BROWN, Justice.
This case concerns the propriety of the trial court's appointment of a receiver. We affirm.
Facts and Procedural History
From 1987 to 1997, William H. Phillips was a 50% owner of Faulkner-Phillips Media, Inc., the licensee of an FM radio station in Bay Minette, Alabama. In June 1988, Phillips learned that the Federal Communications Commission ("FCC") had published a notice, inviting applications for a permit for a new FM radio...
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