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BroadcastAmerica Streams on by a Thread

BroadcastAmerica Streams on by a Thread must turn over copies of hundreds of contracts it holds to provide radio stations Internet broadcasting service, a federal judge ruled Friday.

U.S. Bankruptcy Court Judge James B. Haines Jr. ordered BroadcastAmerica to give the contracts over to BA Funding, a company set up by SurferNetwork in November 2000 to infuse $1 million into BroadcastAmerica.

BroadcastAmerica is fighting a foreclosure attempt by BA Funding. While the site was down last week, Monday it was streaming some stations, although just a fraction of what it streamed only six weeks ago.

BroadcastAmerica’s lawyer, Roger A. Clement Jr., said on Friday that he planned to ask Judge Haines to order a court-supervised auction of the company, rather than convert to Chapter 7 bankruptcy.

No deal has materialized as BroadcastAmerica has sought a number of possible buyers since filing for Chapter 11 bankruptcy protection in November, but no deal has materialized.

An attempt in early January to find cash infusion from Alabama-based Bowman Investments was unsuccessful.

As late as early January, a SurferNETWORK press release said that the company still hoped to acquire BroadcastAmerica.