The Radio Equalizer: Brian Maloney

07 February 2007

Smoking Gun Publishes Air America Radio Court Filing

SMOLDERING RUINS

Over Air America's Low Purchase Price, Why The Shock?







Were it any other bankrupt operation, would the mainstream media be so surprised at its "low" purchase price?

Proving our MSM friends still haven't accepted the utter failure of Franken & Company, newly- revealed details of Air America Radio's purchase carry "fire sale" headlines on today's newswires. How could the network be worth so little, they wonder?

If you've been following our reports for any length of time, however, you may be wondering why the liberal talk radio network carries any real value at all. Where are the assets?

Just take a look at this radio trade publication article, which is mostly derived from the AP's coverage:


Air America Radio Is Bargain Real Estate At $4.25 Million

According to court documents posted on thesmokinggun.com, bankrupt Air America Radio will be sold to New York realtor Stephen L. Green for $4.25 million.

The purchase price for the liberal Talk Radio network, which is about to lose its star talker Al Franken to an expected run for the US Senate, was disclosed in a purchase agreement filed yesterday in US Bankruptcy Court in New York.

The arrangement between Air America's owner, Piquant LLC, and a company controlled by Green, calls for Green's firm to repay up to $3.25 million in loans provided to Air America after the network filed for Chapter 11 protection last October. Green's company will also give Piquant $500,000 and pay off up to $500,000 in network debts (the majority of which, $349,000, is owed to the network's Manhattan landlord).


Exactly what real estate are we talking about here? Air America has few hard assets. Even if this is meant merely as an expression, it implies the network has something to sell.

Other than a political agenda, what is it?

From The Smoking Gun, which also published newly- disclosed court documents:


Air America Fire Sale

Documents: Bankrupt liberal radio network to sell for $4.25 million


FEBRUARY 7--Bankrupt and about to lose Al Franken, its marquee star, Air America Radio is set to change hands for the bargain price of $4.25 million, according to new court documents.

The sales figure was disclosed in a purchase agreement filed yesterday in U.S. Bankruptcy Court in New York. According to the agreement, the deal between Air America's owner, Piquant LLC, and a firm controlled by Stephen L. Green, a New York realtor, calls for Green's firm to repay up to $3.25 million in loans provided to Air America after the liberal radio network filed for Chapter 11 protection last October (the company listed debts of $20.2 million). Green's company will also give Piquant LLC $500,000 and pay off up to $500,000 in network debts (the bulk of which, $349,000, is owed to the network's Manhattan landlord).

Green's bid topped by more than $1.25 million the nearest offer received by Air America, according to a motion filed along with the purchase agreement. An excerpt from that motion can be found below. Court documents do not specify how many bids were received for the network, though a filing notes that "more than ten interested parties" signed nondisclosure agreements and were allowed to review confidential network financial and corporate records.

While Green controls the corporation purchasing Air America, two of the firms that were pre-bankruptcy investors in the radio network will "collectively own a minority interest" in the Green company.


Beyond the strange headlines, what's now clear is that almost every creditor beyond the current landlord and its most recent investors will see not a penny of their money. While Al Franken, Billy Kimball, Team Franken and Randi Rhodes partied, the company's accounts were sucked dry.

So much for everybody else. Who says liberals don't eat their own?


Frankensucker: David A Lunde, Randimobile: Pete at IHillary

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37 Comments:

  • Howard Dean could have taken all of the credit for kicking your fat pasty white lardasses himself in November. But instead, he took the time to say that Air America had provided such mobilization in key districts that it could be credited with winning up to a dozen house and Senate seats.

    Your credibility as anything but a GOP dirty tricksters (s)hitman is so shot that nothing you say proves to pan out EVER. You say AAR has no advertisers, yet there is a listener revolt in Los Angeles over KTLK's glut of Audi, United Airlines, Bank of AMerica, Carls Jr, etc, etc, etc, advertising. You say there are no listeners but Talkers magazine says they have 4.5 million regular listeners.

    What you are is a cheap political operative gorged on doughnuts trying to topple Air America with this agitprop website. We know who you are, where to find you, and are watching your every move, scumbag.

    By Blogger gregrocker, at 07 February, 2007 22:45  

  • It isn't clear to me how the money will be divvied up. Will some class of creditors (non-loaners) not get any money? Or, will some sets of them get various portions of their money back?

    In other news, the ClearChannel conspiracy has been revealed.

    By Blogger LonewackoDotCom, at 08 February, 2007 00:52  

  • first: gregiepoo? you're a SCREAMING DICK.

    now that the obvious is out of the way, let's smack the host...

    "Were it any other bankrupt operation, would the mainstream media be so surprised at its "low" purchase price?"

    Brian, do you: a)have a business-based reason to believe/think it's sale price was "low"... beyond Smoking Guns's headline?....

    and b) do you have anything resembling evidence that anybody was expecting anything that a nickel on the dollar?

    Your words:

    "Proving our MSM friends still haven't accepted the utter failure of Franken & Company, newly- revealed details of Air America Radio's purchase carry "fire sale" headlines on today's newswires. How could the network be worth so little, they wonder?"

    SHOW ME, skippy! Show me one frackin' article where this "undervalued" question was raised IN ANY OF THE AT-TIME REPORTING that didn't come from your fetid, fever dream.

    WHO "WONDERED," BRIAN? If you knew anything about business--not, as you declaim sitting in front of a mix board gives you some sort of Yoda-like insight--but doing the real money stuff; the dirty business of business.

    You jumped the shark by yelping without ever seeing the real numbers. You have no bloody idea what the real dollars involved in this transfer mean.

    By Blogger TC, at 08 February, 2007 01:47  

  • Oooooooooooh I'm so insulted. Another child molesting GOP pantywaist called me "Greggie Poo" and "a screaming dick." No wonder you guys run the country so well, with wit like that! Maybe the #1 rated (in a dozen markets) Stephanie Miller radio show has a job for your dick-attending talent.

    By Blogger gregrocker, at 08 February, 2007 02:22  

  • He does not want to admit the truth...that it was the neocon moneychangers that sucked AAR dry.

    And his followers will not (or cannot) ever admit it, either.

    By Blogger hashfanatic, at 08 February, 2007 02:31  

  • yep... uh-huh, a-huh, a-huh...

    YER PURTY FUNNY, G-Poo.

    You're so rammed up in your own troll existence that you blithering missed the rest of the shit I pissed.

    I'm guessing you didn't score a BA in ANYTHING LIKE THE "HARD SCIENCES," SKIPPY.

    Y'know, like logic or rhetoric.

    Or rationality 101.

    By Blogger TC, at 08 February, 2007 04:09  

  • Poo? Websites are free, yet you play troll.

    Here's a deal: You look me up, send me an email, and I will either pay for the bus or fly you to NYC.

    and beat your bitchass into the ground, you punkassed fuck.

    Can we have a three hour decision, troll?

    By Blogger TC, at 08 February, 2007 04:13  

  • clock started on the above timestamp.

    WTF? YOU LIVE HERE.

    By Blogger TC, at 08 February, 2007 04:15  

  • My dogs wouldn't bite a shitbag like you unless ordered.

    By Blogger TC, at 08 February, 2007 04:18  

  • Cons are all basement dwelling Mama's boy, TC included.
    Main Stream Media, does not care about "Air America", they are too busy campaigning for "America's (worst) mayor) Rudy Ghouliani

    These functionally retarded conservatives have the whole MSM media doing their bidding and they are still crying.

    Brian the MSM does not give a crap about "Air America", they have a job to do, their job is to convince you Rudy is a savior and will keep us "safe".
    MSM will prostitute this degenerate right into office, and Rudy in turn will do the bidding of PNAC and the Israeli lobby, to the point where there will be a nuclear holocaust.
    Rudy as president= end of society
    and the "lib" media will campaign for him

    By Blogger Minister of Propaganda, at 08 February, 2007 09:15  

  • Greg, what do you know about business? Brian asked an obvious question, what hard assets does (Sc)Air America have? The only thing I see that AAR has, and even that has questionable value, is the name itself.

    Hash, you are a paranoid delusional creep. Again, seek mental help.

    TC, please clean it up and tone it down.

    By Blogger PCD, at 08 February, 2007 09:18  

  • Greg,

    You say Talkers Magazine says Air America has 4.5 million regular listeners.

    However, their big star, Al Franken, has less than 1.75 million, according to a chart published in Talkers, your source:

    http://www.talkers.com/main/index.php?option=com_content&task=view&id=17&Itemid=34

    I don't know they calculate "regular listeners", but Air America's best fared poorly on the chart I cite.

    By Blogger Missouri Show Me, at 08 February, 2007 09:39  

  • PCD,
    Only "paranoid delusional creep" is you.
    You displayed your sick paranoia yesterday, when boldly declaring that I work for the Democratic party. That clearly is sick paranoia. As far as TC, as much as I can't stand him, he can post whatever drivel he feels like. Maloney, unlike most right-wing bloggers at least encourages free speech, and TC did not cross the line.

    By Blogger Minister of Propaganda, at 08 February, 2007 09:54  

  • MoP, your story does not add up. You don't even know what paranoia is. When you grow up and keep your story straight, come back.

    By Blogger PCD, at 08 February, 2007 10:19  

  • Aren't some of the assets a license for FTC or whereever you get broadcasting rights?

    And, didn't they just buy a bunch of expensive equipment and office space?

    I don't know the values of these things, but I doubt it is worth that much.

    By Blogger tradersmith, at 08 February, 2007 10:47  

  • PCD? Bite me.

    MoPee? I'll put my real estate portfolio on the table any day of the week... you bring your punk-assed, Brooklyn tenement dweller's rental lease, and we'll see who's closer to Momma's basement.

    Really, dude, I got underperforming stocks that if I cashed in could probably allow me to buy your whole damn building. That "Mommy's basement" stuff is old and busted....

    But hey? Whatever floats your boat.

    By Blogger TC, at 08 February, 2007 10:53  

  • Trader,

    AAR doesn't have any licenses. The Broadcast licenses are property of owners of the stations, not AAR.

    By Blogger PCD, at 08 February, 2007 11:19  

  • PCD:
    In yesterday's thread, you got delusional on me, assuming I work for The Dem party just because Im 'liberal' and work for the City of NY. That is delusional paranoia

    TC: lat time I defend you, you little docuhe bag. I doubt you worked a 40 hour week in your life, if you have a "stock portfolio" your family gave you money. As far as I'm concerned you are functionally retarted. I can tell by your postings and attitude you are barely functional, you sound like a little privliged pasty-white , do nothing, trust fund boy.
    Don't bother defending yourself, Im right on these things 99% of the time.
    I'm older than you, more experienced in life than you, and all of your talk is just that TALK.
    Now run along to mama

    By Blogger Minister of Propaganda, at 08 February, 2007 11:54  

  • The studio equipment alone in that building would be worth $4.25 million, so yes, those are assets. not enough, by any means, to cover the losses, but you would pay well more than that amount for that equipment.

    and as for the value of the station - right now you can hear it on (i'm guessing because i know they have lost a lot of stations) about 70 stations nationwide, not to mention nationally on XM satellite radio. that's a potentially huge audience for someone to purchase for under $5 million, especially people that have the money to throw around.

    By Blogger liberal outlaw, at 08 February, 2007 13:15  

  • TC,

    Just ignore MoP. He's a liar who can't keep his story straight.

    The only thing MoP knows about radio is that far left wingnuts like himself are not the sole voice as he wants.

    By Blogger PCD, at 08 February, 2007 13:15  

  • How much did the Real Networks guy have invested in this black hole? And he gets back what? How many pennies on the the dollar?

    Usually in a bankruptcy sale where there is something of value, potential purchasers bid up the price and the spread between the winning bid and other bids is not very large. Here the spread is huge, over a 33% premium onto the 2nd highest bid. That says unless there is some synergy with Mr. Green currently business that he seriously overpaid.

    There wont be another sale of AA if this one fails. Court will insist that a liquidation by a BK Trustee is the only solution.

    Maybe this will be a masterful contrarian purchase. Only time will tell, but sometimes when everyone is saying differently, you are the one who is wrong, not the majority.

    By Blogger Seriouslyunserious, at 08 February, 2007 14:03  

  • PCd,
    i humiliated you on here yesterday, exposed you for exactly what you are a delusional sociopath. I worked in radio as I showed you yesterday, and "Radio Today" was not my only radio job, I worked at the former WLIR 92.7 in Long Island briefly as well. I was the program director of a college station for 3 years as well. and now I do radio hobbiest activity on the internet, and have a blast.

    Indeed I have more radio experience than you PCD. You project once more. I know a lot about the industry, I did not like working in commercial radio, so I quit many moons ago.

    One more thing PCD. Go Cheney yourself
    I'm sick of you

    By Blogger Minister of Propaganda, at 08 February, 2007 14:46  

  • Name a single "lie" on my behalf PCP, excuse me PCD

    does pcd, stand for piece of crap douchebag?

    By Blogger Minister of Propaganda, at 08 February, 2007 14:47  

  • Misister of Poop,

    You, yourself, admitted you lie on this blog to one of your fellow travellers. You didn't humiliate me. You humiliated yourself, putz.

    By Blogger PCD, at 08 February, 2007 15:02  

  • PCD:
    what are you talking about?

    Over and over again I humiliate you, and you just do not stop

    What did I say I lie about?

    By Blogger Minister of Propaganda, at 08 February, 2007 15:38  

  • You said you lie about everything becasue (you believe) the right lies about everything. You think you are giving the right its own medicine.

    In reality, you are proving that you are delusional. Your perception of what is truth is whack and you have mental problems.

    There, go humiliate yourself somemore or are you going to threaten me with your wife again? Y'know, keep that up and she just may try somebody else that is honest and can fight their own battles.

    By Blogger PCD, at 08 February, 2007 16:58  

  • I give the functionally retarted right a dose of reality every single day, you are all unknowinglt enemies of America.

    You are mentally sick, obsessed with my wife

    obsessed that all your 'left' stereotypes are all lies

    deal with it, we are a left wing military family

    it eats you alive

    you sick degenerate

    By Blogger Minister of Propaganda, at 08 February, 2007 17:28  

  • and I said I use foul language, insults and "gay' accusations, to give the degenerate right a taste of their own medicine, which I have stopped doing.

    proving yet again YOU ARE A LIAR


    Unreal, you lied again
    I said I use right wing smear tatics to give you a taste of your own medicine, not LIES, stupid smear and trash talk

    By Blogger Minister of Propaganda, at 08 February, 2007 17:32  

  • TC...who cares about your stock portfolio? I hope you choke on it...

    As for FudgePacker City Dan, he's simply projecting his unresolved personal conflicts with himself, his relationship problems, and his identity issues on the blog's readership. In addition, these barbs and false-flag wars are designed to set determined individual members of the left apart, to seperate and weaken us.

    How silly.

    These freaky right-wing radical elements are TOTALLY unaware of the concept of teamwork. So competitive are they, they cannot imagine working in TANDEM in order to defeat a common enemy....and this is why neocon-brainwashed members of the military, from top to bottom, so thoroughly FUCKED up the Iraqi war, screwed their buddies over, and butchered yet another ill-fated operation....out of arrogance.

    Maybe FudgePacker City Dan and the rest of his ilk should consider themselves fortunate to be alive. And, after that, begin thinking about how they will reimburse US for what you have stolen.

    Incidentally, I appreciate MOP's posts. The only point of disagreement I recall ever having with him, perhaps, is the role of the state of Israel in regards to our foreign policy and troops. MOP and I can vigorously debate that issue-but it's not enough to divide over.

    TC, your divisive whining is becoming quite tiresome.

    By Blogger hashfanatic, at 08 February, 2007 21:53  

  • Hash, the hate master of the board. If you keep threatening people, you are going to get unwanted attention by the authorities. Free speech only goes so far and you are crossing that boundary.

    MoP is a jerk and abour as trustworthy as a junkie needing a fix. Neither you, nor MoP rational in your proclaimations.

    Oh, and I saw some of the crap gregrocker spread to other boards. He's a one trick pony, too.

    By Blogger PCD, at 09 February, 2007 07:25  

  • LOL! MoPee (you too, hashie)! You keep on thinking and spewing the way you do; it's pretty much the only reason I ever bother looking in Maloney's comments. It's most amusing that you consider me a "trust fund baby" and that you've been on the planet longer than me.

    Comedy Gold!

    By Blogger TC, at 09 February, 2007 08:29  

  • "If you keep threatening people, you are going to get unwanted attention by the authorities."

    Pardon, fudgie? Where?

    Oh, the lies, and the lying liars who tell them....

    By Blogger hashfanatic, at 09 February, 2007 08:46  

  • TC, you're the one bragging on your assets and holding yourself above "Brooklyn tenement dwellers"....

    Fair game.

    By Blogger hashfanatic, at 09 February, 2007 08:58  

  • hashie, I was responding to the fatuous "Momma's basement" crack; and as for the slap at Brooklyn: I live on Staten Island, the direction many a Brooklynite immediately flees as soon as they can afford a mortgage.

    By Blogger TC, at 09 February, 2007 11:51  

  • Yep, me too, except I fled to Jersey...

    But your shot missed the mark anyway...my modest childhood home in Flatbush now fetches close to $2 million on the open market, and even Sunset Park and Bushwick have their "hip" sections...and even SI is no suburban idyll...the mansions of Todt Hill are Russian mafia nowadays, some of the island's projects are among the worst in the city, and parts of Great Kills park have the highest radiation levels in the city...and Fossella presides over this. Brooklyn may be trashed with hipsters and families with twelve children, but SI not what it was either....

    By Blogger hashfanatic, at 09 February, 2007 23:06  

  • Listen ere, hash: I'm born in those projects, and now live on the North shore; don't go taggin me with guy molinari's bastard son.

    ELEVENTY!!!11!!!!!!111

    By Blogger TC, at 11 February, 2007 02:17  

  • And Todt Hill is Indian (dot kind; not feather); the Russkies have all gotten bustedski.

    By Blogger TC, at 11 February, 2007 02:19  

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