On August 9, 1983, Chambers, acting both in his individual capacity and on behalf of CTR, entered into a purchase agreement to sell the station's facilities and broadcast license to respondent NASCO, Inc., for a purchase price of $18 million. The agreement was not recorded in the parishes in which the two properties housing the station's facilities were located. Consummation of the agreement was subject to the approval of the FCC; both parties were obligated to file the necessary documents with the FCC no later than September 23, 1983. By late August, however, Chambers had changed his mind and tried to talk NASCO out of consummating the sale. NASCO refused. On September 23, Chambers, through counsel, informed NASCO that he would not file the necessary papers with the FCC. In 1986, the U.S. District Court ordered Chambers to sell the station to NASCO, and the deal was consummated on August 26, 1986.