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Archive for "Jun 22 2004"

Air America Idiot Update

I’ve been trying to get a grip on this whole restructuring plan Air Idiot is trying to pull off in the wake of their money meltdown.

The investors, including Highland Park couple Sheldon and Anita Drobny and Air America Chief Executive Doug Kreeger, formed a new corporation, Piquant LLC. They plan to use the new entity to purchase the assets of Air America from Progress Media and RadioFree America, two related companies that own and operate the network.

“We have an asset purchase agreement we’ve entered into,” said Norman Wain, another investor. “Progress Media and RadioFree America are selling all of their assets to Piquant.”

What assets does Air Idiot possess? Other than the brand name, which certainly has some value, the only thing I can think of are the contracts with the on-air talent, which cannot have any “value,” until it’s proven they are drawing an audience that will entice advertisers to fork over dough, so that those contracts aren’t just sucking off whatever capital the new outfit brings to the table. Those contracts represent creditors: they owe those folks money, Franken to the tune of a million bucks for his one year deal. They aren’t assets until they prove they are self-sustaining at the least, revenue generators at best.

Thomas from The American Thinker smells a rat:

I am far from an expert on corporate law, but it strikes me that these shenanigans … may be awfully close to the edge of conspiracy to defraud creditors of the current owners. Were the assets adequately priced? Was there an auction? I can only hope that some of these creditors are wondering the same thing.

He called on an expert in corporate law:
ProfessorBainbridge.com: Air America: The Corporate Law Aspects

It very well could be fraud on the part of Air Idiot investors looking rid themselves of Walsh and Cohen and to stiff their creditors in one fell swoop.

But I still want someone to answer the damn question: what assets does Air Idiot have to sell off, other than the name, which is getting increasingly tainted as the story of their rise and fall is more widely disseminated? After the debacle involving Multicultural Radio, and now this, no station owner in their right mind is going to sign on until all this restructuring mess has been hashed out and the inevitable lawsuits are dealt with. Ditto any new investors beyond the principles of this group the Drobny’s have created. Nobody is gonna risked getting stiffed. Which means Air Idiot, the ‘network,’ is gonna remain locked out of growing their footprint for the forseeable future.

I can’t see a tangible asset in anything related to this outfit. Even the name continues getting battered the longer this shitride rolls.

UPDATE: Maybe this is supposed to be one of the assets. i just think he wants to keep the cash flow going until he runs for the Senate.

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First Hitch, Now Sully

It’s Limey Two-Fer Tuesday!

Sullivan on Clinton’s “60 Minutes” Interview

Bubba seems to lie out of sheer force of habit. Even now, he can’t just come clean…everything is someone else’s fault.

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Hitch Stomps FatBoy Flat

No rational person can consider Hitchens a member of the VRWC after his blistering of Reagan last week, so I’m waiting to see how Unfairenheit 9/11 – The lies of Michael Moore gets treated by the folks who think this movie is this summer’s Sliced Bread.

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