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Home Front: Culture Wars
Air America is officially broke! - Chpt 11
2006-10-13
Air America Radio, a liberal talk and news radio network, has filed for Chapter 11 bankruptcy protection, a network official told the AP.
File on Friday, ends up in the Saturday business news which no one reads.
The network had denied rumors just a month ago that it would file for bankruptcy, but on Friday Air America said negotiations with a creditor from the company's early days had broken down.

The network will stay on the air while it resolves issues with its creditors, spokeswoman Jaime Horn told the Associated Press. A formal announcement was expected to be made later Friday.
So long, fair well and good fucking riddance!
Posted by:DarthVader

#16  Don't celebrate yet > FOX = AIR AMERICA will keep on operating for the time being as it formalizes its bankruptcy schedule. IOW, wait/bide time until POTUS=COPOTUS HILLARY + DEMS CONTROL WASHINGTON after 2008.
Posted by: JosephMendiola   2006-10-13 22:28  

#15  Maybe George Soros will bail them out, though even he must know that this is a dead turkey flopping around and is not worth any more cash infusions.
Posted by: Alaska Paul   2006-10-13 21:54  

#14  I disagree w/Jonah. AA failed because unlike loony lib news paper columnists who can make stupid statements and still not be called to account because they have the rest of what's in the paper to pull up the slack. Lib radio personalities have to deal w/listeners in real time who can actually call them on their bullshit w/logic and facts. In the face of accurate information and logic most libs run like the French Army.
Posted by: Broadhead6   2006-10-13 21:34  

#13  Oh dear. Now the Left has only the broadcast networks, Public Radio/TV, CNN, MSNBC, CNBC, Viacom's cable networks, Time-Warner's cable networks, the NYT, the WaPo, the LAT, 80-90 lesser daily newspapers, Time, Newsweek, Slate, 50 lesser magazines, Associated Press, Reuters, Hollywood...
Posted by: Pappy   2006-10-13 20:04  

#12  We laughed...we cried...ahhh...all the precious memories.
Posted by: DepotGuy   2006-10-13 18:52  

#11  Steve - 5 red-alert links and a big photo of Franken on Drudge = can't be totally ignored by the MSM. Smart timing, though. Even Rush wouldn't pile on...not worth it. Amateurs
Posted by: Frank G   2006-10-13 16:42  

#10  #7: "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."

That just gives me a warm, fuzzy feeling, Mike. :-D
Posted by: Barbara Skolaut   2006-10-13 15:47  

#9  Air who?
Posted by: BrerRabbit   2006-10-13 15:26  

#8  Jonah Goldberg @ National Review:

Just one brief thought about the demise of Air America. For several years now, the venture's boosters have insisted there is nothing wrong with the idea of Air America. Their problems all stemmed from obscure details of one kind or another. I have no doubt that all sorts of non-ideological mistakes were made. But the one important point is that if their programming were legitimately popular those mistakes wouldn't have mattered. All sorts of successful entrepreneurial ventures make countless mistakes getting up and running. But because their products are popular those mistakes don't really matter. If very large numbers of people wanted to listen to Air America, Air America wouldn't be bankrupt. Money would have rolled in and this keystone cops stuff would have remained invisible. But despite the best efforts of very serious Progressive types and ample up front investment and enormous free publicity and goodwill from the mainstream media, the thing still bombed. Air America was launched on the assumption that "if you build it, they will come." They didn't. And that's the moral of the story few on the left will ever admit or call attention to.

I am sure that I will get emailed all sorts of articles and blog posts pointing to the great numbers Air America had in Muncie or Austin. That's all nice and fine. But the thing died because the thing was doomed from the start. Deal with it.
Posted by: Mike   2006-10-13 13:35  

#7  The big problem in any bankruptcy proceeding is going to be the claim of that NYC Boys & Girls Club for repayment of the money transferred to Err America. That Boys & Girls Club debt might very well be non-dischargeable in bankruptcy (because it arises from fraud or other intentional wrongdoing), and it might also be entitled to priority over general unsecured creditors (same reasons). 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 and kick it into Ch. 7 liquidation. At the very least, expect the creditors to move for appointment of an independent trustee rather than letting AA manage itself as a "debtor in possession."

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   2006-10-13 12:42  

#6  Great talkers like Ed Schultz, Bill Press, and Al Franken are hard to find."

Yes, because it's hard to find someone who so willingly enjoys conning widows, orphans and fools.

Looks like they are cooking up their next batch of snake oil. They may not get any listeners, but they do get cash from gullible liberals who Believe(TM)

These guys are just like those Christian Hucksters on TV. They've got nothing to do what was once known as Liberalism, it's just an easy gig to get naive people to send cash.
Posted by: anon   2006-10-13 12:35  

#5  Remember this guy from the other day? Wonder if he's heard the sad news?

"Progressive Talk has grown so big, so fast, that all of us in the industry are searching high and low for more great Progressive Talk radio talent," Media Syndication Services President Paul "Woody" Woodhull says. "Great talkers like Ed Schultz, Bill Press, and Al Franken are hard to find."

Yep. Movin so fast, the wheels fell off.
Posted by: tu3031   2006-10-13 12:15  

#4  Once I fleeced a Boys Club
Ran it down
Ran it down to the ground
Once I fleeced a Boys Club
Now it's done
Brother can you spare a dime
Posted by: tu3031   2006-10-13 12:10  

#3  this is just one big fleece of cash. They fleeced their investors, they fleeced the widows and orphans and now they are fleecing their creditors.

I'm sure that the primary players did a good job of stuffing their own pockets before this con job went under. Looks like the morally bankrupt liberal left has no problem eating their own to keep fat.
Posted by: anon   2006-10-13 12:05  

#2  
Chapter 7 is good riddance. Chapter 11 is theft.
Posted by: Master of Obvious   2006-10-13 11:35  

#1  Some limousine leftist will pony up the cash. Then Al "I was funny once" Franken and Janeane "So much for my career" Garofalo will get back on the air and say that it proves that the little people support progressive radio.
Posted by: Jonathan   2006-10-13 11:34  

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