Air America Goes Bankrupt (debtors listed)

[The Sushi Bandit]

Liberal network lists $20.2 million in debts, assets of $4.3 million

OCTOBER 13--Air America Radio today filed for bankruptcy, listing liabilities in excess of $20 million and assets of only $4 million. The Chapter 11 filing by Piquant LLC, the radio network's parent company, was made in U.S. District Court in Manhattan. The list of Air America's creditors runs 25 pages, and includes on-air personalities like Al Franken ($360,749.98) and Chuck D ($10,749.99), as well as law firms, landlords, limousine firms, and a variety of other businesses. The company's single largest creditor is Rob Glaser, founder of RealNetworks, who is owed $9.8 million, according to the bankruptcy petition. Below you will find an excerpt of the court filing showing all Air America debtors

http://www.thesmokinggun.com/archive/1013062airamerica1.html

[BrklynLiberal]

1. Too bad.

It just is a crying shame that assholes like O'Lielly will have chance to gloat.

[givemebackmycountry]

2. SO? What's the point?

I listened to Randi Rhodes the day the story broke.
THIS is a good thing and will help AA long term.

She described how such right wing hacks like Rush and Hannity lost MILLIONS for almost a decade. At one point FOX was paying radio stations per listener to carry their shows while they built an audience.

AA will be successful one they build an audience and get restructured.

There are parts of the country (like where I live in ass-backwards Missouri) where AA is not available on any station.

It's just crap like Ingraham, Hannity, Boortz, Rush, Falafel Boy, Savage and other vile cretins.

There is no other choice.

Kind of hard to build an audience when your station isn't even carried in that market.

AA will be successful long term.

This filing is going to help them do just that.

So, cheer up!
Did you see where Clear Channel is for sale?

That's a good barometer right there.

[underpants]

9. Hell the rest of corporate America uses it as a damned business model

so why should we be surprised by this?

How many airlines haved declared bankruptcy? How many other huge corporations?

[Olney Blue]

3. I will go crazy without AAR- best of luck to them!

[bperci108]

5. Are you going somewhere?

I mean... :wtf:

[Olney Blue]

6. I meant to convey that it is important to me. I listen everyday.

And I want them to succeed.

Sorry if it sounded defeatist- didn't mean to sound that way.

[bperci108]

7. I know....I was being a bit of a smart-ass.

I think they ultimately will succeed.

A bankruptcy filing certainly isn't a death sentence for a company. ;)

[papau]

4. Air America found funding to operate during its Chapter eleven filing, so

it will be back and out of re-org fairly soon.

The stock may go to zero with bond holders becoming the new stock holders - as is the usual result of a Chapter 11 - but it looks like there is no danger of a chapter 7 - meaning the end of the AAR operation is not near.

[The Sushi Bandit]

8. I need it daily!