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Yesterday's flurry of financial activity and lawsuits all has to do with legacy notes and a disagreement over a Springing Lien. On Tuesday, iHeart announced an independent special committee decided not to repay $57.1 million in legacy notes due on Thursday that are being held by Clear Channel Holdings. iHeart has $725 million in legacy notes.

In a Tuesday afternoon press release, iHeartMedia announced the company had decided not to repay $57.1 million in senior notes due Thursday, held by Clear Channel Holdings. While $192.9 million of legacy notes held by other holders will be paid in full, the $57.1 million balance held by affiliate CCH will remain outstanding. Here's what CEO Bob Pittman and CFO Richard Bressler told iHeart employees about this decision

Apparently JP Morgan Chase is not happy with Cumulus' plan to refinance. Cumulus says it needs to refinance and it needs to be done quickly, by January 27. In a 21-page lawsuit filed Monday, Cumulus is accusing JP Morgan Chase of thwarting its refinance plan by breaching a 2013 credit agreement and unreasonably withholding consent to the refinance.

Despite the daily barrage about the strength of radio delivered from Cumulus-owned Westwood One and other research companies, Cumulus revealed a few details about how the radio industry, at least from its perspective, is hurting and why it needs this refinance.

The station beat its original goal of providing 800,000 meals for the needy in Ann Arbor area during the holiday season, raising well over 1 million meals with partners Food Gatherers and Kroger through the 28th Annual Rockin' for the Hungry. The food and fund drive benefits Food Gatherers, the area's food rescue program and food bank.

Thanks to St. Louis’ 106.5 The Arch, a lot of troops will be hearing that this Christmas. The Arch’s Morning Show Spencer’s Neighborhood actually belied the name of their “2,000 Cards for the Troops” program – they collected over 13,000 holiday greetings for hospitalized veterans at St. Louis’ two Veteran’s Administration hospitals!

Clark Howard and Cox Media Group’s Altlanta cluster station’s News 95.5 and AM750 WSB (WSB-AM/WSBB-FM) have kept the Christmas spirit momentum going for radio.

It's been quite a year for Beasley Media Group and acting CEO Caroline Beasley. She’s been interim CEO since March, following George Beasley’s medical leave of absence. As of January 1, the interim tag comes off and Caroline Beasley will be the company’s permanent Chief Executive Officer. She also worked the blockbuster $240 million deal to purchase Greater Media.

The majority of iHeartMedia's senior note holders (due in 2021) have agreed to amend the terms that govern those bonds. Holders of senior notes representing approximately 81.5% ($1.28 Billion) of the outstanding principal amount of the senior notes consented to the amend the terms. That's the good news.

This goes back to December 6th when Cumulus announced the plan to launch a private exchange offer for its 7.75% senior notes due in 2019. The company announced Monday evening that the majority of those note holders have agreed to participate.