[Vision2020] liberal radio doesn't make cents.

[heirdoug at netscape.net]

If it weren't for government money NPR would be gone as well....

Capitalism at it's finest.

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.
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
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