UCLA corporate law prof Stephen Bainbridge, a man ahead of his time, analyzes MultiCultural Radio Broadcasting Inc.’s complaint against Air America Radio, which Brian Maloney and I first reported on here.

A reminder that attorney Eric Costello’s analysis is here. Costello sends this addendum:

An oddity, from reading the default judgement…The judgement refers to a $156,000 bond put up by Air America, and indicates the $255,000+ judgement will be reduced by any amount they collect on the bond. But the Complaint filed months later makes no reference to Multicultural having collected on this bond. What happened, one wonders? Was there some glitch that prevented a collection on the bond, and if so, what?

Reader Steve O. writes us:

Air America WILL be covered in the national press in a major story, perhaps next year or in 2007. AA will go bankrupt soon after they lose their case with MRB. So, they will last as long as it takes for the suit to wind it’s way through the courts. I suspect MRB is not their only defrauded creditor. Air Embezzlement will have judgements against them and their bank account with all $217.86 will be seized. As the former CFO of a small publicly held company, I know of what I speak.

I can’t imagine how the writers will cover it. A sportswriter can cover the 1st, 2nd and 4th quarters, but not when then big fight and all the scoring was done in the 3rd quarter. We will see the literary craft at its best.

But until they go down, they will suck resources from liberal contributors and will do little to advance the liberal agenda, so I’m cheering for them to last as long as they can. If the NYTimes were covering the story honestly, AA would be in their death-spiral right now. As it is, perhaps they will hold out until a year before the 2008 presidential election. That might put one more spotlight on the fairness of basic news coverage at an opportune time…

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In other Air America news (or rather, non-news), RightWingDuck at IMAO brings you “The Top Reasons the New York Times has not covered the Air America Scandal.”

Greg Pierce at The Washington Times covers the coverage.

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