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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