On August 22, 2011, ICBC's creditors petitioned the United States Bankruptcy Court to force the firm to declare Chapter 11 bankruptcy on grounds that the company's executives failed to accept a buyout offer. The filing resulted in majority control of ICBC being taken over by Ron Burkle's Yucaipa Companies, and basketball legend Earvin "Magic" Johnson's Magic Johnson Enterprises as YMF Media. Only KBLX was intended to be sold to a different owner, leaving KVTO and KVVN to defect to YMF Media.