Inside Music MediaJerry Del Colliano

We know that there are at least two bidders looking to takeover Cumulus when it emerges from bankruptcy – or even before if the judge allows outside bidders.

Lew Dickey is one, the founder of the company ousted by Board Chairman Jeff Marcus after Dickey had it out with Marcus over allegedly undermining his ability to run the company.

And now there is Jeff Warshaw, the CEO of Connoisseur Version 2.  Warshaw sold 37 stations in 9 markets to Cumulus for $242 million in 2000 as the original Connoisseur.

Mary Berner continues to spin that she is guaranteed to return to run the debt-free version of Cumulus when they emerge from bankruptcy and lenders and bondholders are stinging from the haircuts they had to take.

• Warshaw is looking to steal Cumulus from lenders – Connoisseur is in a bit of a financial tight spot itself selling off its Buckley Hartford stations and most recently three stations in New Jersey to Townsquare for $17 million including one of Connoisseur’s most profitable ones, an FM in Trenton.  Approximately 50% of Connoisseur’s acquisitions account for debt of some kind.  That’s why Warshaw may not be just opting for a chance to buy Cumulus but may need it for Connoisseur to survive.

• How stealing Cumulus buys Jeff Warshaw another day
• How much of Cumulus would Warshaw keep
• Who do the lenders want running Cumulus
• What happens if Cumulus falls into a second bankruptcy
• Will there be a bidding war for Cumulus 

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