Masterful Restructuring or Fraud? Audacy Inc. Bankruptcy

It is very concerning that Audacy Inc. completely wiped out public ownership giving shareholders $0, while hiding all pre and post ownership of the company with "emergency" filings and is now a "private" company. Check your financial accounts to see if you held the stock in your mutual funds or retirement accounts, and received $0. This is the second largest radio company in the United States, reaching hundreds of millions of Americans each day. It gets its value from the assets/FCC licenses granted by the United States government and is supposed to be regulated. These assets should not be owned by a private company with masked ownership. Now this article suggests that the new company is selling stock to new "stockholders" who own at least 0.5% of the company's total shares or other qualifying securities. SEC, Justice Department, and FCC investigations are needed into the bankruptcy and fraudulent behavior that took place throughout the bankruptcy proceedings. The objections of FCC Commissioner Carr and FCC Commissioner Simington to the extraordinary temporary waiver granted by the FCC allowing Audacy to exit bankruptcy will hopefully re-assign ownership of the FCC licenses to Audacy's prior shareholders and otherwise compensate former owners who were given $0.

FCC Commissioner Brendan Carr "Never before has the Commission voted to approve the transfer of a broadcast license--let alone the transfer of broadcast licenses for over 200 radios stations across more than 40 markets--without following the requirements and procedures codified in federal law. Not once."

FCC Commissioner Nathan Simington "And now that I have been afforded an opportunity to weigh in, I have not meaningful record to review, and consequently no way to determine if grant of the Section 1.5000(a)(1) waiver, or the Application overall, serves the public interest. I have no choice but to dissent."

As of December 16, 2024, post-bankruptcy Audacy is giving a select group of unknown individuals an opportunity to invest $100 million in 5 million "new" shares. The Company has refused to provide contact information for shareholders, Debtors, individuals and organizations involved in the bankruptcy discussions and the Company asked shareholders to release all individuals from ALL claims, including claims of fraud.

Who now privately owns $1.7 billion of previously publicly owned FCC licenses and reaches over 200 million Americans? The American public should know every owner since bankruptcy and as ownership is moved between companies.