[Marxism] Air America Radio Files for Chapter 11

[Walter Lippmann <walterlx@xxxxxxxxxxxxx>]

(They failed to develop the correct program.)
======== =====================

Air America Radio Files for Chapter 11

Liberal Talk Radio Network Air America Files for Chapter 11 Bankruptcy 
Protection
By SETH SUTEL
The Associated Press

NEW YORK - Air America Radio, a liberal talk and news radio network that 
features the comedian Al Franken, has filed for Chapter 11 bankruptcy 
protection, a network official told The AP.

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 
Associated Press that the filing became necessary only recently after 
negotiations with a creditor from the privately held company's early days broke 
down.

The network will stay on the air while it resolves issues with its creditors, 
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.

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.

Air America also said Friday it had named Scott Elberg as its new CEO. Elberg, 
a former general manager of the radio station WLIB in New York, has been with 
the network since May of last year.

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. According to 
documents filed with the U.S. Bankruptcy Court for the Southern District of New 
York, 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 both left in July.

 



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