red states rule
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- May 30, 2006
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A few years ago, the left was giddy over the debut of the liberal radio network Air America
The NY Times gave glowing coverage before the network went on the air saying finally the left has their answer to Rush Limbaugh and Sean Hannity
Well, there was one tiny problem. The network had no listeners and no sponsors. Last year the netowrk went bankrupt and now Air America has been sold for only $4.25 million
Air America Fire Sale
Documents: Bankrupt liberal radio network to sell for $4.25 million
FEBRUARY 7--Bankrupt and about to lose Al Franken, its marquee star, Air America Radio is set to change hands for the bargain price of $4.25 million, according to new court documents. The sales figure was disclosed in a purchase agreement filed yesterday in U.S. Bankruptcy Court in New York. According to the agreement, the deal between Air America's owner, Piquant LLC, and a firm controlled by Stephen L. Green, a New York realtor, calls for Green's firm to repay up to $3.25 million in loans provided to Air America after the liberal radio network filed for Chapter 11 protection last October (the company listed debts of $20.2 million). Green's company will also give Piquant LLC $500,000 and pay off up to $500,000 in network debts (the bulk of which, $349,000, is owed to the network's Manhattan landlord). Green's bid topped by more than $1.25 million the nearest offer received by Air America, according to a motion filed along with the purchase agreement. An excerpt from that motion can be found below. Court documents do not specify how many bids were received for the network, though a filing notes that "more than ten interested parties" signed nondisclosure agreements and were allowed to review confidential network financial and corporate records. While Green controls the corporation purchasing Air America, two of the firms that were pre-bankruptcy investors in the radio network will "collectively own a minority interest" in the Green company. The Air America purchase is expected to be finalized at a court hearing in the next week. Franken, who is planning to run next year for a U.S. Senate seat from Minnesota, is scheduled to do his final Air America show on February
http://www.thesmokinggun.com/archive/years/2007/0207071airamerica1.html
The NY Times gave glowing coverage before the network went on the air saying finally the left has their answer to Rush Limbaugh and Sean Hannity
Well, there was one tiny problem. The network had no listeners and no sponsors. Last year the netowrk went bankrupt and now Air America has been sold for only $4.25 million
Air America Fire Sale
Documents: Bankrupt liberal radio network to sell for $4.25 million
FEBRUARY 7--Bankrupt and about to lose Al Franken, its marquee star, Air America Radio is set to change hands for the bargain price of $4.25 million, according to new court documents. The sales figure was disclosed in a purchase agreement filed yesterday in U.S. Bankruptcy Court in New York. According to the agreement, the deal between Air America's owner, Piquant LLC, and a firm controlled by Stephen L. Green, a New York realtor, calls for Green's firm to repay up to $3.25 million in loans provided to Air America after the liberal radio network filed for Chapter 11 protection last October (the company listed debts of $20.2 million). Green's company will also give Piquant LLC $500,000 and pay off up to $500,000 in network debts (the bulk of which, $349,000, is owed to the network's Manhattan landlord). Green's bid topped by more than $1.25 million the nearest offer received by Air America, according to a motion filed along with the purchase agreement. An excerpt from that motion can be found below. Court documents do not specify how many bids were received for the network, though a filing notes that "more than ten interested parties" signed nondisclosure agreements and were allowed to review confidential network financial and corporate records. While Green controls the corporation purchasing Air America, two of the firms that were pre-bankruptcy investors in the radio network will "collectively own a minority interest" in the Green company. The Air America purchase is expected to be finalized at a court hearing in the next week. Franken, who is planning to run next year for a U.S. Senate seat from Minnesota, is scheduled to do his final Air America show on February
http://www.thesmokinggun.com/archive/years/2007/0207071airamerica1.html
