COMEDIAN Kevin “Bloody” Wilson’s ambitious Internet Radio station Worldwide FM has been put into the hands of administrators, leaving creditors with little likelihood of receiving a significant return.
COMEDIAN Kevin “Bloody” Wilson’s ambitious Internet Radio station Worldwide FM has been put into the hands of administrators, leaving creditors with little likelihood of receiving a significant return.
The company behind the radio move, Worldwidefm.net Pty Ltd, was put into the hands of administrators Melsom Robson a month ago, less than two years after junior resource company Allied Mining & Processing acquired a 25 per cent interest in the project during the heady days of the tech boom.
Allied is understood to have invested $200,000 in the Internet audio design company, which developed two web-based radio stations, including a dedicated West Coast Eagles Internet radio station.
www.westcoasteagles.com.au broadcast club news, including interviews with players, weekly comments from the coach and regular updated profiles on players during the 2000 season.
However, the involvement with the West Coast Eagles was not renewed after the 2000 season due to financial considerations and a decision by the club to work with a new web development company.
Allied chairman Michael Perrot also is a director on the board of the West Coast Eagles.
West Coast Eagles Innovations Manager Steve Rosich said the club was very happy with the station last season but had opted to end the relationship and work with a new web development company, Sportal.
When Allied first acquired a 25 per cent interest in Worldwide FM, Allied’s directors, including Mohammed El-Ansary, estimated the market for audio content and Internet radio stations was worth more than $16 million.
Worldwide FM was placed in voluntary administration from June 25 this year with accounting firm Melsom Robson Chartered Accountants appointed to oversee proceed-ings.
It’s understood a distribution will be paid to the creditors in the near future somewhere in the vicinity of 10 cents in the dollar.
Melsom Robson Chartered Accountants partner Evan Verge confirmed the creditors will not receive any large payments as part of the distribution.
“His (Mr Wilson’s) own entities are the largest creditors,” Mr Verge said.
“It didn’t take off largely because he was not around to promote it. I think they (Allied) were going to be principle partners, (then) they decided not to take it any further.”
Mr Verge maintained it was a “small fry” project whose existence had not been heavily publicised.
“I guess the original aim was that they (Allied) would be the promoters and Kevin would be the focal point of it all,” Mr Verge said.
