Saturday, May 03, 2008
Hostile Takeover Cited From Tama Broadcasting
Tama Broadcasting filed a lawsuit in federal court Tuesday accusing its largest creditor of serious violations of federal and state laws as a result of a company restructuring plan gone bad.
It appears that D.B. Zwirn Special Opportunities Fund,( a multibillion-dollar hedge fund is shutting down after losing the confidence of its wealthy global investors). Tama is accusing the company of llegally selling Tama’s assets, of violating Federal Communications Commission laws by trying to take control of Tama’s nine stations without FCC consent, of interference with Tama’s business relationships, and of various deceptive business and lending practices under state law.
Tama’s nine stations represent almost five percent of the total number of Black-owned radio stations in America. Tama is the sixth-largest Black-owned broadcasting group in the country.
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