It seems the Pappas broadcasting went broke, but the age old question
is where the assets went? Basically the radio chain closed it's doors on
Monday, stiffed all the creditors, and reopened on Tuesday.
H Jakob Pappas
Pappas Telecasting Companies one of the largest privately held
broadcasting companies in the country files for Chapter 11 Bankruptcy
protection. It has more than $536 million in debt.
On May 14, 2008, company founder Harry J. Pappas filed for Chapter 7
bankruptcy at the Delaware court.
6
His Son Is Arrested
Jonathan Pappas, son offormer media magnate Harry J. Pappas has
been sentenced to five years in federal prison for an investment
scheme that cheated dozens in California out of more than $4.6
million.
The young man's lawyer said Pappas has a “diminished mental
capacity” (bipolar disorder) and a fellow Zionist judge gave the
wink to a minimum security mental facility.
6
How Does A Swindle Work?
You find a fellow Zionist banker and pick up a $100 million
loan a year before the planned bankruptcy . Then that gets lost to
bad investments, and vague expenses. Naturally you sell your
company stock at the top, and short the stock before the
bankruptcy news.
At bankruptcy you stiff all the employees, taxes, insurance,
leases, loans, creditors, and then reopen the next day under a new
name.
