I know it's been stated before, but I guess it's time to repeat it - there is no film library.
A TV network does not 'own' theatrical release movies. They lease them, and 'own' the rights to air them for a limited period of time - usually 6-12 months. Frank leased a couple of hundred Grade B- movies in 2005. If each movie originally cost $5 million to make, there's your $1 billion 'value' he mentioned. But the station never owned the movies, only the airing rights.
Many of those leases expired after 6 months, which is why you saw the same few movies airing over and over in the final days of the station.
Just like the Palm Springs office building, and the Burbank studios, Frank was always getting the terms 'own' and 'own the rights to use' (i.e. rent or lease) confused in his own mind. IMHO.
