AIR AMERICA plans to file for bankruptcy on Friday. Air America could remain on the air under the deal, but significant personnel changes are already in the works. Sources say five Air America employees were laid off yesterday and were……

The bastards got away with grand theft….

I swear, it takes some brass ones to write this headline:

Air America To Declare Bankruptcy, But Progressive Radio Remains StrongEven bigger brass ones to try and spin it the way they do.

Air American is declaring bankruptcy, that is a fact. Tha…

Air America going bankrupt?

“Ha ha.”…

I can’t say that I’m surprised, given how poorly the network did in the ratings, and how it couldn’t even manage an audience in New York City. The NYC flagship station, WLIB-AM languished in the ratings, bordering on oblivion for months at an end….

“You can’t make this stuff up”

Irony.

UPDATE: THINK PROGRESS MAY HAVE GOTTEN IT WRONG
Wow, who didn’t see that coming! But this is by far the funniest part of the story. According to Think Progress, “In fact, Air America succeeded at creating something that didn’t exist: th…

1- Sheldon Drobny, AA’s cheerleader-in-chief, and a frequent Huffpo blabbermouth, has been oddly silent about this news. (If you’ve never seen his posts on Huffpo, you should, he’s a real car-crash)

2- Franken says he doesn’t know what’s going on. Of course, he hasn’t been paid and is now a big creditor as well as their most expensive talent. Perhaps he doesn’t know what’s going on because AA doesn’t want to tell him he will be a claimant and will have to go to court to get paid (and probably be substantially impaired, too).

3- The denial of the filing by AA’s spokeshole is pro forma for this kind of situation. If they admit there is going to be a filing, nobody would do business with them on anything other than a cash basis, because to do otherwise would be to knowingly accept a pre-petition, impaired claim in the bankruptcy. Most companies facing chapter will hold off official board approval of the filing until right before it happens so that they can continue to deny it.

4- If they owe a big debt to Multicultural Broadcasting, and they file, it’s quite possible that MB would end up holding equity. Anybody want to lay odds on whether MB would want to keep this thing going?

5-(here’s a conspiracy theory even Jason Leopold could be proud of) Number of independent sources claimed by Think Progress: three. Number of creditors required to file an involuntary bankruptcy: three. You do the math.

A friend of mine who was an agent at CAA used to refer to illogical, Hollywood vanity projects as “OPM” projects, as in “that’s a great idea, as long as it’s done with Other People’s Money.” I think there was never a truer example of this principle than AA. Perhaps the backers of AA will think twice in the future before putting their cash into these ideology-driven, stupid ideas.

Wait, what’s that I hear? It’s Nelson, from the Simpsons running by screaming “HAAAA HAAAAAA!”

It couldn’t have happened to anyone too much more insane.

…those who will dance in the streets and cheer the demise (premature) of Air America only show that they are not in favor of a free country where everyone has a right to speak and also to hear their kind of politics. Why are Conservatives so damn afraid of Air America?
….. so friggin clueless, can’t imagine how AA went under.

fogw on September 13, 2006 at 4:05 PM, from a delusional post from a Franken-lover at Think Progress.

Where was this person during the Clinton & Co. threats to ABC, over the ‘Path to 9/11′? A true morsel!

The reason they fall for all the big business conspiracies is that their puerile minds can’t comprehend the complex mechanizations of free market capitalism.

.

Progressing towards what? Socialism and bankruptcy? I really hate people who hide their political beliefs behind spin words.

“I’m pro-life!” no, you’re anti-abortion
“I’m pro-choice!” no, you’re pro-abortion
“I’m progressive!” no, you’re a socialist

In the chest of a liberal, beats the heart of a coward.

Like Forrest said… “Stupid is as stupid does”. As a buddy of mine said… “light to a blind man can at best be heat.”