Friday, October 13, 2006
More good news, as we see the world of liberal radio collapse into a pile of manure.
Oh, wait - it already WAS a pile of manure. Now it is a bankrupt pile of manure.
Air America Radio files for Chapter 11
NEW YORK - Air America Radio filed for bankruptcy reorganization Friday, in the latest patch of turbulence to befall the liberal talk radio network that launched two years ago headlined by the comedian and author Al Franken.
The network will continue to operate with funding from its investor group, led by RealNetworks Inc. CEO Robert Glaser, who owns 36.7 percent of the company, and two other former board members.
The company also named a new CEO Friday, Scott Elberg, a radio executive who joined the company in May 2005 following stints at the New York area radio station WKTU and other places.
Air America had dismissed rumors just one month ago that it was planning to file for bankruptcy protection. Spokeswoman Jaime Horn said Friday the filing became necessary only recently after negotiations with a creditor broke down
As we like to say: darn darn darn darn darn.