Association from 1955-57 and later from 1975-77. Today, the SRA encompasses the top-ranking television representative firms in the industry.
Prior to YBI’s founding, Mr. Young owned a minority interest in two radio stations, and a 35% interest in a television station in Youngstown, Ohio. He also served on the Board of Directors of the Television Advertising Bureau from 1977-80 and headed up its research committee for many years. Along with his son Vincent, Adam founded Young Broadcasting, Inc. in 1986 and has been active in that company ever since.
you are so cool. thanks.
while i totally agree with your feelings on vinnie,,(as vinces dad told me once "I used to be a multi-millionaire, now that my son is running the show I am just a millionaire" I do have good sources for my news.. while I am never told what news it is, they usually say if its good or bad.. this they felt was good news coming so it makes me think this is not what they were talking about..I did hear sinclair did a 'walk thru" at a station.. as always guys I was not personally there so make your own mind up on what to do.. I personally feel he will pull a rabbit out of the hat!! if not I assure you I will personally take a piss on the tires of his limo next time i see him!!!!GLTA
Gee's John, I hate it when you whitewash the whole deal. I wish you would just come out and tell us what you really think. LOL
GLTA
I guess the delisting was the good news in the pipeline? Vincent Young should be freakin' ashamed of himself. He'll drag this company he wrecked along until he can no longer draw a fat salary. Was a total POS...
No real explanation why it was delisted before March 2 here, perhaps because they missed a debt payment.
http://www.sec.gov/Archives/edgar/data/929144/000110465909004227/a09-3946_18k.htm
Young Broadcasting Inc. Receives NASDAQ Delisting Notice
Tuesday January 27, 2009, 8:30 am EST
Yahoo! Buzz Print NEW YORK--(BUSINESS WIRE)--Young Broadcasting Inc. (NASDAQ:YBTVA - News) announced today that it received a notification from the NASDAQ Hearings Panel that the Company’s common stock will be delisted from The NASDAQ Stock Market since the Company failed to meet certain of the NASDAQ requirements for continued listing. Trading will be suspended effective at the open of business on Tuesday, January 27, 2009.
The Company does not intend to appeal the NASDAQ Hearing Panel’s determination. The Company is currently working with a market maker to complete the application to have its common stock quoted on the OTC Bulletin Board, a regulated quotation service for over-the-counter securities. However, the Company can provide no assurance that any market makers will commit to make a market in the Company’s shares.
About Young Broadcasting
Young Broadcasting owns ten television stations and the national television representation firm, Adam Young Inc. Five stations are affiliated with the ABC Television Network (WKRN-TV – Nashville, TN, WTEN-TV – Albany, NY, WRIC-TV – Richmond, VA, WATE-TV – Knoxville, TN, and WBAY-TV – Green Bay, WI), three are affiliated with the CBS Television Network (WLNS-TV – Lansing, MI, KLFY-TV – Lafayette, LA and KELO-TV – Sioux Falls, SD), one is affiliated with the NBC Television Network (KWQC-TV – Davenport, IA) and one is affiliated with MyNetwork (KRON-TV – San Francisco, CA). In addition, KELO-TV-Sioux Falls, SD is also the MyNetwork affiliate in that market through the use of its digital channel capacity.
Forward-Looking Statement
Any statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are advised that such forward-looking statements are subject to risks and uncertainties that could significantly affect actual results from those expressed in any such statements. Readers are directed to Young Broadcasting's Annual Report on Form 10-K for the year ended December 31, 2007, as well as its other filings from time to time with the Securities and Exchange Commission, for a discussion of such risks and uncertainties. Such risks and uncertainties include, among other things, our ability to reach any agreement with respect to any restructuring; our ability to meet our liquidity needs; as the Company's common stock is no longer traded on the NASDAQ Stock Market, broker-dealers may find it difficult to effectuate customer transactions in the Company's common stock and trading activity and liquidity may be significantly limited; the impact of changes in national and regional economies, pricing fluctuations in local and national advertising; and volatility in programming costs and geopolitical factors. Statements included in this press release are based upon information known to the Company as of the date of this press release, and the Company assumes no obligation to update or revise the forward-looking statements contained in this press release, except as otherwise required by applicable federal securities laws.
For more information, visit www.youngbroadcasting.com.
Contact:
Young Broadcasting Inc.
Audrey Young
202.408.3932 (o)
202.256.4521 (c)
ayoung@sonnenschein.com
Me too. I missed the other run from .03 to .08 but am watching close here for a spark or some good news.
I don't know. I sold, so I guess I did my part, eh ?
Too many other cheap plays out there at this time.
Decided to watch from the sidelines a while.
Good morning Ronnie. Do ya think we could get this into the .03's again lemme load up and then have a miracle that week of Feb 15th (put in the pinch hitter
1. 30-day grace period ends Feb 15 on the $6.125 million.
2. 4Q-2008 Report the same week.
I'm sure Vince has some cosmic rationale...
But here he is, in the ninth, 2 men out and 3 men on.
Nowhere to look but inside...
Where we all respond to
Pressure !
Good news still in the pipeline? Must ne a long pipeline...
Unless a miracle happens, Young is finished. I worked for a Young station. The few that still remain say the station is not paying its bills. The FCC will step in very soon.
Followers
|
16
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
1266
|
Created
|
06/25/08
|
Type
|
Free
|
Moderators |
Company Operations to Continue
NEW YORK--(BUSINESS WIRE)--Young Broadcasting Inc. (Pink Sheets:YBTVA - News) and certain of its subsidiaries (“Young Broadcasting,” or the “Company”), today announced that to restructure its balance sheet and to ensure the Company’s long-term financial health, it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. As is normal in such cases, Young Broadcasting plans to continue operating its television stations without interruption.
Young Broadcasting has set-up a toll-free reorganization hotline (866-212-0222), for viewers, advertisers, employees, or other interested parties who may have questions related to the reorganization. In addition, parties are encouraged to visit the Company’s Chapter 11 case information website at http://chapter11.epiqsystems.com/ybc, for updates and other information surrounding today’s announcement.
Young Broadcasting Inc.
599 Lexington Avenue
New York, NY 10022
United States - Map
Phone: 212-754-7070
Fax: 212-758-1229
Web Site: http://www.youngbroadcasting.com
The History of Young Broadcasting:
http://www.fundinguniverse.com/company-histories/Young-Broadcasting-Inc-Company-History.html
Young Broadcasting owns ten television stations and the national television representation firm, Adam Young Inc.
Five stations are affiliated with the ABC Television Network:
WKRN-TV — Nashville, TN
WTEN-TV — Albany, NY
WRIC-TV — Richmond, VA
WATE-TV — Knoxville, TN
WBAY-TV — Green Bay, WI
Three are affiliated with the CBS Television Network:
WLNS-TV — Lansing, MI
KLFY-TV — Lafayette, LA
KELO-TV — Sioux Falls, SD
One is affiliated with the NBC Television Network:
KWQC-TV — Davenport, IA
One is affiliated with MyNetwork TV:
KRON-TV — San Francisco, CA
Share Structure as of 09/19/08:
Class A Common Stock: 21,836,161 ( 1 vote per )
Class B Common Stock: 1,941,414 ( 10 votes per, but also Common Stock )
Combined A&B O/S Total: 23,777,575
About Young Broadcasting
Young Broadcasting owns ten television stations and the national television representation firm, Adam Young Inc. Five stations are affiliated with the ABC Television Network (WKRN-TV – Nashville, TN, WTEN-TV – Albany, NY, WRIC-TV – Richmond, VA, WATE-TV – Knoxville, TN, and WBAY-TV – Green Bay, WI), three are affiliated with the CBS Television Network (WLNS-TV – Lansing, MI, KLFY-TV – Lafayette, LA and KELO-TV – Sioux Falls, SD), one is affiliated with the NBC Television Network (KWQC-TV – Davenport, IA) and one is affiliated with MyNetwork (KRON-TV – San Francisco, CA). In addition, KELO-TV-Sioux Falls, SD is also the MyNetwork affiliate in that market through the use of its digital channel capacity.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |