Air American Files for Chapter 11 Bankruptcy Protection

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Air America Radio Network Seeks Bankruptcy Protection (Update1)

By Don Jeffrey

Oct. 13 (Bloomberg) -- Air America Radio, the liberal talk and news radio network, sought bankruptcy court protection after losing $40.9 million since May 2004.

Air America, featuring comedian Al Franken, will keep broadcasting as it negotiates with creditors, Piquant LLC, which operates under the network's name, said today in an e-mailed statement. Piquant said it filed a Chapter 11 bankruptcy petition after talks with creditors broke down.

``This regrettable action became necessary only recently when good faith efforts to resolve outstanding debt with a creditor from the company's earliest days broke down,'' the New York-based company said in the statement.

Air America's decision to seek legal protection from its creditors shows that backers have lost patience with the money- losing network. Started by Mark Walsh to counter the influence of conservative talk-radio hosts such as Rush Limbaugh, the network initially said it would take four years to make money. Piquant said it bought the network for $705,000 in May 2004.

Because some investors have refused to keep subsidizing the operation, Piquant said in the bankruptcy filing today that it may sell or liquidate the business if it can't succeed in reorganizing. Piquant said its chairman, Robert Glaser, is also the company's largest investor.

New Chief Executive

Scott Elberg said he was named Piquant chief executive officer on Oct. 9. Piquant's former general manager, Elberg replaced Jim Wiggett, who was acting CEO after record industry executive Danny Goldberg quit the job in April.

Air America has said it broadcasts from radio stations in the top U.S. markets. In New York it is aired on WWRL AM. Besides Franken, on-air personalities include Randi Rhodes and Robert Kennedy Jr.

Air America said in an e-mailed statement today that Democracy Allies LLC will provide a credit facility ``to ensure the company's continued operation without interruption.''

In its bankruptcy filing, Piquant is seeking permission to use up to $3 million in financing from Democracy Allies.

A hearing will be held today in the bankruptcy court in Manhattan to obtain approval of the financing, Tracy Klestadt, a bankruptcy attorney for Air America, said in an interview.

The case is In re Piquant LLC, No. 06-12423, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Don Jeffrey in New York at [email protected] .
Click to expand...

http://www.bloomberg.com/apps/news?pid=20601103&sid=ayWSgm0Pi3WU&refer=us

Now, $41 million in losses in two years is some dreadful management. Jesus fucking Christ.

So much for left-wing media. Strange, that: they can't survive because of abysmal advertising revenues. Wonder why it is that people think the "mainstream media" is so goddamned liberal, yet when clearly liberal folks come to the front of the stage, no companies will finance them.
 
[quote name='mykevermin']http://www.bloomberg.com/apps/news?pid=20601103&sid=ayWSgm0Pi3WU&refer=us

Now, $41 million in losses in two years is some dreadful management. Jesus fucking Christ.

So much for left-wing media. Strange, that: they can't survive because of abysmal advertising revenues. Wonder why it is that people think the "mainstream media" is so goddamned liberal, yet when clearly liberal folks come to the front of the stage, no companies will finance them.[/QUOTE]

they will just borrow more and then lose that as well...

AA will be around and on the air for a while
 
[quote name='mykevermin']http://www.bloomberg.com/apps/news?pid=20601103&sid=ayWSgm0Pi3WU&refer=us

Now, $41 million in losses in two years is some dreadful management. Jesus fucking Christ.

So much for left-wing media. Strange, that: they can't survive because of abysmal advertising revenues. Wonder why it is that people think the "mainstream media" is so goddamned liberal, yet when clearly liberal folks come to the front of the stage, no companies will finance them.[/QUOTE]

Whether the mainstream media is liberal or not has nothing to do with it. It's because AA is boring and no one listens to it.
 
[quote name='dopa345']Whether the mainstream media is liberal or not has nothing to do with it. It's because AA is boring and no one listens to it.[/QUOTE]

i agree

unless they hire Alec Baldwin and Barbara Streisand to comprise an Air America 'morning zoo' i'm not tuning in
 
Liberal talk radio is a money-losing proposition because most liberals are smart enough and have enough of a life that they don't spend long periods of time listening to talking heads yammer on and on. Conservatives, however, are quite willing to listen to drug-addict/Viagra-smuggling Rush make up bizzare fantasies about Clinton for hours on end.

Take from that what you will.
 
[quote name='Drocket']Liberal talk radio is a money-losing proposition because most liberals are smart enough and have enough of a life that they don't spend long periods of time listening to talking heads yammer on and on. Conservatives, however, are quite willing to listen to drug-addict/Viagra-smuggling Rush make up bizzare fantasies about Clinton for hours on end.

Take from that what you will.[/QUOTE]

Nice generalization.
 
[quote name='Drocket']Liberal talk radio is a money-losing proposition because most liberals are smart enough and have enough of a life that they don't spend long periods of time listening to talking heads yammer on and on. Conservatives, however, are quite willing to listen to drug-addict/Viagra-smuggling Rush make up bizzare fantasies about Clinton for hours on end.

Take from that what you will.[/QUOTE]
Geez, If "most liberals are smart enough" as you said.. then it's just appalling how they can't use their "smart" to succeed in this.

[quote name='dopa345']Whether the mainstream media is liberal or not has nothing to do with it. It's because AA is boring and no one listens to it.[/QUOTE]
Well said.
 
[quote name='Lyzel']Geez, If "most liberals are smart enough" as you said.. then it's just appalling how they can't use their "smart" to succeed in this.[/QUOTE]

Its impossible, because its a self-defeating challenge: Only stupid people are dumb enough to spend their time listening to people yak on the radio, so in order for a radio station to succeed, it by necessity needs to appeal to stupid people. What do stupid people like? Country music and easy solutions to complicated problems (even if they won't work.) Which pretty much brings you right back to Rush...
 
[quote name='Drocket']Its impossible, because its a self-defeating challenge: Only stupid people are dumb enough to spend their time listening to people yak on the radio, so in order for a radio station to succeed, it by necessity needs to appeal to stupid people. What do stupid people like? Country music and easy solutions to complicated problems (even if they won't work.) Which pretty much brings you right back to Rush...[/QUOTE]
Why don't you take off your partisan blinders. Stupid people are on all sides of the spectrum. They are liberals, conservatives, libertarian, white, black, yellow, green, etc. Your pathetic excuses why liberals can't suceed is just plain stupid. You should rethink what you're saying. It seems you're classifying yourself as part of this "stupid" population.
 
[quote name='Drocket']Its impossible, because its a self-defeating challenge: Only stupid people are dumb enough to spend their time listening to people yak on the radio, so in order for a radio station to succeed, it by necessity needs to appeal to stupid people. What do stupid people like? Country music and easy solutions to complicated problems (even if they won't work.) Which pretty much brings you right back to Rush...[/QUOTE]

It's always ironic to me that "liberals" tend to be far more close-minded than "conservatives". Must be easy to simply label people stupid without putting any thought or effort into it.
 
[quote name='dopa345']It's always ironic to me that "liberals" tend to be far more close-minded than "conservatives". Must be easy to simply label people stupid without putting any thought or effort into it.[/QUOTE]


the very fact that Limbaugh listeners call themselves dittoheads as in "I can't think for myself" negates any claim they have being different that "liberals" assume.

It's not close minded if it is correct.
 
[quote name='dopa345']It's always ironic to me that "liberals" tend to be far more close-minded than "conservatives".[/QUOTE]

Take that a little further. I don't buy it for a second, but since you're not the polemic kinda dude, I expect you've a far more rational basis behind it.
 
[quote name='Drocket']Liberal talk radio is a money-losing proposition because most liberals are smart enough and have enough of a life that they don't spend long periods of time listening to talking heads yammer on and on. Conservatives, however, are quite willing to listen to drug-addict/Viagra-smuggling Rush make up bizzare fantasies about Clinton for hours on end.

Take from that what you will.[/quote]

Have you ever listened to NPR, they do a hard-hitting piece about AIDS in South Africa and then go right to some whiny upper-class New York twit who wrote a poem about being miffed that his gardenia plan died. While we are talking generalizations, I find liberal radio to be more informative and intellectual, but also more detached (and the soft news pieces convince me that the listeners have pretty bland lives)

The problem I see is that right-wing talk radio gets an upward hit from listeners like me who are endlessly fascinated by the spin machine - I mean Bill O'Reilly is good friends with Mel Gibson, and Rush Limbaugh regularly denounced drug addicts - this is great stuff for anyone who loves irony.
 
[quote name='usickenme']the very fact that Limbaugh listeners call themselves dittoheads as in "I can't think for myself" negates any claim they have being different that "liberals" assume.

It's not close minded if it is correct.[/QUOTE]

You realize that there are far more (and better) conservative talk show hosts than Rush Limbaugh.

Jay Severin is personally one of my favorites.
 
[quote name='mykevermin']Take that a little further. I don't buy it for a second, but since you're not the polemic kinda dude, I expect you've a far more rational basis behind it.[/QUOTE]

I'm just basing it on my personal experience. Take a look at the post that prompted my comment.

BTW, myke, you're one of the exceptions. While I disagree a lot with what you say, at least you're willing to discuss things rationally.
 
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