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Air America Deflates
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If you read Brian Maloney’s extensive report yesterday on the failed Air America takeover deal with shady nutball Sheldon Drobny, the brief AP dispatch this morning on the liberal network’s filing for bankruptcy will be no surprise:

Air America Radio, a liberal talk and news radio network, 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, but on Friday Air America said negotiations with a creditor from the company’s early days had broken down.

The network will stay on the air while it resolves issues with its creditors, spokeswoman Jaime Horn told the Associated Press. A formal announcement was expected to be made later Friday.

As Brian reported exclusively yesterday:

After an Air America Radio buyout plan by eccentric Democrat Party fundraiser / Huffington Post blogger Sheldon Drobny came so close to fruition that it was mere moments away from finalization, talks mysteriously ceased, the Radio Equalizer can report exclusively today.

In a letter from attorney Robert Wollin, on behalf of Kramer Levin Naftalls & Frankel LLP, a New York City bankruptcy firm now handling Air America’s disposition, the liberal talk radio network’s backers were notified of this unexpected development. Investors seemed to be counting on the deal as a way to escape with a few bucks and finally put this loser behind them for good.

Assuming this was a mere temporary negotiating ploy by Drobny, who has privately funded the purchase of Air America affiliate stations through Nova M LLC, your Radio Equalizer waited to report on this sudden turn of events. Now, barring another unexpected development, it seems unlikely that Air America co- founders Sheldon and wife Anita will retake ownership of the firm.

A “binding letter of intent” with the Drobny Acquisition Group LLC has expired, leaving Air America with few options, other than to find another buyer, file for bankruptcy protection or to simply shut down.

Meanwhile, the Gloria Wise investigation continues and Brian notes AG Eliot Spitzer’s jockeying.

The Smoking Gun has the filing.

***

Previous:

Air America’s ongoing charity scandal

Air America-stiffed charity still waiting for its $875,000

Air America: The end?

Air America: Out of air in NYC

Air America: Top exec bails

Air America: sinking ship

Air America: Losing flagship station?

Air America: The saga continues

Inside Air America: Al’s pal bails…and Philly station ditches, too

Air America: Groveling for cash

Inside Air America: The loan scandal deepens

Air America scrambles

Inside Air America: Al Franken’s lying lies

Inside Air America: The Sheldon Drobny Files

Wednesday scandal updates

New York Post: The Money Pit

Inside Air America: The Lizz Winstead case

Fraudulent Conveyance 101

Multicultural Radio says Air America owes it $1.5 million

Inside Air America: An investigative blog report (Part II)

Air Enron: Morning update

Inside Air America: An investigative blog report (Part I)

Air Enron: Al Franken needs help

Air Enron updates

Air Enron: The dam bursts

Air Enron: NYTimes corrects

Air Enron: MSM errs and lags

Air Enron: The NYTimes speaks! (or rather, whispers)

Air Enron: Heads roll, victims shafted

Air Enron: No letting up

Air Enron: Franken speaks again

Air Enron: Elite media blackout contd.

Air Enron: quotes of the day

Air Enron: Spitzer steps in

Air Enron: questions, questions

Air Enron: the blame game

Air Enron: thumb-twiddling MSM

Silence of the race hustlers

Air Enron: Al Franken speaks

Air Deadbeat: the saga continues

The Air America loophole

Air America is scrambling

Air America: Don’t blame us

Air America: Stealing from poor kids?!

(Republished from MichelleMalkin.com by permission of author or representative)
 
• Category: Ideology • Tags: Air America, Al Franken