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Gay Media Investment Fund in Receivership

Avalon Equity, the investment fund which is the major shareholder in Window Media, which owns the Washington Blade, Southern Voice, Houston Voice, South Florida Blade, Genre Magazine, David Atlanta and The 411 Magazine, has been forced into receivership by the federal Small Business Administration (SBA), Gay City News reports:

Genre"Avalon, which owns a stake in the company that publishes the New York Blade and HX, was licensed by the SBA as a small business investment company (SBIC) in 2000. Through 2007, it borrowed just over $38 million from the federal agency to invest in gay media properties and a range of other ventures. As part of its contract with the SBA, Avalon was required to have private money or assets in the fund from sources, such as individual investors, that had a value equal to half the amount it borrowed from the SBA or just over $19 million. In 2007, the SBA wrote Avalon that it had a 'condition of capital impairment' because the value of its private assets had fallen below the required level. In its 2008 lawsuit seeking to force the receivership, the SBA wrote that the 'capital impairment' was 61 percent in August of 2007 and that it rose to over 134 percent by December of that year...The percentages cited in the lawsuit suggest that Avalon had little or no capital left as private investors were pulling their money out, businesses owned by Avalon were losing money, assets in the fund lost value, or some combination of the three."

Gay Media in Receivership [gay city news]

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Comments

  1. This is so...unexpected.

    Posted by: 24play | Feb 9, 2009 1:29:05 PM


  2. Ain't media consolidation great?

    Posted by: PatrickPatrick | Feb 9, 2009 2:23:21 PM


  3. I'm shocked, LOL

    Posted by: GayRepublican | Feb 9, 2009 2:33:12 PM


  4. It's about new media. Like Towleroad! Duh.

    Posted by: www.gaygregator.com | Feb 9, 2009 5:57:57 PM


  5. Put Genre out of it's misery. It is so BORING.

    Posted by: dezboi | Feb 9, 2009 6:42:54 PM


  6. Avalon's largest investment is in cable - why wasn't that mentioned?

    Posted by: westHollywood | Feb 9, 2009 7:34:06 PM


  7. Right, Hollywood - the fall of cable is sinking the private equity ship ---hopefully the gay print can stay afloat

    Posted by: DCRIGHT | Feb 9, 2009 10:39:20 PM


  8. Author, freelance writer, blogger, Bradley LaShawn Fowler filed a civil complaint against three leading bible publishers for promoting the ideal that homosexuals are perverts and would not inherit the kingdom of God! Afterwards, he loss his job, friends and much more. Additionally, his name and past lifestyle was slandered across the Internet in an effort to discredit his approach for standing up against the injustice demonstrated by these publishers, who have made billions selling their mixed messages of hate around the world.

    And since filing his civil suit, LaShawn authored a book titled Love Is God's Ultimate Message, detailing the life of a college professor who sues the bible committee for slandering homosexuals. Funny thing though, recently, LaShawn contacted the American Bible Society after discovering they had actually revised their 1982 King James Bible version bible, scripture: I Corinthians 6:9 to read as followed: Know ye not that the unrighteous shall not inheir the kingdom of God? Be not deceived: neither fornicators, nor idolaterers, nor adulterers, nor effeminate, nor abusers of themselves with mankind.

    However today that same scripture reads like this: Surely you know that the wicked will not possess God's Kingdom. Do not fool yourselves; people who are immoral or who worship idols or are adulterers or homosexual perverts.

    Meanwhile, LaShawn feverishly fights to promote his blog and sell his riveting novel that provides an exclusive inside look at the deception that has devoured the faith of countless innocent people around the globe. Question is, why hasn't he gained the support of the LGBT community?

    Moreover, do you think it's fair that his past actions should dictate his present, and prevent him from marketing this much needed resource, especially at a time when society needs to know the truth; at least as much truth as we are going to gain? Therefore, will you take a stand and support this cause and help promote the truth and LaShawn Fowler, by viewing his blog and ordering his new book: Love Is God's Ultimate Message?

    Learn details at: http://positivelightbooks.blogspot.com

    Also view, http://positivelight4lgbtliving.blogspot.com

    Thank you,

    Positive Light for Positive Living

    Posted by: LaShawn Fowler | Dec 6, 2010 12:47:11 AM


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