Part II is up at The Radio Equalizer.

Brian Maloney and I take a close look at the financial plans of Sheldon and Anita Drobny, the deep-pocketed, far left Illinois Democrat couple who dreamed up Air America and have been involved in its many strange and dubious business reorganizations. The key questions that curious radio industry veterans, financial observers, skeptical investors, and business reporters should be asking Air America:

What is Nova M? And why now?

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Meanwhile, the NYTimes attempts to explain its slowness on the story. Ombudsman Byrone Calame:

[I]t seems to me that this story is still unfolding, and The Times, for the sake of all its readers, needs to get to the bottom of any improper conduct and assess Air America’s future.

We’re not waiting.

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More on Calame…

Ed Morrissey:

If the Times wants us to believe that it objectively reports the news, especially that which occurs in its own back yard, then we expect to see some in-depth coverage of the apparent fraud involving Piquant Media, Progress Media, Air America, and Gloria Wise, and not just a bloodless regurgitation of facts already well known to anyone with an Internet connection.

Medicarity:

Barney whipped out his Sherlock Holmes hat and magnifying glass, conducted a thorough investigation, and found that the Times is not a liberal newspaper! Yup, here are his exact words: “There’s another reason to get to the bottom of the scandal. It’s the perception problem — a perception of liberal bias for which I haven’t found any evidence after checking with editors at the paper.”

Reassuring, isn’t it? Liberal bias at the Times does not exist. It is a “perception” problem “inspired by conservative bloggers.” It is all in your imagination. The Great Oz has spoken! Besides, Calame has proof. He called the editors who ignored the Air America story, and they denied that liberal bias was the reason. So the Times is not liberal. Time to go back to the divan.

Thomas Lifson at The American Thinker:

Mediacrity is justifiably stunned that he cannot uncover any evidence of bias. But I also find it stunning that he admits his search for bias consists of asking the editors. They will never admit their bias because they don’t see it. And neither does Calame.

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Leon H. at Macho Nachos:

Yet more activity from the Drobnys that skates right on the borderline of legal and illegal, and wanders squarely into the territory of slimy.
I don’t want to belabor the point that Brian has already hammered home with great efficiency, but this Nova M maneuver is the most Enron-esque move we’ve seen from the Drobnys and their Air America partners, yet. Switch the name “Drobny” with “Fastow” and you’ve got something straight out of Conspiracy of Fools. Will Al Franken condemn this shell game maneuvering?