Air America Radio files for Chapter 11 bankruptcy
Updated Fri. Oct. 13 2006 2:03 PM ET
Associated Press
NEW YORK -- Air America Radio, the liberal talk and news radio network that features the comedian Al Franken, has filed for Chapter 11 bankruptcy protection, a network official told The Associated Press.
The network had denied rumors just a month ago that it would file for bankruptcy protection. On Friday, Air America spokeswoman Jaime Horn told the AP that the filing became necessary only recently after negotiations with a creditor from the privately held company's early days broke down.
Horn declined to name the creditor with which talks had reached a logjam. The company will operate in the interim with funding from its current investor group, Horn said.
In addition to Franken, the network also features shows from liberal talk show host Randi Rhodes and syndicates shows from Jerry Springer and Portland, Ore.-based talk show host Thom Hartmann.
According to documents filed with U.S. Bankruptcy Court for the Southern District of New York, Air America owes Franken $360,750 and $9.8 million to RealNetworks Inc. CEO Robert Glaser, who owns 36.7 percent of the company and had previously served as its chairman.
Tracy Klestadt of Klestadt & Winters LLP, an attorney for Air America's parent company, Piquant LLC, said Rob Glaser had resigned as a director as of Friday morning. Glaser, along with two others, is providing new financing through Piquant investor group Democracy Allies LLC.
Friday, October 13, 2006
Do You Want This Type Of Ineptness Running Your Country
Just another example of leftists not being able run anything effectively. They preach they have a just cause and they want to promote it but they expect others to put up the money. At least in this case Franken is going to take a personal hit and this I applaud. You saw this fiscal ineffectiveness during the 13 years of liberal rule....they stole money from the taxpayers by cutting back on transfer payments to the provinces. The City of Toronto is going farther and farther into debt and Miller and his leftist cohorts refuse to cut back on spending. McGinty is spending money like a drunken sailor, with some of this money coming from a tax that he promised he wouldn't raise, and we see teachers getting "rich" while students face cuts.
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About Me
- Unhypentated Canadian
- I lean to the right but I still have a heart and if I have a mission it is to respond to attacks on people not available to protect themselves and to point out the hypocrisy of the left at every opportunity.MY MAJOR GOAL IS HIGHLIGHT THE HYPOCRISY AND STUPIDITY OF THE LEFTISTS ON TORONTO CITY COUNCIL. Last word: In the final analysis this blog is a relief valve for my rants/raves.
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