Equity Media trustee seeks court OK of $353,483 settlement of claims

By Sheri Kasprzak

New York, Feb. 24 – Equity Media Holdings Corp.’s trustee M. Randy Rice is seeking permission to pay $353,483.80 to three lienholders to settle administrative claims, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Arkansas Little Rock Division.

Rice seeks to make interim distributions to Silver Point Finance, LLC, MeetingBridge LLC and Univision Communications, Inc. and its affiliates and subsidiaries to settle $353,483.80 in administrative claims.

Equity Media, under the motion, will pay $1,176.63 to Meeting Bridge, $345,970.63 to Univision and $6,336.54 to Silver Point to satisfy in full administrative claims.

“The trustee is of the opinion and belief that a partial distribution of funds in the debtor’s estate can and should be made in order to (i) satisfy the allowed administrative expense claims of Univision and Meeting Bridge and (ii) disburse funds to Silver Point with respect to which it possess as fully perfected first-priority lien and/or super-priority administrative claim as the DIP agent for the benefit of the DIP lenders,” said the motion.

Based in Little Rock, Ark., Equity Media owns and operates television stations. The company filed for bankruptcy on Dec. 8, 2008 under Chapter 11 case number 08-17646. On June 21, 2010, the company converted its filing status to Chapter 7 under the case number 4:08-BK-17646J.

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