EXCLUSIVE — South Florida Radio Home of Michael Savage Files For Bankruptcy!

Michael Savage

WFTL-850 AM host Michael Savage (veteranstoday.com photo)

POMPANO BEACH — After failing to pay its 75-plus employees since Jan. 1, the owner of two major South Florida radio stations has filed for bankruptcy.

It’s yet another Gossip Extra exclusive: James Crystal South Florida and James Crystal Inc. filed for Chapter 11 bankruptcy late last week in the hope to reorganize.

Both companies list liabilities between $10 million and $50 million, according to the filings obtained by Gossip Extra.

Sid Rosenberg

WMEN-640 AM star Sid Rosenberg, who started his second month without a pay check (via Facebook)

James Crystal owns news talk WFTL-850 AM, home of syndicated political arsonist Michael Savage and local host Joyce Kaufman, and sports talk WMEN-640 AM, home of Sid Rosenberg and Orlando Alzugaray.

The stations own some of the strongest signals in the country, and can be heard from north of Vero Beach to the Florida Keys.

I’m told by several sources that no employee has been paid this year.

Why?

Because the holder of a $17 million-loan taken by the company ran by local radio pioneer James Hilliard froze all the companies’ accounts, including those used to pay salaries.

“Mr. Hilliard’s been working from 6 a.m. to 10 p.m. daily to resolve the situation,” said GM Steve Lapa.

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Comments

  1. just sayin says

    Sad for the employees. I guess if they are willing to work without pay they can’t find a job somewhere else.
    Economy still bad. Good luck. Big O.

  2. JOEL GOODMAN says

    HOPE THEY SURVIVE AS THIS IS THE ONLY LISTENABLE AM STATION IN THE AREA. I AM A FAN OF JOYCE AND MICHAEL, CAN’T STAND RUSH ON THE OTHER LOCAL NOISE MACHINE. THE EARLY GUY ON 850-STEVENS, IS A PAIN IN THE EARDRUMS AND FORCES PEOPLE TO LISTEN TO BECK ON THE OTHER SIDE.

  3. jsb says

    Then guess what. The model doesn’t work….. With all of those annoying ads, there is not enough revenue coming in to offset expenses (most notably interest expense on that loan). Savage is entertaining, Stephens better than Heraldo. Just started to like Joyce. Don’t know how believable she is though with all those companies ads she pitches….. The more products a radio host peddles the less believable he/she is. As I write this joyce is peddling radio frequency non surgical procedure (please joyce).

    I hope they make it and turn it around. I just started listening recently changing from Jimmy Cefalo in the A.M.

    Thanks have a great day everyone!!