Archive for May, 2008

Pappas filed for Bankruptcy Protection

May 15, 2008

Looks as if Omaha-Mis-Management was successful in destroying the company.  They filed for Chapter 11 Bankruptcy Protection for 13 of their 30 stations.  The company is actually many smaller operating groups that Mr. Pappas owns with various partners.

Sad thing was the “Dear Team” letters that was sent out to employees.  It appears as if one General Manager wrote a letter to help morale among his staff.  It was distributed to other General Managers.  In Greensboro, the GM made a few changes (in a different font) and forwarded the email as if she sent it.  She forgot to remove the original headers from the original letter.  I received copies of this letter from 2 different EX-employees – I must be on a NO-CONTACT list with current employees.

Local Television is a dying medium – Pappas owns pretty much nothing but local television stations.  As a result, he does not have alternative revenue streams (cable, production companies, etc.) that his competitors have.  Looks as if bankruptcy protection will only hold off the inevitable.

Fun in Vegas

May 8, 2008

I had fun… For a while, it was fun basking in the realization that the company that had dumped me was in such disparate financial situation that vendors were asking me why they were not getting paid.  It seems that they haven’t paid a LOT of bills.  Despite rumors to the contrary, they were making payroll.

The problem is that Pappas Telecasting was a small company with a large foot-print of stations.  Around 2000, Mr. Pappas assigned the day-to-day operations to a Used-Car Dealer and Master Control Operator in Omaha.  Under their direction, the company has taken a dive into near bankruptcy.   Long-term employees were forced out so that the Used Car Dealer’s wife could get “Finder’s Fees” for placing employees.  Equipment purchases went from being tried and true (as well as not expensive) to cutting-edge and high priced.  The Omaha Duo destroyed what was once a beacon of family ownership.

After about 3 days of getting questions about the health of a company, I was once a proud long-time (nearly 8 years) employee – I was getting mad.  Then I realized, it wasn’t my problem.  I tried to tell them, they didn’t listen.  So I was in Las Vegas with a $2.5 Million Budget and they were home avoiding creditor calls.