Pappas filed for Bankruptcy Protection

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.

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