<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 26, 1996
REGISTRATION NO. 333-10267
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- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 2
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
---------------------
PAXSON COMMUNICATIONS CORPORATION
(Exact name of Registrant as specified in its charter)
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<S> <C>
DELAWARE 59-3212788
(State or other jurisdiction of incorporation (I.R.S. Employer Identification No.)
or organization)
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---------------------
SEE TABLE OF ADDITIONAL REGISTRANTS
---------------------
601 CLEARWATER PARK ROAD
WEST PALM BEACH, FLORIDA 33401
(561) 659-4122
(Address, including zip code, and telephone number, including area code, of
Registrant's principal executive offices)
ANTHONY L. MORRISON, ESQ.
SECRETARY, VICE PRESIDENT, AND GENERAL COUNSEL
PAXSON COMMUNICATIONS CORPORATION
601 CLEARWATER PARK ROAD
WEST PALM BEACH, FLORIDA 33401
(561) 659-4122
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
COPIES TO:
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MICHAEL L. JAMIESON, ESQ. ROGER MELTZER, ESQ.
HOLLAND & KNIGHT CAHILL GORDON & REINDEL
400 NORTH ASHLEY DRIVE, SUITE 2050 80 PINE STREET
TAMPA, FLORIDA 33602 NEW YORK, NEW YORK 10005
(813) 227-8500 (212) 701-3000
</TABLE>
---------------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: As soon
as practicable after this Registration Statement becomes effective.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. / /
If any of the securities on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other
than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. / /
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. / /
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier registration statement for the same
offering. / /
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. / /
THE REGISTRANTS HEREBY AMEND THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANTS
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.
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<PAGE> 2
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
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Registration fees -- Securities and Exchange Commission.......................... $ 51,724
NASD Filing Fee.................................................................. 15,500
Legal fees and expenses*......................................................... 300,000
Accounting fees and expenses*.................................................... 410,000
Printing and engraving expenses*................................................. 300,000
Blue Sky fees and expenses*...................................................... 20,000
Transfer Agent's fees and expenses*.............................................. 10,000
Miscellaneous*................................................................... 92,776
----------
Total.................................................................. $1,200,000
==========
</TABLE>
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* Estimated
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Company is a Delaware corporation. The Company's Certificate of
Incorporation and Bylaws provide for the mandatory indemnification of the
directors and officers to the fullest extent permitted by the Delaware General
Corporation Law. Reference is made to the Delaware General Corporation Law and
to Section 145 thereof, which permits, and in some cases requires,
indemnification of directors, officers, employees and agents of the Company
under certain circumstances, subject to certain limitations.
The Delaware general corporation law permits the indemnification by a
Delaware corporation of its directors, officers, employees and other agents
against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement in connection with specified actions, suits or proceedings,
whether civil, criminal, administrative or investigative (other than derivative
actions that are by or in the right of the corporation) if they acted in good
faith and in a manner they reasonably believe to be in or not opposed to the
best interests of the corporation, and, with respect to any criminal action or
proceedings, had no reasonable cause to believe their conduct was illegal. A
similar standard of care is applicable in the case of derivative actions, except
that indemnification extends only to expenses (including attorneys' fees)
incurred in connection with defense or settlement of such an action, and court
approval is required before there can be any indemnification if the person
seeking indemnification has been found liable to the corporation.
The underwriters also will agree to indemnify the directors and officers of
the Company against certain liabilities as set forth in Section 8 of the
Underwriting Agreement (see Exhibit 1 hereof).
The Company has purchased insurance with respect to, among other things,
any liabilities that may arise under the statutory provisions referred to above.
II-1
<PAGE> 3
ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
(a) Exhibits
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EXHIBIT
NUMBER DESCRIPTION
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1 -- Underwriting Agreement***
3.1 -- Certificate of Designation***
3.2.1 -- Articles of Incorporation of Paxson Communications of Florida, Inc.*
3.2.2 -- Bylaws of Paxson Communications of Florida, Inc.*
3.3.1 -- Articles of Incorporation of Paxson Communications LP, Inc.*
3.3.2 -- Bylaws of Paxson Communications LP, Inc.*
3.4.1 -- Articles of Incorporation of Paxson Communications Management Company*
3.4.2 -- Bylaws of Paxson Communications Management Company*
3.5.1 -- Articles of Incorporation of Paxson Communications Marketing, Inc.*
3.5.2 -- Bylaws of Paxson Communications Marketing, Inc.*
3.6.1 -- Articles of Incorporation of Paxson Communications Networks, Inc.*
3.6.2 -- Bylaws of Paxson Communications Networks, Inc.*
3.7.1 -- Articles of Incorporation of Excel Marketing Enterprises, Inc.*
3.7.2 -- Bylaws of Excel Marketing Enterprises, Inc.*
3.8.1 -- Articles of Incorporation of Paxson Outdoor, Inc.*
3.8.2 -- Bylaws of Paxson Outdoor, Inc.*
3.9.1 -- Articles of Incorporation of Paxson Networks, Inc.*
3.9.2 -- Bylaws of Paxson Networks, Inc.*
3.10.1 -- Articles of Incorporation of Paxson Communications Television, Inc.*
3.10.2 -- Bylaws of Paxson Communications Television, Inc.*
3.11.1 -- Limited Partnership Agreement of Paxson Broadcasting of Jacksonville, Limited
Partnership*
3.11.2 -- Certificate of Limited Partnership of Paxson Broadcasting of Jacksonville,
Limited Partnership*
3.12.1 -- Limited Partnership Agreement of Paxson Broadcasting of Miami, Limited
Partnership*
3.12.2 -- Certificate of Limited Partnership of Paxson Broadcasting of Miami, Limited
Partnership*
3.13.1 -- Limited Partnership Agreement of Paxson Broadcasting of Orlando, Limited
Partnership*
3.13.2 -- Certificate of Limited Partnership of Paxson Broadcasting of Orlando, Limited
Partnership*
3.14.1 -- Limited Partnership Agreement of Paxson Broadcasting of Tampa, Limited
Partnership*
3.14.2 -- Certificate of Limited Partnership of Paxson Broadcasting of Tampa, Limited
Partnership*
3.15.1 -- Limited Partnership Agreement of Paxson Tampa License Limited Partnership*
3.15.2 -- Certificate of Limited Partnership of Paxson Tampa License Limited Partnership*
3.16.1 -- Limited Partnership Agreement of Paxson Jacksonville License Limited
Partnership*
3.16.2 -- Certificate of Limited Partnership of Paxson Jacksonville License Limited
Partnership*
3.17.1 -- Limited Partnership Agreement of Paxson Miami License Limited Partnership*
3.17.2 -- Certificate of Limited Partnership of Paxson Miami License Limited Partnership*
3.18.1 -- Limited Partnership Agreement of Paxson Orlando License Limited Partnership*
3.18.2 -- Certificate of Limited Partnership of Paxson Orlando License Limited
Partnership*
3.19.1 -- Limited Partnership Agreement of Paxson Communications of Atlanta-14, Inc.*
3.19.2 -- Certificate of Limited Partnership of Paxson Communications of Atlanta-14, Inc.*
3.20.1 -- Articles of Incorporation of Paxson Atlanta License, Inc.*
3.20.2 -- Bylaws of Paxson Atlanta License, Inc.*
3.21.1 -- Articles of Incorporation of Paxson Communications of Boston-60, Inc.*
3.21.2 -- Bylaws of Paxson Communications of Boston-60, Inc.*
3.22.1 -- Articles of Incorporation of Paxson Boston License, Inc.*
3.22.2 -- Bylaws of Paxson Boston License, Inc.*
3.23.1 -- Articles of Incorporation of Paxson Communications of Dallas-68, Inc.*
3.23.2 -- Bylaws of Paxson Communications of Dallas-68, Inc.*
3.24.1 -- Articles of Incorporation of Paxson Dallas License, Inc.*
</TABLE>
II-2
<PAGE> 4
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
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3.24.2 -- Bylaws of Paxson Dallas License, Inc.*
3.25.1 -- Articles of Incorporation of Paxson Communications of New London-26, Inc.*
3.25.2 -- Bylaws of Paxson Communications of New London-26, Inc.*
3.26.1 -- Articles of Incorporation of Paxson New London License, Inc.*
3.26.2 -- Bylaws of Paxson New London License, Inc.*
3.27.1 -- Articles of Incorporation of Paxson Communications of Philadelphia-61, Inc.*
3.27.2 -- Bylaws of Paxson Communications of Philadelphia-61, Inc.*
3.28.1 -- Articles of Incorporation of Paxson Philadelphia License, Inc.*
3.28.2 -- Bylaws of Paxson Philadelphia License, Inc.*
3.29.1 -- Articles of Incorporation of Paxson Communications of Miami-35, Inc.*
3.29.2 -- Bylaws of Paxson Communications of Miami-35, Inc.*
3.30.1 -- Articles of Incorporation of Paxson Communications of San Jose-65, Inc.*
3.30.2 -- Bylaws of Paxson Communications of San Jose-65, Inc.*
3.31.1 -- Articles of Incorporation of Paxson San Jose License, Inc.*
3.31.2 -- Bylaws of Paxson San Jose License, Inc.*
3.32.1 -- Articles of Incorporation of Paxson Communications of Tampa-66, Inc.*
3.32.2 -- Bylaws of Paxson Communications of Tampa-66, Inc.*
3.33.1 -- Articles of Incorporation of Paxson Communications of West Palm Beach-25, Inc.*
3.33.2 -- Bylaws of Paxson Communications of West Palm Beach-25, Inc.*
3.34.1 -- Articles of Incorporation of Paxson West Palm Beach License, Inc.*
3.34.2 -- Bylaws of Paxson West Palm Beach License, Inc.*
3.35.1 -- Articles of Incorporation of Paxson Communications of Los Angeles-30, Inc.*
3.35.2 -- Bylaws of Paxson Communications of Los Angeles-30, Inc.*
3.36.1 -- Articles of Incorporation of Paxson Los Angeles License, Inc.*
3.36.2 -- Bylaws of Paxson Los Angeles License, Inc.*
3.37.1 -- Articles of Incorporation of Paxson Communications of Minneapolis-41, Inc.*
3.37.2 -- Bylaws of Paxson Communications of Minneapolis-41, Inc.*
3.38.1 -- Articles of Incorporation of Paxson Communications of St. Louis-13, Inc.*
3.38.2 -- Bylaws of Paxson Communications of St. Louis-13, Inc.*
3.39.1 -- Articles of Incorporation of Paxson Minneapolis License, Inc.*
3.39.2 -- Bylaws of Paxson Minneapolis License, Inc.*
3.40.1 -- Articles of Incorporation of Paxson Communications of Cookeville, Inc.*
3.40.2 -- Bylaws of Paxson Communications of Cookeville, Inc.*
3.41.1 -- Articles of Incorporation of Paxson Cookeville License, Inc.*
3.41.2 -- Bylaws of Paxson Cookeville License, Inc.*
3.42.1 -- Articles of Incorporation of Paxson Communications of Ft. Pierce-34, Inc.*
3.42.2 -- Bylaws of Paxson Communications of Ft. Pierce-34, Inc.*
3.43.1 -- Articles of Incorporation of Paxson Communications of Orlando-56, Inc.*
3.43.2 -- Bylaws of Paxson Communications of Orlando-56, Inc.*
3.44.1 -- Articles of Incorporation of Paxson Communications of Houston-49, Inc.*
3.44.2 -- Bylaws of Paxson Communications of Houston-49, Inc.*
3.45.1 -- Articles of Incorporation of Paxson Houston License, Inc.*
3.45.2 -- Bylaws of Paxson Houston License, Inc.*
3.46.1 -- Articles of Incorporation of Infomall TV Network, Inc.*
3.46.2 -- Bylaws of Infomall TV Network, Inc.*
3.47.1 -- Articles of Incorporation of Paxson St. Louis License, Inc.*
3.47.2 -- Bylaws of Paxson St. Louis License, Inc.*
3.48.1 -- Articles of Incorporation of Infomall Cable Network, Inc.*
3.48.2 -- Bylaws of Infomall Cable Network, Inc.*
3.49.1 -- Articles of Incorporation of Paxson Communications of Cleveland-67, Inc.*
3.49.2 -- Bylaws of Paxson Communications of Cleveland-67, Inc.*
</TABLE>
II-3
<PAGE> 5
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
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3.50.1 -- Articles of Incorporation of Paxson Communications of Washington-60, Inc.*
3.50.2 -- Bylaws of Paxson Communications of Washington-60, Inc.*
3.51.1 -- Articles of Incorporation of Paxson Washington License, Inc.*
3.51.2 -- Bylaws of Paxson Washington License, Inc.*
3.52.1 -- Articles of Incorporation of Paxson Communications of Phoenix-13, Inc.*
3.52.2 -- Bylaws of Paxson Communications of Phoenix-13, Inc.*
3.53.1 -- Articles of Incorporation of Paxson Phoenix License, Inc.*
3.53.2 -- Bylaws of Paxson Phoenix License, Inc.*
3.54.1 -- Articles of Incorporation of Infomall Los Angeles, Inc.*
3.54.2 -- Bylaws of Infomall Los Angeles, Inc.*
3.55.1 -- Articles of Incorporation of Paxson Communications of Milwaukee-55, Inc.*
3.55.2 -- Bylaws of Paxson Communications of Milwaukee-55, Inc.*
3.56.1 -- Articles of Incorporation of Paxson Communications of Denver-59, Inc.*
3.56.2 -- Bylaws of Paxson Communications of Denver-59, Inc.*
3.57.1 -- Articles of Incorporation of Paxson Communications of New York-43, Inc.*
3.57.2 -- Bylaws of Paxson Communications of New York-43, Inc.*
3.58.1 -- Articles of Incorporation of Paxson New York License, Inc.*
3.58.2 -- Bylaws of Paxson New York License, Inc.*
3.59.1 -- Articles of Incorporation of Paxson Communications of Akron-23, Inc.*
3.59.2 -- Bylaws of Paxson Communications of Akron-23, Inc.*
3.60.1 -- Articles of Incorporation of Paxson Akron License, Inc.*
3.60.2 -- Bylaws of Paxson Akron License, Inc.*
3.61.1 -- Articles of Incorporation of Paxson Communications of Dayton-26, Inc.*
3.61.2 -- Bylaws of Paxson Communications of Dayton-26, Inc.*
3.62.1 -- Articles of Incorporation of Paxson Sports of Miami, Inc.**
3.62.2 -- Bylaws of Paxson Sports of Miami, Inc.**
3.63.1 -- Articles of Incorporation of Paxson Communications of San Juan, Inc.**
3.63.2 -- Bylaws of Paxson Communications of San Juan, Inc.**
3.64.1 -- Articles of Incorporation of Paxson Communications of Battle Creek-43, Inc.**
3.64.2 -- Bylaws of Paxson Communications of Battle Creek-43, Inc.**
3.65.1 -- Articles of Incorporation of Paxson Communications of Albany-55, Inc.**
3.65.2 -- Bylaws of Paxson Communications of Albany-55, Inc.**
3.66.1 -- Articles of Incorporation of Paxson Albany License, Inc.**
3.66.2 -- Bylaws of Paxson Albany License, Inc.**
3.67.1 -- Articles of Incorporation of Paxson Communications of Raleigh Durham-47, Inc.**
3.67.2 -- Bylaws of Paxson Communications of Raleigh Durham-47, Inc.**
3.68.1 -- Articles of Incorporation of Paxson Communications L.P.T.V., Inc.**
3.68.2 -- Bylaws of Paxson Communications L.P.T.V., Inc.**
3.69.1 -- Articles of Incorporation of Paxson Dayton License, Inc.**
3.69.2 -- Bylaws of Paxson Dayton License, Inc.**
3.70.1 -- Articles of Incorporation of Paxson Denver License, Inc.**
3.70.2 -- Bylaws of Paxson Denver License, Inc.**
3.71.1 -- Articles of Incorporation of Paxson Communications of Providence-69, Inc.**
3.71.2 -- Bylaws of Paxson Communications of Providence-69, Inc.**
3.72.1 -- Articles of Incorporation of Paxson Communications of Salt Lake City-16, Inc.**
3.72.2 -- Bylaws of Paxson Communications of Salt Lake City-16, Inc.**
3.73.1 -- Articles of Incorporation of Paxson Communications of Greensboro-16, Inc.**
3.73.2 -- Bylaws of Paxson Communications of Greensboro-16, Inc.**
3.74.1 -- Articles of Incorporation of Paxson Greensboro License, Inc.**
3.74.2 -- Bylaws of Paxson Greensboro License, Inc.**
3.75.1 -- Articles of Incorporation of Paxson Communications of Tulsa-44, Inc.**
</TABLE>
II-4
<PAGE> 6
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
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<S> <C> <C>
3.75.2 -- Bylaws of Paxson Communications of Tulsa-44, Inc.**
3.76.1 -- Articles of Incorporation of Paxson Communications of Tallahassee, Inc.**
3.76.2 -- Bylaws of Paxson Communications of Tallahassee, Inc.**
3.77.1 -- Articles of Incorporation of Paxson Tallahassee License, Inc.**
3.77.2 -- Bylaws of Paxson Tallahassee License, Inc.**
3.78.1 -- Articles of Incorporation of Pax Jax, Inc.**
3.78.2 -- Bylaws of Pax Jax, Inc.**
3.79.1 -- Articles of Incorporation of Paxson Sports Ventures Company**
3.79.2 -- Bylaws of Paxson Sports Ventures Company**
3.80.1 -- Articles of Incorporation of PCC Direct, Inc.**
3.81.2 -- Bylaws of PCC Direct, Inc.**
3.83.1 -- Articles of Incorporation of Paxson Communications of Oklahoma City-62, Inc.**
3.83.2 -- Bylaws of Paxson Communications of Oklahoma City-62, Inc.**
3.84.1 -- Articles of Incorporation of Paxson/R&R Network, Inc.**
3.84.2 -- Bylaws of Paxson/R&R Network, Inc.**
3.85.1 -- Articles of Incorporation of Paxson Communications of Sacramento-29, Inc.**
3.85.2 -- Bylaws of Paxson Communications of Sacramento-29, Inc.**
3.86.1 -- Articles of Incorporation of Paxson Sacramento License, Inc.**
3.86.2 -- Bylaws of Paxson Sacramento License, Inc.**
3.87.1 -- Articles of Incorporation of Paxson Communications of Seattle-24, Inc.**
3.87.2 -- Bylaws of Paxson Communications of Seattle-24, Inc.**
3.88.1 -- Articles of Incorporation of Paxson Seattle License, Inc.**
3.88.2 -- Bylaws of Paxson Seattle License, Inc.**
3.89.1 -- Articles of Incorporation of Paxson Communications of Boston-46, Inc.**
3.89.2 -- Bylaws of Paxson Communications of Boston-46, Inc.**
3.90.1 -- Articles of Incorporation of Paxson Communications of Little Rock-42, Inc.**
3.90.2 -- Bylaws of Paxson Communications of Little Rock-42, Inc.**
3.91.1 -- Articles of Incorporation of Paxson Little Rock License, Inc.**
3.91.2 -- Bylaws of Paxson Little Rock License, Inc.**
3.92.1 -- Articles of Incorporation of Paxson Communications of Phoenix-51, Inc.**
3.92.2 -- Bylaws of Paxson Communications of Phoenix-51, Inc.**
3.93.1 -- Articles of Incorporation of Paxson Communications of Birmingham-44, Inc.**
3.93.2 -- Bylaws of Paxson Communications of Birmingham-44, Inc.**
3.94.1 -- Articles of Incorporation of Paxson Birmingham License, Inc.**
3.94.2 -- Bylaws of Paxson Birmingham License, Inc.**
4.1 -- Old Indenture*
4.2 -- Indenture dated as of , 1996 by and between Paxson Communications
Corporation, the guarantors named therein and The Bank of New York, as Trustee,
with respect to the Exchange Debentures.***
5.1 -- Opinion of Holland & Knight regarding the legality of the New Preferred Stock,
including consent.
12 -- Calculation of ratio of earnings to combined fixed charges and preferred stock
dividends.**
23.1 -- Consent of Price Waterhouse LLP***
23.2 -- Consent of Holland & Knight (exhibit 5.1).
23.4 -- Consent of Dow, Lohnes & Albertson
23.5 -- Consent of Mathieson Aitken Jemison, LLP***
23.6 -- Consent of Robert Rossi & Company***
23.7 -- Consent of Schweitzer Rubin Karon & Premier***
23.8 -- Consent of Deloitte & Touche LLP***
24.1 -- Powers of Attorney (included on signature pages to Registration Statement).**
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II-5
<PAGE> 7
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
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25.1 -- Statement of Eligibility of Trustee on Form T-1 dated September 16, 1996
relating to Exchange Debentures.
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* Filed with the Company's Registration Statement on Form S-4, as amended,
dated January 23, 1996 (Registration No. 33-63765, incorporated herein by
reference).
** Previously filed with the Company's Registration Statement on Form S-3,
filed August 15, 1996.
*** Previously filed with Amendment No. 1 to the Registration Statement on Form
S-3, filed September 16, 1996.
(b) Financial Statement Schedules
All financial statement schedules are omitted because they are either
not applicable or the required information is included in the financial
statements or notes thereto appearing elsewhere in this Registration
Statement.
ITEM 17. UNDERTAKINGS.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers, and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has been
advised that in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in said act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Company of expenses incurred or
paid by a director, officer or controlling person of the Company in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the act and will be governed by the final adjudication of
such issue.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
II-6
<PAGE> 8
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, PAXSON
COMMUNICATIONS CORPORATION, a Delaware corporation, has duly caused this
Amendment No. 1 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of West Palm Beach, State of
Florida, on September 26, 1996.
PAXSON COMMUNICATIONS
CORPORATION
By: /s/ ANTHONY L. MORRISON
------------------------------------
Anthony L. Morrison
Vice President
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Amendment No. 1 to the Registration Statement has been signed by the
following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURES TITLE DATE
- --------------------------------------------- ---------------------------- -------------------
<C> <S> <C>
* Chairman of the Board, Chief September 26, 1996
- --------------------------------------------- Executive Officer, and
Lowell W. Paxson Director (Principal
Executive Officer)
* Vice President, Chief September 26, 1996
- --------------------------------------------- Financial Officer, and
Arthur D. Tek Director (Principal
Financial Officer)
* Controller (Principal September 26, 1996
- --------------------------------------------- Accounting Officer)
Kenneth M. Gamache
* President, Chief Operating September 26, 1996
- --------------------------------------------- Officer, and Director
James B. Bocock
* Director September 26, 1996
- ---------------------------------------------
Bruce L. Burnham
* Director September 26, 1996
- ---------------------------------------------
James L. Greenwald
* Director September 26, 1996
- ---------------------------------------------
John A. Kornreich
* Director September 26, 1996
- ---------------------------------------------
Michael J. Marocco
* Director September 26, 1996
- ---------------------------------------------
J. Patrick Michaels, Jr.
Director September 26, 1996
- ---------------------------------------------
S. William Scott
*By: /s/ ANTHONY L. MORRISON
- ---------------------------------------------
Anthony L. Morrison
Attorney-in-Fact
</TABLE>
II-7
<PAGE> 9
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the
Registrants listed directly below has duly caused this Amendment No. 1 to the
Registration Statement to be signed on its behalf, respectively, by the
undersigned, thereunto duly authorized, in the City of West Palm Beach, State of
Florida, on September 26, 1996.
GUARANTORS:
PAXSON COMMUNICATIONS OF FLORIDA, INC.,
a Florida corporation
PAXSON COMMUNICATIONS LP, INC.,
a Florida corporation
PAXSON COMMUNICATIONS MANAGEMENT COMPANY,
a Florida corporation
PAXSON COMMUNICATIONS MARKETING, INC.,
a Florida corporation
PAXSON COMMUNICATIONS NETWORKS, INC.,
a Florida corporation
EXCEL MARKETING ENTERPRISES, INC.,
a Florida corporation
PAXSON OUTDOOR, INC.,
a Florida corporation
PAXSON NETWORKS, INC.,
a Florida corporation
PAXSON COMMUNICATIONS TELEVISION, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF ATLANTA-14, INC.,
a Florida corporation
PAXSON ATLANTA LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF BOSTON-60, INC.,
a Florida corporation
PAXSON BOSTON LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF DALLAS-68, INC.,
a Florida corporation
PAXSON DALLAS LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF NEW LONDON-26, INC.,
a Florida corporation
PAXSON NEW LONDON LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF PHILADELPHIA-61,
INC.,
a Florida corporation
PAXSON PHILADELPHIA LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF MIAMI-35, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF SAN JOSE-65, INC.,
a Florida corporation
PAXSON SAN JOSE LICENSE, INC.,
a Florida corporation
II-8
<PAGE> 10
PAXSON COMMUNICATIONS OF TAMPA-66, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF WEST PALM BEACH-25,
INC.,
a Florida corporation
PAXSON WEST PALM BEACH LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF LOS ANGELES-30, INC.,
a Florida corporation
PAXSON LOS ANGELES LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF MINNEAPOLIS-41, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF ST. LOUIS-13, INC.,
a Florida corporation
PAXSON MINNEAPOLIS LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF COOKEVILLE, INC.,
a Florida corporation
PAXSON COOKEVILLE LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF FT. PIERCE-34, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF ORLANDO-56, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF HOUSTON-49, INC.,
a Florida corporation
PAXSON HOUSTON LICENSE, INC.,
a Florida corporation
INFOMALL TV NETWORK, INC.,
a Delaware corporation
PAXSON ST. LOUIS LICENSE, INC.,
a Florida corporation
INFOMALL CABLE NETWORK, INC.,
a Delaware corporation
PAXSON COMMUNICATIONS OF CLEVELAND-67, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF WASHINGTON-60, INC.,
a Florida corporation
PAXSON WASHINGTON LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF PHOENIX-13, INC.,
a Florida corporation
PAXSON PHOENIX LICENSE, INC.,
a Florida corporation
INFOMALL LOS ANGELES, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF MILWAUKEE-55, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF DENVER-59, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF NEW YORK-43, INC.,
a Florida corporation
II-9
<PAGE> 11
PAXSON NEW YORK LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF AKRON-23, INC.,
a Florida corporation
PAXSON AKRON LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF DAYTON-26, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF BATTLE CREEK-43,
INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF ALBANY-55, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF RALEIGH DURHAM-47,
INC.,
a Florida corporation
PAXSON COMMUNICATIONS L.P.T.V., INC.,
a Florida corporation
PAXSON DAYTON LICENSE, INC.,
a Florida corporation
PAXSON DENVER LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF PROVIDENCE-69, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF SALT LAKE CITY-16,
INC.,
a Florida corporation
PAXSON SPORTS OF MIAMI, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF SAN JUAN, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF BOSTON-46, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF PHOENIX-51, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF LITTLE ROCK-42, INC.,
a Florida corporation
PAXSON LITTLE ROCK LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF BIRMINGHAM-44, INC.,
a Florida corporation
PAXSON BIRMINGHAM LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF GREENSBORO-16, INC.,
a Florida corporation
PAXSON GREENSBORO LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF TULSA-44, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF TALLAHASSEE, INC.,
a Florida corporation
PAX JAX, INC.,
a Florida corporation
PAXSON SPORTS VENTURES COMPANY,
a Florida corporation
II-10
<PAGE> 12
PCC DIRECT, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF OKLAHOMA CITY-62,
INC.,
a Florida corporation
PAXSON TALLAHASSEE LICENSE, INC.,
a Florida corporation
PAXSON/R&R NETWORK, INC.,
a Florida corporation
PAXSON ALBANY LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF SACRAMENTO-29, INC.,
a Florida corporation
PAXSON SACRAMENTO LICENSE, INC.,
a Florida corporation
PAXSON COMMUNICATIONS OF SEATTLE-24, INC.,
a Florida corporation
PAXSON SEATTLE LICENSE, INC.,
a Florida corporation
By: /s/ ANTHONY L. MORRISON
-------------------------------------------
Name: Anthony L. Morrison
Title: Vice President
Pursuant to the requirements of the Securities Act of 1933, this Amendment
No. 1 to the Registration Statement has been signed by the following persons in
the capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURES TITLE DATE
- --------------------------------------------- --------------------------- -------------------
<C> <S> <C>
* Chairman and Director September 26, 1996
- --------------------------------------------- (Principal Executive
Lowell W. Paxson Officer)
* Vice President and Chief September 26, 1996
- --------------------------------------------- Financial Officer
Arthur D. Tek (Principal Financial
Officer)
*By: /s/ ANTHONY L. MORRISON
- ---------------------------------------------
Anthony L. Morrison
Attorney-in-Fact
</TABLE>
II-11
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, each of the
Registrants listed directly below has duly caused this Amendment No. 1 to the
Registration Statement to be signed on its behalf, respectively, by the
undersigned, thereunto duly authorized, in the City of West Palm Beach, State of
Florida, on September 26, 1996.
PAXSON BROADCASTING OF JACKSONVILLE, LIMITED
PARTNERSHIP,
a Florida limited partnership
PAXSON BROADCASTING OF MIAMI, LIMITED
PARTNERSHIP,
a Florida limited partnership
PAXSON BROADCASTING OF ORLANDO, LIMITED
PARTNERSHIP,
a Florida limited partnership
PAXSON BROADCASTING OF TAMPA, LIMITED
PARTNERSHIP,
a Florida limited partnership
PAXSON TAMPA LICENSE LIMITED PARTNERSHIP,
a Florida limited partnership
PAXSON JACKSONVILLE LICENSE LIMITED
PARTNERSHIP,
a Florida limited partnership
PAXSON MIAMI LICENSE LIMITED PARTNERSHIP,
a Florida limited partnership
PAXSON ORLANDO LICENSE LIMITED PARTNERSHIP,
a Florida limited partnership
By: Paxson Communications of Florida, Inc.,
the general partner of each of the entities
listed above
By: /s/ ANTHONY L. MORRISON
-------------------------------------------
Name: Anthony L. Morrison
Title: Vice President
Pursuant to the requirements of the Securities Act of 1933, this Amendment
No. 1 to the Registration Statement has been signed by the following person in
the capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURES TITLE DATE
- --------------------------------------------- --------------------------- -------------------
<C> <S> <C>
* Chairman and sole Director September 26, 1996
- --------------------------------------------- of Paxson Communications
Lowell W. Paxson of Florida, Inc.
*By: /s/ ANTHONY L. MORRISON
- ---------------------------------------------
Anthony L. Morrison
Attorney-in-Fact
</TABLE>
II-12
<PAGE> 1
<TABLE>
<S> <C>
Law Offices
HOLLAND & KNIGHT A Partnership Including Professional Corporations
625 North Flagler Drive, Suite 700 Atlanta Orlando
P.O. Box 3208 (ZIP 33402-3208) Fort Lauderdale St. Petersburg
West Palm Beach, Florida 33401 Jacksonville Tallahassee
Lakeland Tampa
407-833-2000 Miami Washington, D.C.
FAX 407-650-8399
</TABLE>
September 26, 1996
Paxson Communications Corporation
601 Clearwater Park Road
West Palm Beach, Florida 33401
Re: Registration Statement on Form S-3
(File No. 333-10267)
Gentlemen:
We have acted as counsel for Paxson Communications Corporation (the
"Company") in connection with the Registration Statement (the "Registration
Statement") on Form S-3 (File No. 333-10267) filed by the Company with the
Securities and Exchange Commission for the purpose of registering under the
Securities Act of 1933 (the "Securities Act") an aggregate of 150,000 shares of
the __% Cumulative Exchangeable Preferred Stock, par value $.001 per share, of
the Company (the "Preferred Stock"), and such indeterminate amount of the
Company's __% Exchange Debentures due 2006 (the "Exchange Debentures") as may
be issuable upon exchange of the Preferred Stock.
For purposes of rendering the opinion expressed herein, we have
examined originals, or copies certified to our satisfaction, of such corporate
records of the Company, certificates of public officials and representatives of
the Company, and other documents as we have deemed it necessary to require as a
basis for such opinion.
Based upon the foregoing, and having regard for legal considerations
that we deem relevant, it is our opinion that the Preferred Stock will be, when
and if issued and sold as contemplated in the Registration Statement, duly
authorized, legally issued and fully paid and non-assessable, and that the
Exchange Debentures, when and if issued in exchange for Preferred Stock as
contemplated in the Registration Statement, will constitute binding obligations
of the Company, subject to the limitations of bankruptcy, insolvency,
reorganization, moratorium or other laws or judicial decisions affecting the
enforcement of creditors' rights generally and general principles of equity.
<PAGE> 2
Paxson Communications Corporation
September 26, 1996
Page 2
We hereby consent to the filing of this opinion as Exhibit 5 to the
Registration Statement, and to the reference to this firm under the caption
"Legal Matters" contained in the prospectus filed as a part thereof. In giving
such consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section 7 of the Securities Act.
Very truly yours,
/s/ Holland & Knight
----------------------------
Holland & Knight
WPB-55642
<PAGE> 1
EXHIBIT 23.4
CONSENT OF SPECIAL LEGAL COUNSEL
This undersigned has acted special counsel to Paxson Communications
Corporation, a Delaware corporation (the "Company"), in connection with certain
matters described in the Company's Registration Statement on Form S-3,
Registration No. 333-10267, which is incorporated by reference in this
Registration Statement, and consents to the reference to the undersigned under
the caption "Legal Matters" in the Prospectus included in the Registration
Statement on Form S-3, Registration No. 333-10267, which is incorporated by
reference herein.
DOW, LOHNES & ALBERTSON, PLLC
/s/
-----------------------------------
September 25, 1996
<PAGE> 1
================================================================================
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) |__|
----------------------
THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
New York 13-5160382
(State of incorporation (I.R.S. employer
if not a U.S. national bank) identification no.)
48 Wall Street, New York, N.Y. 10286
(Address of principal executive offices) (Zip code)
----------------------
PAXSON COMMUNICATIONS CORPORATION
(Exact name of obligor as specified in its charter)
Delaware 59-3212788
(State or other jurisdiction of (ID.R.S. employer
incorporation or organization) identification no.)
SEE TABLE OF ADDITIONAL REGISTRANTS
-----------------------------------
601 Clearwater Park Road
West Palm Beach, Florida 33401
(Address of principal executive offices) (Zip code)
----------------------
% Exchange Debentures due 2006
(Title of the indenture securities)
================================================================================
<PAGE> 2
-------------------------
TABLE OF ADDITIONAL REGISTRANTS
<TABLE>
<CAPTION>
State or Other I.R.S. Employer
Name Jurisdiction of Identification Number
Incorporation/
Organization
<S> <C> <C>
PAXSON COMMUNICATIONS OF Florida 59-3212231
FLORIDA, INC.
PAXSON COMMUNICATIONS LP, Florida 59-3212236
INC.
PAXSON COMMUNICATIONS Florida 59-3212233
MANAGEMENT COMPANY
PAXSON COMMUNICATIONS Florida 59-3212234
MARKETING, INC.
PAXSON COMMUNICATIONS Florida 59-3212235
NETWORKS, INC.
EXCEL MARKETING ENTERPRISES, Florida 59-290713
INC.
PAXSON OUTDOOR, INC. Florida 59-3202387
PAXSON NETWORKS, INC. Florida 59-3212238
PAXSON COMMUNICATIONS Florida 59-3283729
TELEVISION, INC.
PAXSON BROADCASTING OF Florida 59-3075827
JACKSONVILLE, LIMITED
PARTNERSHIP
PAXSON BROADCASTING OF MIAMI, Florida 59-3095656
LIMITED PARTNERSHIP
PAXSON BROADCASTING OF Florida 59-3095659
ORLANDO, LIMITED PARTNERSHIP
PAXSON BROADCASTING OF Florida 59-3075825
TAMPA, LIMITED PARTNERSHIP
PAXSON TAMPA LICENSE LIMITED Florida 59-3291861
PARTNERSHIP
PAXSON JACKSONVILLE LICENSE Florida 59-3291869
LIMITED PARTNERSHIP
PAXSON MIAMI LICENSE LIMITED Florida 59-3291871
PARTNERSHIP
PAXSON ORLANDO LICENSE Florida 59-3291865
LIMITED PARTNERSHIP
PAXSON COMMUNICATIONS OF Florida 59-3235962
ATLANTA-14, INC.
PAXSON ATLANTA LICENSE, INC. Florida 59-3291854
PAXSON COMMUNICATIONS OF Florida 59-3283737
BOSTON-60, INC.
PAXSON BOSTON LICENSE, INC. Florida 59-3283741
PAXSON COMMUNICATIONS OF Florida 59-3283742
DALLAS-68, INC.
PAXSON DALLAS LICENSE, INC. Florida 59-3283743
PAXSON COMMUNICATIONS OF NEW Florida 59-3283739
LONDON-26, INC.
PAXSON NEW LONDON LICENSE, Florida 59-3283736
INC.
</TABLE>
-2-
<PAGE> 3
<TABLE>
<S> <C> <C>
PAXSON COMMUNICATIONS OF Florida 59-3283731
PHILADELPHIA-61, INC.
PAXSON PHILADELPHIA LICENSE, Florida 59-3283730
INC.
PAXSON COMMUNICATIONS OF Florida 65-0471066
MIAMI-35, INC.
PAXSON COMMUNICATIONS OF Florida 59-3283735
SAN JOSE-65, INC.
PAXSON SAN JOSE LICENSE, Florida 59-3283733
INC.
PAXSON COMMUNICATIONS OF Florida 59-3227558
TAMPA-66, INC.
PAXSON COMMUNICATIONS OF Florida 59-3236008
WEST PALM BEACH-25, INC.
PAXSON WEST PALM BEACH Florida 59-3291836
LICENSE, INC.
PAXSON COMMUNICATIONS OF Florida 59-3295991
LOS ANGELES-30, INC.
PAXSON LOS ANGELES LICENSE, Florida 59-3295992
INC.
PAXSON COMMUNICATIONS OF Florida 59-3295983
MINNEAPOLIS-41, INC.
PAXSON COMMUNICATIONS OF ST. Florida 59-3295985
LOUIS-13, INC.
PAXSON MINNEAPOLIS LICENSE, Florida 59-3295988
INC.
PAXSON COMMUNICATIONS OF Florida 62-1593701
COOKEVILLE, INC.
PAXSON COOKEVILLE LICENSE, Florida 59-3348143
INC.
PAXSON COMMUNICATIONS OF Florida 65-0587768
FT. PIERCE-34, INC.
PAXSON COMMUNICATIONS OF Florida 59-3297996
ORLANDO-56, INC.
PAXSON COMMUNICATIONS OF Florida 76-0461679
HOUSTON,-49, INC.
PAXSON HOUSTON LICENSE, INC. Florida 76-0461475
INFOMALL TV NETWORK, INC. Delaware 59-3298735
PAXSON ST. LOUIS LICENSE, INC. Florida 59-3319717
INFOMALL CABLE NETWORK, INC. Delaware 59-3319718
PAXSON COMMUNICATIONS OF Florida 59-3319725
CLEVELAND-67, INC.
PAXSON COMMUNICATIONS OF Florida 59-3319720
WASHINGTON-60, INC.
PAXSON WASHINGTON LICENSE, Florida 59-3319719
INC.
PAXSON COMMUNICATIONS OF Florida 59-3295991
PHOENIX-13, INC.
PAXSON PHOENIX LICENSE, INC. Florida 65-0625873
INFOMALL LOS ANGELES, INC. Florida 58-2217093
PAXSON COMMUNICATIONS OF Florida 65-0625874
MILWAUKEE-55, INC.
PAXSON COMMUNICATIONS OF Florida 65-0603895
DENVER-59, INC.
PAXSON COMMUNICATIONS OF Florida 65-0611723
NEW YORK-43, INC.
PAXSON NEW YORK LICENSE, Florida 65-0611721
</TABLE>
- 3 -
<PAGE> 4
<TABLE>
<S> <C> <C>
INC.
PAXSON COMMUNICATIONS OF Florida 65-0611718
AKRON-23, INC.
PAXSON AKRON LICENSE, INC. Florida 65-0611729
PAXSON COMMUNICATIONS OF Florida 31-1446001
DAYTON-26, INC.
PAXSON COMMUNICATIONS OF Florida 65-0628620
BATTLE CREEK-43, INC.
PAXSON COMMUNICATIONS OF Florida 65-0628627
ALBANY-55, INC.
PAXSON COMMUNICATIONS OF Florida 65-0628624
RALEIGH DURHAM-47, INC.
PAXSON COMMUNICATIONS Florida 65-0641981
L.P.T.V., INC.
PAXSON DAYTON LICENSE, INC. Florida 65-0645190
PAXSON DENVER LICENSE, INC. Florida 65-0645191
PAXSON COMMUNICATIONS OF Florida 65-0643775
PROVIDENCE-69, INC.
PAXSON COMMUNICATIONS OF Florida 65-0653902
SALT LAKE CITY-16, INC.
PAXSON COMMUNICATIONS OF Florida 65-0653894
GREENSBORO-16, INC.
PAXSON GREENSBORO LICENSE, Florida 65-0653901
INC.
PAXSON COMMUNICATIONS OF Florida 65-0653898
TULSA-44, INC.
PAXSON COMMUNICATIONS OF Florida 65-0653906
TALLAHASSEE, INC.
PAX JAX, INC. Florida 65-0653909
PAXSON SPORTS VENTURES Florida 65-0684001
COMPANY
PCC DIRECT, INC. Florida 65-0684251
PAXSON COMMUNICATIONS OF Florida 65-0682182
OKLAHOMA CITY-62, INC.
PAXSON TALLAHASSEE Florida 65-0682179
LICENSE, INC.
PAXSON/R&R NETWORK, INC. Florida 65-0677971
PAXSON ALBANY LICENSE, INC. Florida APPLIED FOR
PAXSON COMMUNICATIONS OF Florida APPLIED FOR
SACRAMENTO-29, INC.
PAXSON SACRAMENTO LICENSE, Florida APPLIED FOR
INC.
PAXSON COMMUNICATION OF Florida 65-0686130
SEATTLE-24, INC.
PAXSON SEATTLE LICENSE, INC. Florida 65-0686136
PAXSON COMMUNICATION OF Florida 65-0688715
LITTLE ROCK-42, INC.
PAXSON LITTLE ROCK LICENSE, Florida 65-0688718
INC.
PAXSON COMMUNICATION OF Florida APPLIED FOR
PHOENIX-51, INC.
PAXSON COMMUNICATION OF Florida 65-0686132
BOSTON-46, INC.
PAXSON COMMUNICATIONS OF Florida 58-2219553
SAN JUAN, INC.
PAXSON COMMUNICATIONS OF Florida 65-0688713
BIRMINGHAM-44, INC.C.
PAXSON BIRMINGHAM LICENSE, Florida 65-0688716
INC.
</TABLE>
--------------------
-4-
<PAGE> 5
1. GENERAL INFORMATION. FURNISH THE FOLLOWING INFORMATION AS TO THE TRUSTEE:
(A) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO WHICH
IT IS SUBJECT.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Name Address
- --------------------------------------------------------------------------------
<S> <C>
Superintendent of Banks of the State of 2 Rector Street, New York,
New York N.Y. 10006, and Albany, N.Y.
12203
Federal Reserve Bank of New York 33 Liberty Plaza, New York,
N.Y. 10045
Federal Deposit Insurance Corporation Washington, D.C. 20429
New York Clearing House Association New York, New York
</TABLE>
(B) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
Yes.
2. AFFILIATIONS WITH OBLIGOR.
IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH AFFILIA-
TION.
None. (See Note on page 3.)
16. LIST OF EXHIBITS.
EXHIBITS IDENTIFIED IN PARENTHESES BELOW, ON FILE WITH THE COMMISSION, ARE
INCORPORATED HEREIN BY REFERENCE AS AN EXHIBIT HERETO, PURSUANT TO RULE
7A-29 UNDER THE TRUST INDENTURE ACT OF 1939 (THE "ACT") AND RULE 24 OF THE
COMMISSION'S RULES OF PRACTICE.
1. A copy of the Organization Certificate of The Bank of New York (for-
merly Irving Trust Company) as now in effect, which contains the au-
thority to commence business and a grant of powers to exercise corpo-
rate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed
with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672 and Exhibit 1 to
Form T-1 filed with Registration Statement No. 33-29637.)
4. A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form
T-1 filed with Registration Statement No. 33-31019.)
6. The consent of the Trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration Statement No.
33-44051.)
7. A copy of the latest report of condition of the Trustee published
pur- suant to law or to the requirements of its supervising or
examining authority.
- 5 -
<PAGE> 6
NOTE
Inasmuch as this Form T-1 is filed prior to the ascertainment by the
Trustee of all facts on which to base a responsive answer to Item 2, the answer
to said Item is based on incomplete information.
Item 2 may, however, be considered as correct unless amended by an
amendment to this Form T-1.
-6-
<PAGE> 7
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New
York, a corporation organized and existing under the laws of the State of New
York, has duly caused this statement of eligibility to be signed on its behalf
by the un- dersigned, thereunto duly authorized, all in The City of New York,
and State of New York, on the 16th day of September, 1996.
THE BANK OF NEW YORK
By: /s/ Stephen J. Giurlando
---------------------------------
Name: Stephen J. Giurlando
title: Assistant Vice President
<PAGE> 8
Exhibit 7
Consolidated Report of Condition of
THE BANK OF NEW YORK
of 48 Wall Street, New York, N.Y. 10286 And Foreign and Domestic
Subsidiaries, a member of the Federal Reserve System, at the
close of business March 31, 1996, published in accordance
with a call made by the Federal Reserve Bank of this District
pursuant to the provisions of the Federal Reserve Act.
<TABLE>
<CAPTION>
Dollar Amounts
ASSETS in Thousands
<S> <C>
Cash and balances due from depos-
itory institutions:
Noninterest-bearing balances and
currency and coin .................. $ 2,461,550
Interest-bearing balances .......... 835,563
Securities:
Held-to-maturity securities ........ 802,064
Available-for-sale securities ...... 2,051,263
Federal funds sold in domestic of-
fices of the bank:
Federal funds sold ................... 3,885,475
Loans and lease financing
receivables:
Loans and leases, net of unearned
income .................27,820,159
LESS: Allowance for loan and
lease losses ..............509,817
LESS: Allocated transfer risk
reserve......................1,000
Loans and leases, net of unearned
income, allowance, and reserve 27,309,342
Assets held in trading accounts ...... 837,118
Premises and fixed assets (including
capitalized leases) ................ 614,567
Other real estate owned .............. 51,631
Investments in unconsolidated
subsidiaries and associated
companies .......................... 225,158
Customers' liability to this bank on
acceptances outstanding ............ 800,375
Intangible assets .................... 436,668
Other assets ......................... 1,247,908
-----------
Total assets ......................... $41,558,682
===========
LIABILITIES
Deposits:
In domestic offices ................ $18,851,327
Noninterest-bearing .......7,102,645
Interest-bearing .........11,748,682
In foreign offices, Edge and
Agreement subsidiaries, and IBFs ... 10,965,604
Noninterest-bearing ..........37,855
Interest-bearing .........10,927,749
Federal funds purchased and secu-
rities sold under agreements to re-
purchase in domestic offices of
the bank and of its Edge and
Agreement subsidiaries, and in
IBFs:
Federal funds purchased ............ 1,224,886
Securities sold under agreements
to repurchase .................... 29,728
Demand notes issued to the U.S.
Treasury ........................... 118,870
Trading liabilities .................. 673,944
Other borrowed money:
With original maturity of one year
or less .......................... 2,713,248
With original maturity of more than
one year ......................... 20,780
Bank's liability on acceptances exe-
cuted and outstanding .............. 803,292
Subordinated notes and debentures .... 1,022,860
Other liabilities .................... 1,590,564
-----------
Total liabilities .................... 38,015,103
===========
EQUITY CAPITAL
Common stock ........................ 942,284
Surplus ............................. 525,666
Undivided profits and capital
reserves .......................... 2,078,197
Net unrealized holding gains
(losses) on available-for-sale
securities ........................ 3,197
Cumulative foreign currency transla-
tion adjustments .................. ( 5,765)
Total equity capital ................ 3,543,579
-----------
Total liabilities and equity
capital ........................... $41,558,682
===========
</TABLE>
I, Robert E. Keilman, Senior Vice President and Comptroller of the
above-named bank do hereby declare that this Report of Condition has
been prepared in conformance with the instructions issued by the Board of
Governors of the Federal Reserve System and is true to the best of my
knowledge and belief.
Robert E. Keilman
We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us and to the best of
our knowledge and belief has been prepared in conformance with the
instructions issued by the Board of Governors of the Federal Reserve System
and is true and correct.
J. Carter Bacot }
Thomas A. Renyi } Directors
Alan R. Griffith }
