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More info
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Building used as collateral
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On 12/19/05, the KGNU Board of directors held an emergency meeting, to discuss the offering of the KGNU building to a bank as a collateral for a loan to pay off the remaining debt to the former owners of 1390 AM. This would result in a savings of $ 76,000 in interest payments.
The meeting was attended by a wide representation of the KGNU community. The majority of the audience expressed full confidence in the ability of the board to serve KGNU in the best way possible.
This action was seen by some board members as a reversal of the previous understanding that the building would not be used to enable the expansion in Denver. Other board members believed that forfeiting the chance to save such a sum would be a disservice to KGNU. Regardless, the feeling was that the risk of losing the building was extremely low, given that the 1390 AM station had gained in value significantly in the year since KGNU purchased it.
The board voted to allow the offering of the building as collateral. Three board members voted against the measure.
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Created:12/20/05, Modified:12/20/05, expires:12/31/05, priority:9
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