[Vision2020] liberal radio doesn't make cents.

[Tony]

YESSSSS!  "Air America" is history!

As it should be.

Now all we need to launch us into a delightful holiday season is a massive 
Republican victory in November.

Merry Christmas in advance!

Yo ho ho,  -T
----- Original Message ----- 
From: <heirdoug at netscape.net>
To: <vision2020 at moscow.com>
Sent: Friday, October 13, 2006 11:34 AM
Subject: [Vision2020] liberal radio doesn't make cents.


> 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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