Air America Radio Buyout, Sheldon Drobny, Anita Drobny, Al Franken
TO THE RESCUE?
Co-Founders Appear Poised To Retake Network
*** Exclusive To The Radio Equalizer ***
By Brian Maloney
Sure, it beats a complete shutdown, but perhaps not by much.
Apparently riding to the rescue with an eleventh- hour bid for beleaguered liberal talk radio network Air America Radio are controversial co- founders Sheldon and Anita Drobny. Poised to announce their takeover imminently, the Drobnys are said to be acquiring the long- suffering operation for mere pennies on the dollar, the Radio Equalizer has learned.
Other buyout efforts by parties close to the network were said to have failed because of difficulties in putting together the necessary funds. Accepting this bid was seen as a last- ditch way to avoid a complete collapse, which appeared to be just days away (for more on the network's severe dire straits, watch for an upcoming follow- up to this report).
Sheldon Drobny is an eccentric Democrat Party fundraiser, author and Huffington Post contributor whose past sympathies with the beliefs of Lyndon LaRouche were documented in 2003 by National Review's Byron York.
Many unresolved questions remain, including how much money the Drobnys are able to invest, whether they will assume parent company Piquant LLC's massive liabilities (which include settlements and judgments), or if Nova M LLC, their own station- purchasing vehicle, will simply acquire Piquant's few remaining assets.
In addition, will previous Air America investors be able to recover any of their nearly- worthless cash infusions? That's difficult to say, but preliminary indications were that just one unitholder class would see any payout whatsoever.
That type of asset transfer has been highly controversial in the past, but used nonetheless to keep Air America one step ahead of creditors. In a lawsuit, Multicultural Broadcasting called a previous network reorganization a "sham transaction".
Another major issue is the fate of Al Franken on the network. Will he remain, or has he finally had enough? In the past, Al has worked to distance himself from the Drobnys and their substantial baggage. With his 2008 US Senate contest in Minnesota drawing closer, however, this type of association may no longer suit him.
Last year, Michelle Malkin and the Radio Equalizer collaborated on an investigation of the Drobnys, which can be found here and here. Other background material on the pair can be found here, here and here.
Beyond this development, the biggest question is why anyone would want to keep Air America afloat. Between very low ratings, weak revenues and high fixed expenses, there certainly isn't any compelling business reason to do so.
If you've been watching this situation for any length of time, however, it should be clear that this is about politics and little more. A stubborn inability to admit failure, particularly before a key midterm election, is what drives these seemingly irrational moves.
WATCH FOR PART TWO: a look at how the network reached this point, coming shortly.
FOR THE LATEST on key Massachusetts races, visit Bay State Showdown, our other site.
Your Amazon orders that begin with clicks here, regardless of what you ultimately purchase, greatly help to support this site's efforts. Thanks again!
Technorati tags: Sheldon Drobny Chicago Anita Drobny Air America Piquant LLC Air America takeover Michelle Malkin
Co-Founders Appear Poised To Retake Network
*** Exclusive To The Radio Equalizer ***
By Brian Maloney
Sure, it beats a complete shutdown, but perhaps not by much.
![](http://photos1.blogger.com/blogger/5490/606/320/drobny3.jpg)
Other buyout efforts by parties close to the network were said to have failed because of difficulties in putting together the necessary funds. Accepting this bid was seen as a last- ditch way to avoid a complete collapse, which appeared to be just days away (for more on the network's severe dire straits, watch for an upcoming follow- up to this report).
![](http://photos1.blogger.com/blogger/5490/606/320/Rush12.png)
![](http://photos1.blogger.com/blogger/5490/606/320/Drobnys.1.2.jpg)
In addition, will previous Air America investors be able to recover any of their nearly- worthless cash infusions? That's difficult to say, but preliminary indications were that just one unitholder class would see any payout whatsoever.
That type of asset transfer has been highly controversial in the past, but used nonetheless to keep Air America one step ahead of creditors. In a lawsuit, Multicultural Broadcasting called a previous network reorganization a "sham transaction".
![](http://photos1.blogger.com/blogger/5490/606/320/FrankenTruthWithJokesAmazonVideo.jpg)
Last year, Michelle Malkin and the Radio Equalizer collaborated on an investigation of the Drobnys, which can be found here and here. Other background material on the pair can be found here, here and here.
![](http://photos1.blogger.com/blogger/5490/606/320/Drobny2.0.jpg)
If you've been watching this situation for any length of time, however, it should be clear that this is about politics and little more. A stubborn inability to admit failure, particularly before a key midterm election, is what drives these seemingly irrational moves.
WATCH FOR PART TWO: a look at how the network reached this point, coming shortly.
FOR THE LATEST on key Massachusetts races, visit Bay State Showdown, our other site.
Your Amazon orders that begin with clicks here, regardless of what you ultimately purchase, greatly help to support this site's efforts. Thanks again!
Technorati tags: Sheldon Drobny Chicago Anita Drobny Air America Piquant LLC Air America takeover Michelle Malkin
13 Comments:
Air America's wavelength was silent in Dallas this morning.
No Catholics no nuthin'. Another outlet (in the Nation's 5th largest market) bites the dust.
No, not dead yet......
But on 'life' support to even keep breathing.
By
Lokki, at 02 October, 2006 14:59
Guess this is today's right-wing attempt to keep everyone distracted from Predatorgate.
By
hashfanatic, at 02 October, 2006 18:58
EVERYTHING is part of the Republican conspiracy, hashfanatic.
LOOK! BEHIND YOU!
By
Lokki, at 02 October, 2006 21:45
Well, with molesters, rapists, and torturers running around unchecked in our government, isn't it a wise idea for any truthseeker to watch their back?
By
hashfanatic, at 02 October, 2006 23:29
sad Right wing Sycophant posts
Predatorgate" is the left-wing attempt to keep everyone distracted from their weakness on security.
too funny, the moral right is justifying pedophilia, Coulter, Drudge, Limbaugh, Hume all ignoring the crime and spinning away, just like the hack poster above!!!
As far as "weakness on security", considering nuclear power plants are unguarded, the ports are unsecure and FEMA is a disaster, it is your perverse party of molestation and torture that is weak on security, weak on morals, and wrong for America. Spin away, flunkie. Clinton's penis was more important than terrorism in the 90's. You sick cons can dish it out but can not take it. Get used to the term DEMOCRATIC CONGRESS, hack!
By
Minister of Propaganda, at 03 October, 2006 09:33
Maloney
lying about the ratings, Rhodes killed in Fl. last book with a 9.0 share. Highest number I have ever seen for a talk show. That is on the station with Limbaugh as a lead in. Those numbers suck huh??
unreal
By
Minister of Propaganda, at 03 October, 2006 11:20
Laundry List Post:
1. "Air America's wavelength was silent in Dallas this morning.How could you tell...[?]"
I can hear the station in the car as part of my commute, but, yes, it's always faint and full of static. The Catholics were on the air this morning, but you're not missing much more than you were when it was Air America. It' just a different religion.
2. Clinton's penis was more important than terrorism in the 90's.
You said it fella, not me.
3.isn't it a wise idea for any truthseeker to watch their back?
Hmmm....
Apparently no one is a Democrat anymore - that's passe.
Liberal has become a dirty word, replaced by Progresive.
However,Progressive must be over since now we're on to "truthseeker".
Wait!
Perhaps not!
Haven't I heard truthseeker used to describe the UFO/aliens-are-my-friends crowd?
The only thing behind you to watch for, my friend, is the butterfly net.
By
Lokki, at 03 October, 2006 11:48
"Lynnwood Rooster said...
MOP posted:
all ignoring the crime and spinning away
And that crime would be?"
lr - watch the news, read something news-like. You not knowing to what MoP is referring certainly isn't his fault...
Meanwhile - do you leave across the street from me? "Lynnwood" + "Rooster" - too much coincidence there :)
By
TJ, at 03 October, 2006 17:50
bloody can't bloody fix bloody stupid typing bloody mistakes.
bloody blogger!
By
TJ, at 03 October, 2006 18:03
How revolting.
First we hear Matt Drudge blaming the victims of the Republican pedophilia scandal, and then we hear Savage trivialize the problem of sexual molestation.
And now, posters here are agreeing with them, because they are married to an ideology.
Shame on you.
By
hashfanatic, at 03 October, 2006 20:33
Good God, LR, the prospect of Foley using his position of influence and power to intimidate underage pages in order to exploit them sexually isn't a crime to you?
And conspiring to cover up these transgressions is not a crime to the victims and their parents?
Neocons, have you NO shame?
By
hashfanatic, at 04 October, 2006 09:47
LR, how you can compare Clinton fooling around with an adult with a Republican pedophile preying on unsuspecting minors under his care, while his fellow Republicans watched and covered for him, is typical of the complete disconnection the righties have from any sort of moral compass and sense of personal responsibility and accountability that most normal decent Americans have.
Conservatives have become nothing but a bunch of thieving, perverted losers.
Let's all put a stop to this nightmare. The world can't wait.
By
hashfanatic, at 04 October, 2006 16:49
OMG.
Lynnwood, you cannot discern the difference between two consenting adults having an affair, and a snake, unleashed, writhing in heat, making the scene with underage high school students young enough to be his grandchildren?
Such MORALITY the conservatives espouse!
By
hashfanatic, at 04 October, 2006 22:27
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