Ultimate Electronics' fifth largest creditor wasn't an electronics or white goods supplier, but a radio station. Boulder's Daily Camera article written by Erica Meltzer details that Ultimate failed to pay KBCO, a Clear Channel FM station, $360,000 for sales of their annual fundraising project, the Studio C compilation CD.
For the past 22 years KBCO has released a compilation of performances from their on-air live concert series "From Studio C." It always sells out within hours. All profits are earmarked for local Boulder area charities. This year Ultimate's stiffing of KBCO could have spelled disaster for the non-profits, who usually receive money from the sales, but Clear Channel stepped up and made sure that every non-profit received their checks.
I can't help but wonder what makes Mark Wattles, Ultimate Electronics principal shareholder and CEO much different from Mark Shifter, who spent time in jail for not paying charities their share of several unlicensed raffles held on his defunct website, AV123. Ultimate's non-payment could have created a much more hurtful scenario than Shifters' if Clear Channel hadn't stepped in to make things right out of their own pocket.
Bravo Clear Channel.