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Albert M. Hochstadt (Al Hochstadt) of Boca Raton, Flordia is a an American businessman, land developer and former broadcasting executive.

Broadcasting History

Hochstadt used to own Z-Rock Communications, a Flordia corporation, which held Rook Broadcasting of Idaho, Inc. as a subsidiary of the corporation. Z-Rock owned KNJY located in Spokane, Washington and Rook Broadcasting owned KCDA, which also was broadcasting to the Spokane, Washington area.

During his history as a principle figure in Z-Rock and Rook Broadcasting, Hochstadt faced a series of challenges to his development, including a clash with the Spokane, Washington community and Falls Community College. At the time of the conflict, Hochstadt held an FCC construction permit but did not possess an operating license, of which he cited as irrelevant to the approval of building the tower.[1] In September 1997, Washington Broadcasting Corp. was formed as a means of competing in a consolidating marketplace country station KCDA-FM and rock music station KNJY-FM[2] Sale of the two stations was closed on November 24, 1998.

Florida administratively dissolved Z-Rock for failure to file an annual report on September 21, 2001 and Idaho administratively dissolved Rook Broadcasting for failure to comply with Idaho’s annual requirements.

Z-Rock (KNJY) and Rook (KCDA)[3]

As early as possibly 1992, discussions were initiated to conduct a sale of the stations, with Z-Rock and Rook engaging the services of William A. Exline, Inc. to broker the sale of the two stations. According to SEC filings on June 13, 1996, Triathlon Broadcasting (NASDAQ Small Cap: TBCOA) was seeking to provide services under a joint sales agreement to KNJY and KCDA.[4] Although the sale of KNJY and KCDA was closed on November 24, 1998, a legal dispute arose surrounding the timing of AGM granting Citadel Communication Corporation an option to purchase KNJY on October 12, 1998. Exline was cited as the broker for the purchase agreement on February 2, 1999 executed between Citadel and AGM.

Prior to initiating a lawsuit against Exline and AGM-Nevada in Florida on November 22, 2002, a lawsuit was filed in a federal court in Texas against Citadel and Capstar on April 5, 2000 alleging conspiracy between Citadel, Capstar, AGM and Exline. Grounds for the action was based on unlawful restraint of trade and monopolization in the Spokane, Washington marketplace. On August 6, 2004, the United States District Court for N.D. Florida, granted summary judgment in favor of the defendants against the suit filed November 22, 2002.

Wall Street History

Hochstadt is one of a group of investors who received a share of the $1.4 billion dollar settlement against 10 Wall Street brokerage houses due to an SEC document listing shares sold by Merrill Lynch that had potentially corrupted by "conflicted analyst research.". Merrill Lynch formally denied any wrong-doing in connection with Hochstadt's account, stating that Hochstadt owned stock in the companies prior to transferring his account to the company.[5]

ABA Hail Restoration

In 2005, Hochstadt was president of ABA Hail Restoration when the company went bankrupt when sued for consumer fraud relating to noncompletion of roof repairs in Boca Ratan.[6]

The Plaza Hotel Development

Hochstadt became a controversial figure in connection with land development in Sarasota, Florida when plans for a hotel development in the Burns Square community.

Ownership History of the Building[7]

Hochstadt purchased a 12,900 sq. ft., 3-story office building located at 630 S. Orange Ave. in downtown Sarasota for $1.5 million dollars in December of 2005 as a part of his 20+ year personal land development strategy.

With a loan of $2.5 million dollars from Equitable Bank for development of a 173-room hotel on the site, Hochstadt transferred the property title to Plaza Hotel Group Inc. in December 2008 and 1st United Bank[8] foreclosed on the loan in 2009.

In May of 2010, Plaza Hotel Group sold the property to Swift Center LLC, registered to Sarasota contractor Jon. F. Swift.

References

References:



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