You're getting close, but still no bananas!
Reason? Now if JB were trying to COLLECT on that note, then that would be one thing, but what you are talking about is simply an accounting transaction. It is a PERCEIVED value at the time of the transaction.
From what I've read about the radio stations, they do sound as though they're not worth much at this present time. That doesn't mean they won't eventually be worth something. And when the transfer to the OTCBB is made.
I shall come back for some examples of perceived values of different types of radio stations around the country.
Just for curiosity, was the $1.3 million the actual sale price of the radio stations? If it was then that was the fair market value at the time of the transaction. Fair market value being what a willing buyer would pay a willing seller. If it wasn't the real price paid, then what was the real price paid. Perhaps you know?
