Bank begins foreclosure on property leased by WSTP; radio station ‘alive and kicking’
SALISBURY — NewBridge Bank in Lexington has started foreclosure proceedings on the property from which WSTP broadcasts its local radio programming.
But the proceedings do not involve the station itself, according to Mike Mangan, general manager and part owner of the AM station.
“WSTP is alive and kicking, as it has been since Jan. 1, 1939,” Mangan said Wednesday.
A legal notice in Tuesday’s Post announces a foreclosure sale at noon Sept. 18 for two tracts owned by Timothy and Lisa Coates, including the land and buildings at 1105 Statesville Blvd. from which WSTP broadcasts.
The other tract, at 101 E. Harrison St. in the Chestnut Hill area, includes a garage/office building.
Coates and his wife own the property involved in the foreclosure.
Coates and Mangan co-own the radio station, which Mangan said includes the station tower. Coates is the majority owner of the radio station.
Mangan expressed concern that news of the possible foreclosure on the property would make people think the station itself was in trouble.
“This station is a pillar in the community,” he said.
Should the property be sold in foreclosure, he said, he would hope the station could continue to lease it. If not, the station could move, he said. “We don’t need this great big building.”
Coates said he’s working diligently with the bank and hopes the situation will be resolved before the sale on Sept. 18. He said he wants to make it clear that WSTP is licensed to Rowan Media Inc., a corporation that has nothing to do with the Coates family.
Under the headline “Rumors about WSTP,” Coates today posted the following on the radio station’s website:
“This past Tuesday September 10th a legal notice in the Salisbury Post stated the 1105 Statesville Blvd. property was in foreclosure and would be put up for sale next Wednesday. WSTP leases the property from the Coates family.
“WSTP is owned by Rowan Media Inc., a separate corporation that has no connection with the bank and has no property pledged as collateral with any lending entity.
“WSTP, a 73-year-old icon of the community, does not expect any interruption of regular programming.
“The Coates family is in touch with the bank and at this time there’s no information available.”
The station’s tower belongs to Rowan Media and is not part of the real estate involved in the foreclosure process.