Pacifica announces settlement- does this mean KPFK is off the hook? or not?

Well, this good news [maybe ] changes some things. 
For now, we will assume this is correct, accurate, and in effect -- and not a false-hope-wish msg, but really actual.

What is not included in this message from the new Pacifica Executive Director is what happens to KPFK'S MORGAGE - that was apparently  necessary to be used as collateral for a huge $$$$ loan to pay the WBAI rent fiasco.. 

Where is the KPFK property indebted now? 
For how much now ? 
When is that debt, mortgage, collateral that is endangered in WBAI's debt going to be cleared ?  and returned back to all the KPFK-ONLY stakeholders, investors, donors, payers, and even unpaid-devoted-listeners ?   

Will anyone publicly announce this to those who have paid for the KPFK investment into that property in No Hollywood - and it's maintenance - et al.?
 
                                            
                                                    [google images]
                   Here is the Message as received and posted elsewhere :
 (edited here to add emphasis for easier reading below- words have not be changed)

 "    Subject: Pacifica Announces Settlement With Empire State Building and  Empire State Realty Trust                                                                Thu, 5 Apr 2018 11:15  (EDT)
 From: Pacifica Foundation <ed@pacifica.org

mailto:ed@pacifica.org>>  Reply-To: ed@pacifica..org <mailto:ed@pacifica.org>

 4/5/18     *For Immediate Release*

                          Contact: Tom Livingston Tel: (510) 316-9783 
                      Email: ed@pacifica.org   <mailto:ed@pacifica.org>

 *Pacifica Announces Settlement With Empire State Building and Empire  State Realty Trust *

 *(New York)*– The Pacifica Foundation announced today the settlement on a series of agreements that release WBAI, the organization’s New York radio station, from a court judgment as well as the last two years of  its lease at the Empire State Building as of May 31, 2018. The Foundation is also in the final stages of completing an agreement to relocate its transmission facility to a new site nearby. The agreements and move will preserve Pacifica’s service to millions of people in the New York Metro area.

 The settlement, announced by the Pacifica National Board, relieves Pacifica of a $1.8 million 2017 judgment for Empire State Realty Trust (the organization that operates the Empire State Building) and against WBAI and Pacifica, additional rent and penalties accrued since the
 judgment was issued, and any remaining obligations that would have incurred after May 31, 2018.

Funding for the settlement was provided through a loan from the  non-profit lender FJC, which includes a reserve amount that frees  Pacifica from making payments for the first eighteen months of the loan and interest payments only for the following 18 months before the loan  matures after three years.

The pending agreement for the new transmission site at 4 Times Square  will include purchase and installation of a new transmitter, which will  replace WBAI’s current obsolete and failing 28-year-old unit.  Capitalization for the transmitter will be provided by the new landlord,  with the cost amortized over the life of the agreement.
 
The board also announced today the launch of a search for a new  permanent Executive Director as well as a strategic planning effort, and  a $56,000 gift from the estate of former WBAI supporter, Mr. Jim Krivo.
 
Board Chair, Nancy Sorden said, “These series of steps – getting a loan  to resolve thejudgment, release from the remainder of the lease, moving to our new site, and launching our search for a permanent Executive  Director, are steps we are taking to give us the time to recover,  stabilize, and improve our operations.     

This is our opportunity to return  Pacifica to its place at the forefront of being a place to hear  alternative, progressive, corporation-independent, and  community-based  voices of music, news, information, and inspiration at a time when they  are desperately needed in this country and around the world. As a  board and an organization, we are determined to take advantage of this  opportunity and call for our communities and progressive people  everywhere to join us in the effort.”

“I’d like to first thank the Pacifica National Board, for deciding on  this approach and the enormous amount of work they put into it to get   us  to this point. Second, to FJC for providing this loan at a very difficult time for Pacifica, and third to the team of professionals that helped negotiate the settlement, secure the funding, identify and secure an agreement for our new transmitter location.    
                                                                                                                             
I’d like to specifically  thank our lawyers Sam Himmelstein, and John Crigler of Garvey, Shubert Barer , who represented us with ESRT and helped review and improve  these agreements, as well as Marc Hand of the Public Media Company, who helped negotiate the settlement with ESRT and provided brokerage services with  FJC. 

I’d also like to thank our community members, especially from our  Los Angeles station, KPFK, who came through with additional loan money  to close the gap for what was needed. And last but not least, our thanks  also to our new current interim Executive Director, Tom Livingston, who recognizes our dedication and passion and knows how to help us to keep
moving forward to get it done.”         ###

 
The Pacifica Foundation operates noncommercial radio stations in five major metropolitan areas, operates the Pacifica Radio Archives with decades of historical audio, and syndicates content to over 300 affiliate stations. Pacifica invented listener-sponsored radio.  ###

      
                                                    [google images] 

This information is not exclusive to reading here - but available elsewhere also. We never break any confidential information nor reveal personal or sensitive material here.

(c) mmj  

             an addendum here, quoting pacificainexile.org

"About Public Media Company

Public Media Company is a nonprofit strategic consulting firm that fosters innovative and sustainable local media in communities across the U.S. Over the past 17 years, Public Media Company has worked with more than 300 public media organizations in 49 states, facilitating more than $338 million in public media station acquisitions and impacting 80 million people, or 1-in-5 Americans. Public Media Company worked with a number of public television stations on the spectrum auction and launched and managed the innovative content-sharing and discovery platforms Channel X and VuHaus. The Public Media Venture Group is Public Media Company’s latest entrepreneurial effort that seeks to strengthen local public media stations and the communities they serve.

About FJC

FJC, A Foundation of Philanthropic Funds, is a 501c(3) public charity whose mission is advancing donors’ charitable goals and financial planning through creative and pioneering solutions including its non-profit Agency Loan Fund (ALF). FJC offers the ALF as an investment option to donor advised funds and to qualified tax exempt not-for-profit organizations. ALF loans have helped finance projects for public radio and television stations, the establishment of group homes for the disabled, classes for special needs children, programs at community centers for the aged, adult literacy programs, cultural institutions, and arts programs.

KPFA – Northern California, 
KPFK - Southern California, 
KPFT - Houston,
WBAI - New York,
WPFW - Washington 
                                          Pacifica.org "
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