Friday, October 13, 2006
It's Only Chapter 11
Liberal radio empire, Air America, has, as was rumored about a month ago, filed for bankruptcy protection under Chapter 11 (so it can continue playing for the 50,000 or so people around the country who listen to the shows while it looks for another sucker investor). Apparently there was to be a buyout by Sheldon Drobny but it fell through at the very last minute. Brian Mulroney, who more or less owns the lowdown on the twists and turns of Air America's race to the bottom, and who blogs at the Radio Equilizer, has the exclusive on that. More mainstream coverage here.
Money quote:
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. [That seems to be going in the wrong direction].
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.
I stick with my prediction for last month that they'll limp through to the election and then give up the ghost.
Money quote:
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. [That seems to be going in the wrong direction].
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.
I stick with my prediction for last month that they'll limp through to the election and then give up the ghost.
# posted by Roger Fraley @ 4:23 PM 
