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Bleidt Investigation May Hold Up Station Sale

Bleidt Investigation May Hold Up Station Sale

Bradford Bleidt was in serious condition at a Boston hospital, according to the Associated Press, quoting a spokesman for his station, WBIX(AM).
The SEC has said Bleidt, 50, owner of the business news station, sent a tape to federal securities regulators, admitting that he bought the station with millions of dollars he stole from clients of an investment management business. He then attempted suicide late Wednesday or early Thursday of last week, the station spokesman told AP.
Bleidt was in the process of selling the station to Christopher Egan.
AP reported that Egan began overseeing station operations Aug. 1 under a lease-management agreement pending closure of the sale. But the Boston Globe reported Tuesday that federal regulators are blocking the sale of the station and investigating whether Egan is paying a lowball price.
”We are being very careful to make sure that fair value was paid for that station,” the newspaper quoted Walter Ricciardi, district administrator of the SEC’s Boston office, as saying. ”This guy was desperate for cash, and he might have agreed to accept a price below fair market value.”
Bleidt’s wife, Bonnie, is host of a show on WBIX and is the station president.