Factual error: George comes up with the idea to raise money via a public share issue in Channel 62 around mid-morning, and promptly announces the telethon on the air and by midnight of the same day they have the money they need. One problem. Even if George had access to a compliant attorney and Channel 62 was already a company authorised to issue shares, a public issue would take at least ten days to organise. There are all sorts of notice periods and filing dates to which the share issuer must adhere. I know - I've done it.
Plot hole: Throughout the telethon we see volunteers taking pledges over the telephone. As with all telethons the vast majority of pledges will be paid by cheque. Instant bank transfers were unknown in the days the film was set and the telethon ends at midnight, at which time American banks are most certainly shut! How does George manage to have $75,000 in CASH for Big Louie on site that very night? Not every single pledge would (or could) go out to the remote site to pay in cash - not at that time of the night, anyway - and he couldn't raise more than the required sum as this was a share offer and an oversell would reduce the value of individual shareholder's equity.
Plot hole: R.J. Fletcher is shown as a ruthless businessman who knows everything there is to know about Channel 62 - who owns it, how much it's worth, who is running it, the financial troubles it is having and so on and so on. He is also fully aware of the telethon and the fact that George is selling the station as a going concern for a total of $75,000.00. It is simply asking too much of audience credulity or 'suspension of belief' to think that such a hard-headed businessman would not work out that he could, using stooges, buy a controlling interest in the station for $37,501.00, saving himself a small fortune and closing the station down over the objections of his minority shareholders. Something this blatant could not possibly be a character mistake - he is already planning on buying the station for the full price (from Big Louis) so don't tell me he wouldn't just switch plans and buy it from George instead!
Trivia: The "Spatula City" sign was placed on a real billboard in Tulsa, OK, for the film, and was left there for several months after shooting was over. According to the DVD commentary, many tourists would exit the freeway like the billboard said, and would drive for long periods of time looking for Spatula City, thinking that it was real.
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