Your Public Radio Holding Company
Created in: January 2002 and comprised of eight individuals
Cost of purchasing WJHU: $5 million
Amount of funds raised by Maryland Public Radio Corporation and public supporters: $274,000
$400,000 was given by three of the guarantors
$274,000 (MPR Corp. and public)
+ $400,000 (donated by 4 guarantors)
$674,000
+$76,000 (underwriting credit from Johns Hopkins)
$750,000
PNC Bank (then Mercantile) provided a loan for balance of $4,250,000 with the provision that eight guarantors personally back the loan and Tony Brandon manage the station.
Legal Definition of a Guarantor: A secondary party who becomes obligated to repay a debt for the party primarily responsible who has failed to repay the obligation.
8 individuals guaranteed $500,000 each in order to secure the loan.
In March of 2009, PNC Bank will review the guarantee arrangement and, provided that the station continues to meet its financial obligations, the Bank, at its discretion, may release the guarantors and the balance of the loan will become unsecured.
[...] Holding Company History and Description [...]
does this mean that in March of 2009, the provision that Tony Brandon run the station is over, and that the guarantors no longer need to be on the board of directors?