I'd believe a $150 mil offer. The content is good and the market share potential is there. But..caveat wise??? If it were MY $150 mil (and let's just assume that if I have $150 mil to spend, I have $50 mil more to fund)...
2) flat offer of .02 per share for ALL shares currently ISSUED. Restricted, preffered, common, WHATEVER.. Either you sell them to me, or you get them cancelled. No questions.
3). Completely new CLEAN shell. Full SEC filings. Spend the money to get the credentialed CEO/CFO/General Manager that the station needs.
4). New company. New ticker. Fresh, CLEAN start for investors.
I'm sure there's some holes in my math/proceedures/ideas...but, you get the drift.