T Nation

Air America Bankrupt

WAHAHAHAHAHAHAHAHAHAA

Air America Radio Files for Chapter 11
By SETH SUTEL, AP

NEW YORK (Oct. 13) - 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.

Spencer Platt/Getty ImagesAir America owes Al Franken more than $300,000; he complained recently he had not been paid.

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.

Horn said Franken was traveling and was unavailable for an interview on Friday. Horn said Franken would comment on the bankruptcy protection filing on Monday.

Air America also said Friday it had named Scott Elberg as its new CEO. Elberg, who had worked at WKTU and also was a former general manager of the radio station WLIB in New York, has been with the network since May 2005.

The filing and executive shuffle marked the latest turbulence at the liberal talk radio network, which went on the air two years ago. This April, Danny Goldberg stepped down as CEO and was replaced by an interim chief executive from a management consulting firm.

“Nobody likes filing for bankruptcy,” Elberg said in a statement. “However, this move will enable us to concentrate on informing and entertaining our audience during the coming months.”

Air America has struggled financially since its inception. Documents filed with the bankruptcy court show that the company lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million so far in 2006.

Air America also disclosed in the court documents that two directors departed in the last two months, Douglas Kreeger and Tom Embrescia. Gary Krantz also departed as president in June, and executive vice president Tom Athans and chief operating officer Carl Ginsburg left in July.

AP Business Writer Vinnee Tong contributed to this story.

10/13/06 10:36 EDT

I think this deserves a bump.

i love it. i have to admit that i listened to this train wreck around the '04 elections. it lasted a few weeks and the sheer absurdity and vitriol of the ‘talent’ made me listen, usually mouth agape, just to hear what would be said next.

then my local affiliate dropped it. in favor of oldies. A.M. oldies are more popular than the Air America format.

when i hear people talk about fixed elections and the polls saying that liberls are going to win i take it all with a grain of salt. reality is there if you want to see it. liberal format? in trouble since day 1 in spite of glowing media coverage. dixie chicks cancel u.s. dates and add canadian dates. commander-in-chief with gina davis, best show ever according to the media…off the air. no one watched. sean penn’s latest movie. in the tank.

then of course you have the actual elections…the polls tell us kerry’s going to win. election day rolls around. kerry’s way up. then he loses. IT’S RIGGED! yeah. we hear that again. yawn.

liberal is a bad word, people. conservative is not. people come out in commericals and say ‘conservative values’. they don’t say, ‘i’m a liberal!’ if they do…they are done. that’s because we live in a conservative nation. the conservatives are the majority.

of course that’s denied by the media and all the liberals. that would make them in the minority. can’t have that. so they lie and make poll numbers say whatever they want to say…then they lose elections and cry like bitches. and their radio stations go belly-up because they liberal ‘majority’…i guess…doesn’t listen to the radio? hmmmmmm.

It just goes to show you that the media is liberal…

[quote]Marmadogg wrote:
It just goes to show you that the media is liberal…[/quote]

Actually, it does, sort of. The market is already saturated with liberal opinion – even in radio, the high-fallutin’ among those of liberal opinion is already sold on NPR, so no need to go to try to find Air America’s weak signal.

Combine that with the leanings of the majority of print and TV media, and no one was really looking for a liberal alternative in “talk radio,” because it’s really just a small slice of the broader media consumption market. So not enough demand for Air America.

[quote]BostonBarrister wrote:
Marmadogg wrote:
It just goes to show you that the media is liberal…

Actually, it does, sort of. The market is already saturated with liberal opinion – even in radio, the high-fallutin’ among those of liberal opinion is already sold on NPR, so no need to go to try to find Air America’s weak signal.

Combine that with the leanings of the majority of print and TV media, and no one was really looking for a liberal alternative in “talk radio,” because it’s really just a small slice of the broader media consumption market. So not enough demand for Air America. [/quote]

I love the way right wingnuts on this site go out of their way to buttruss the liberal media myth.

[quote]Marmadogg wrote:

I love the way right wingnuts on this site go out of their way to buttruss the liberal media myth.[/quote]

Please do enlighten us with your theories on the failure of Air America.

[quote]Marmadogg wrote:

I love the way right wingnuts on this site go out of their way to buttruss the liberal media myth.[/quote]

I love the way leftwing liberal lapdogs on this site go out of their way to buttruss the nuetral media myth.

[quote]BostonBarrister wrote:
Marmadogg wrote:

I love the way right wingnuts on this site go out of their way to buttruss the liberal media myth.

Please do enlighten us with your theories on the failure of Air America.[/quote]

They had a poor business plan and grew too rapidly.

The right wing radio foot print took decades to create and the liberal were trying to catch up in a few years time.

Not gonna happen.

[quote]doogie wrote:
Marmadogg wrote:

I love the way right wingnuts on this site go out of their way to buttruss the liberal media myth.

I love the way leftwing liberal lapdogs on this site go out of their way to buttruss the nuetral media myth.[/quote]

The media is driven by income and talking about Foley’s sexual eletronic communications sell more than talking about Reid’s sleazy real estate deals.

Go figure.

Could a major part of this simply be that the majority of people in the liberal camps just don’t listen to much radio , or talk radio, specifically? Maybe there simply isn’t a market for liberal talk radio other than NPR. This bankruptcy seems to make that plain.

NPR doesn’t even survive as a profitable business entity. It requires government and private grants.

[quote]pwilliams wrote:
Could a major part of this simply be that the majority of people in the liberal camps just don’t listen to much radio , or talk radio, specifically? Maybe there simply isn’t a market for liberal talk radio other than NPR. This bankruptcy seems to make that plain.

NPR doesn’t even survive as a profitable business entity. It requires government and private grants.

[/quote]

as a confused liberal dickwad, you just made a wonderful point. one that would be denied if it had been presented in it’s own thread, say, one declaring that there IS, in fact, such a thing as the ‘liberal media’. i’ll use your words:

“Maybe there simply isn’t a market for liberal talk radio OTHER THAN NPR. NPR doesn’t even survive as a profitable business entity. It requires government and private grants.”

Beautiful. So what you are saying is that NPR, NATIONAL PUBLIC RADIO, exists because of government financing through the use of our tax dollars. AND you state that NPR provides LIBERAL talk-radio.

i think that about sums it up.

[quote]pwilliams wrote:
Could a major part of this simply be that the majority of people in the liberal camps just don’t listen to much radio , or talk radio, specifically? Maybe there simply isn’t a market for liberal talk radio other than NPR. This bankruptcy seems to make that plain.

NPR doesn’t even survive as a profitable business entity. It requires government and private grants.

[/quote]

sorry. some other guy has a waving flag as his avatar. HE is the liberal dickwad. not you. sorry.