There's a little PBS station in Orange County, California --KOCE. For years it has been run by the Orange Coast Community College District, but the burden became to great, and the Trustees of the District resolved to sell it. Bids arrived, and a religious broadcaster, Daystar, bid far and away the most money.
The Trustees chose to accept a significantly smaller bid, and that one mostly paper, not cash. Not surprisingly, a court overturned the ridiculous deal.
So did the Trustees do the right thing and gain the most cash for the district? No, they tromped off to Sacramento to get special legislation allowing them to sell the station for far less than it was worth to their pals. Read More.