Now that CDBS is finally working again....

Garrett Wollman
Thu Aug 17 17:34:46 EDT 2006

You, too, can review the contract for the exchange of WCRB and
WKLB-FM, but here are the highlights:

- Nassau gets the intellectual property, real property, plant and
equipment, and contracts of WCRB, and leases Greater's Andover tower.
WCRB owns an acre at 750 South Street.

- Greater gets the assets of WTHK, including a to-be-executed lease on
the Wyndmoor tower.

- In addition, Greater pays Nassau $26,000,000.

This is all fairly standard for a "like-kind asset exchange"
transition, which is what they're trying to achieve for tax purposes.
However, there is also an alternative formulation, if the closing has
not taken place on time and certain other conditions are met, by which
Greater agrees to pay Nassau $87,000,000 cash for WTHK.


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