listen to the following discussion on Amy Goodman's Democracy Now this morning. you can hear that part of her broadcast at this address http://www.webactive.com/pacifica/demnow/dn20020208.html#3
the $4.8 million (and then some) debt was promised to lawyers (evidently the old board used seven -- yep, seven -- law firms), PR firms, terrific travel perks to old board members, golden parachute severance packages (the kind sleezy Marc Cooper's buddy Schubb believes is his due), etc. every penny of this huge sum is debt outstanding; the Foundation will have to raise what it can not renegotiate. which will mean cutbacks and more.
Pacifica Board will post details to its web site ASAP http://www.pacifica.org/
Story: A PLUNDERED NETWORK: THE PACIFICA FOUNDATION RELEASES THE RESULTS OF AN INDEPENDENT AUDIT
Pacifica's old administration left the network saddled with $4.8 million in debt, according to independent auditors who have examined the books since dissidents regained control of the network last month.
In just over a year, the foundation went from a $700,000 surplus to a $4.8 million debt due to astronomical fees charged by corporate attorneys, public relations companies, and security firms. Pacifica's finances have not been disclosed to either board members or donors in over a year.
Almost two months ago, a historic agreement was reached between all plaintiffs in four lawsuits against the five-station Pacifica Radio network and the Pacifica foundation's board of directors. The agreement returned official control of the Pacifica network, the nation's oldest public broadcaster, to community radio advocates. The settlement called for an interim board, controlled by the dissidents, to serve for fifteen months while new, democratic structures are implemented for an elected national Pacifica board.
The agreement brought to an end two and a half years of legal, political, and community struggle following an illegal change in the method of selecting Pacifica's directors, who had traditionally been elected by the local station boards.
Guest:
Dan Coughlin, interim executive director, Pacifica foundation.