The Honolulu Advertiser from Honolulu, Hawaii • 24

A-24 Thursday. May 7, 117 The Honolulu Advertiser BUYERS VANTED 11 BEST SERVICE KORL files for bankruptcy We have 3 Shopping Centers kr vi i lit rnviuvu 4 Mixed Use Kahului, Maui WAKEA BUSINESS CENTER 1,000 to 18,000 Square Feet OfficeWarehouseShowroom Contact Steve Sofos (R) or Ron Teves (RA) 544-1620 SUPPLIES Commercial Bldgs. MANY IN STORE SPECIALS PLENTY OF FREE PARKING 3 Office Biags. 2 Warehouses Brooks 35 Vacant Industrial I'ANY OFFICE APPLIANCE LTD. 966 Robello low 847-0255 Lots FOR SALE ft i The lack of funds left KOHL'a seller in a financial squeeze of its own.

Dallas-based Pacific Communications which has owned KORL since late 1984, had hoped to pay off KORL debts with proceeds from the sale to the local hui. When the sale fell through, "there was just no money" to meet KORL obligations, said Mary Heller, a principal of Pacific Communications. KORL listed total assets of $1.25 million on its bankruptcy filing and total liabilities of $1.36 million. Heller attributed the financial problems to the station's previously unsuccessful format. Heller, however, said the new Hawaiiana programming has been well received, prompting an increase in the station's ratings.

She stressed that the station will remain on the air while the bankruptcy reorganization progresses. KORL currently has 16 employees but Heller said some layoffs are expected. "We are going to have to trim expenses," she said. Heller also said she and Michael Jordan, another principal of Pacific Communications, are talking to "seven or eight" prospective buyers. "We're hoping we'll reach an agreement within the next two months," she said.

"All the groundwork for turning the station around has been done and we're open to all offers." If no sales agreement is reached, the station will be sold at "a special, private auction" in late June, Heller said. FRIEDLANDER. INC. IB 524-2666 NEC M599 Immediate Delivery MultiSpeed RAY-KAR computers 533-7600 9-5 By Nina Bcrglund Adivrtitrr Butincn Writrr A local hui's unsuccessful attempt to acquire KORL Radio C50 has forced the station's holding company to file for reorganization and protection from creditors under Chapter 11 of the federal bankruptcy code. The holding company, KORL was established earlier this year as part of the plan to sell the radio station to a group led by local broadcast personalities.

But the group which included Krash Kealoha and Jacqueline Lindsey (also known as The Honolulu Skylark) failed to raise the necessary funds. "It was a capital problem." said Lindsey, who serves as president of KORL Inc. Lindsey, who headed the unsuccessful takeover effort, also engineered the radio station's January format change from adult contemporary music to Hawaii-ana programming that emphasizes Island-originated music. "Our ratings are up and we're doing well," said Lindsey. "But we couldn't raise the money we needed to buy the station." TOSHIBA improves the "3-In-One" P-321 Printer with more standard and built-in features in a new SlimLine design: International Art Gallery files under Chapter 1 1 The New of $145,000 and total liabilities of $80,988.93 on court documents.

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