October 13, 2006

FOLLOWING HARD ON THE HEELS OF ITS INTELLECTUAL BANKRUPTCY:

Air America Radio Files Chapter 11 (AP, 10/13/06)

Air America Radio, a liberal talk and news radio network, has filed for Chapter 11 bankruptcy protection, a network official told the AP.

Posted by Orrin Judd at October 13, 2006 11:04 AM
Comments

Would it be anti-human for me to go "Ha ha!" a la Nelson Muntz?

Posted by: Bryan at October 13, 2006 11:22 AM

I'm surprised they didn't just sue Bu$HitleRove for suppressing their freedom of speech or file a class action suit against the American sheeple for not listening.

Posted by: Pontius at October 13, 2006 11:30 AM

Now that there's some pressure coming down from the State of New York to repay the money to the Gloria Wise Boys & Girls Clubs that was illegally loaned to Air America, filing Chapter 11 gives the network some protection from having to repay all of the nearly $700,000 in cash diverted from the non-profit organization.

The filing came after the Drobnys pulled out of rescuing the network they helped start, but it wouldn't surprise me if they try to scoop up the remains from bankruptcy court, minus most of the cash owed to the Club and other creditors, and try to cobble together another liberal network for the 2008 election cycle.


Posted by: John at October 13, 2006 12:05 PM

That Boys & Girls Club debt might very well be non-dischargeable in bankruptcy, and it might also be entitled to priority over general unsecured creditors. I don't do much bankruptcy any more, so I'm not 100% sure on either point, but I suspect that's where all the arguing is going to be. If the debt's nondischargeable, that'll probably kill any hope of a reorganization.

Also, if they started shorting the IRS on paying in withheld "trust fund" taxes--a real common failing in a failing business--the corporation's "responsible officer" who's supposed to have written the check is personally liable for double the amount not paid.

Posted by: Mike Morley at October 13, 2006 12:30 PM

If you want some fun, go to airamerica.com and try to find any mention of the bankruptcy. Do a search for "bankrupt" and all you get is a bunch of stuff on how evil you-know-who is.

Posted by: Bryan at October 13, 2006 12:36 PM

Actually, surprised Nelson Muntz hadn't made an appearance. Like all bullies, I guess he got scared away by the attention.

But this just shows what happens when a private company IAir America) takes on a gov't subsidized and controlled entity (National Public Radio) that has already bought off the intended audience/customers. The politics of the company and their product was only part of the reason for their failure.


Posted by: Raoul Ortega at October 13, 2006 12:46 PM

The emotion generated by this story hovers around pity and hilarity before settling in on contempt.

Contemplate all those weeks of denying the talk of financial difficulty and recall that truth means less than nothing to those people.

Posted by: Lou Gots at October 13, 2006 12:56 PM

Wasn't the original Air America a CIA airline? Hmm? Could there be a connection?

Posted by: jdkelly at October 13, 2006 6:12 PM
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