Feb. 7, 1994

Law firm: Martech failed to record fees

By Margaret Bauman

[an error occurred while processing this directive] Alaska Journal of Commerce

A San Francisco law firm alleges in papers filed in the Martech USA bankruptcy case that the environmental cleanup firm failed to record more than $500,00 in invoices from the firm.

The basis for the $1.1 million claim by Kelly, Cox, Wooton, Welch, Gill & Sherburne is services performed and damages for fraud in inducing the firm to perform those services, said the proof of claim filed with U.S. Bankruptcy Court in Anchorage.

The documents stem from a civil case filed Dec. 22, 1993 in U.S. District Court for the Northern District of California against Martech and Ben Tisdale, a Martech executive and the firm's biggest shareholder.

The papers are among a growing stack of claims filed since Martech filed for Chapter 11 bankruptcy Dec. 19. So far upwards of 2,400 claims have been filed and more are coming in on a daily basis, court officials said.

The San Francisco firm argues in its documents that it is prepared to present substantial evidence that from September 1992 through January 1993, its attorneys were induced to render legal services on behalf of Martech, which had no intention of paying for that service.

The matter of whether all payables were booked arose at a first meeting of creditors, known as a Section 341 meeting, which offers an opportunity for the debtor to provide disclosure. Martech has yet to file with the court schedules and statements summarizing its financial condition.

Feb. 7, 1994

Tierney sells stations

By Rose Ragsdale

Alaska Journal of Commerce

Regulatory rule changes governing the ownership of AM and FM radio stations are spurring consolidation in the Alaska market that is attracting a few big players.

Tom Tierney, owner of eight radio stations from Fairbanks to Kodiak, has been a major beneficiary of the trend, as eager buyers have latched onto his properties in Anchorage and Fairbanks.

Tierney, who says he had no particular desire to sell his stations, was approached by people who offered attractive prices. He sold KBFX-FM in Anchorage for $1.3 million to Community Pacific Broadcasting Inc. of Monterey, Calif. in October and plans to close this month on the sale of KAKQ-FM in Fairbanks.

He also signed a purchase agreement to sell KSWD-FM to station managers Paul and Mary Wonder in Seward. That deal is awaiting FCC approval. In addition, Tierney is awaiting favorable market conditions that would enable him to sell another station, KENI-AM, in Anchorage, to Community Pacific Broadcasting.

Tierney began his career in television and rose to be senior vice president and station manager at KIMO-TV, Channel 13, in Anchorage before he began buying radio stations in 1989.

- Compiled by Ed Bennett.