Friday, October 13, 2006

Air America goes broke..the gasbag crashes


Well, it's official. Air America Radio has filed for Chapter 11.

Air America declined to name its creditors publicly, but according to documents filed with U.S. Bankruptcy Court for the Southern District of New York, Air America owes $9.8 million to RealNetworks Inc. CEO Robert Glaser, who owns 36.7 percent of the company and had previously served as its chairman.It also owes its flagship star Al Franken $360,750.

Air America also said in its statement today that it had named Scott Elberg as its new CEO. "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 beginnings. 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.

With those numbers, it doesn't sound like there's much of an audience for them to `inform'. Maybe hard Left diatribes only work in college classrooms or at political rallies where the give and take of debate is non-existent. Or maybe Air America just couldn't find any more underprivileged children to steal money from.

2 comments:

nazar said...

To be honest with you, I can't say I'm saddened by this.

louielouie said...

where is ted turner?
where is george soros and his minions, er ah, millions?
where is jane fondue?
where is babs?
they can't let this happen.
can they?
will they?
bono, can/should go to the white house and whore himself for this cause as well?
hugo chavez, if he had "a" brain cell, could provide illicit funding i am sure. could he not?
kofi annus, could even kick in a few mil that i am certain he will never ever have need of.
i'll bet even saddamn still has his fingers on a couple of bank accounts.
it is amazing to myself that the number of people i come into contact with adhere to AA's blather, and they still can't make it, even in a new york market.
for crying out loud rosie o'dumbass got an ovation simply for taking her seat at the babs concert.
socialists must not like to hear issues discussed because they don't like their own opinions or just won't support......anything.
maybe it has something to do with that, "i'm with the gov't, i'm here to help" philosophy.