Air America Crashes into Chapter 11


	Air America Crashes into Chapter 11

RecordSage

10-14-2006 2:02 AM

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tags:

air america, radio, liberal, bankruptcy, chapter 11

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10-15-2006 7:23 PM

Godfrey Daniel

I'm thinking Stuart is spending a lot of time at the mirror lately.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/2bdb2d0a-a947-4634-a453-35fa01b3e1bc/B426CC4E-852B-49F6-A2B5-14A8C27A5C78/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss" href="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss"><NYT_HEADLINE _moz-userdefined="" type="%20" version="1.0">
Air America Radio Files for Chapter 11
</NYT_HEADLINE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss"><P>The corporate parent of Air America, the liberal radio network, filed for Chapter 11 protection from its creditors today in federal bankruptcy court in New York. The network will remain on the air while the company, Piquant Inc., tries to borrow more money and reorganize, under the leadership of a new chief executive.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss"><P>The network, which began broadcasting with much fanfare two years ago, has struggled to attract audiences and financing. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss"><P>In a statement today, Air America said the bankruptcy filing became necessary once negotiations with one of its creditors over repayment of its debt broke down. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2006/10/13/business/media/13cnd-air.html?ex=1318392000&en=c8ca45eb4303c7a9&ei=5090&partner=rssuserland&emc=rss"><P>Court documents filed today paint a picture of a business under increasing financial distress. It has lost more than $13 million so far this year and a total of more than $40 million since May 2004. It also owes Mr. Franken more than $360,000.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B426CC4E-852B-49F6-A2B5-14A8C27A5C78/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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