My friend and frequent investigative partner Brian Maloney at The Radio Equalizer has an exclusive report on how shady couple Sheldon and Anita Drobny are riding to Air America’s rescue:

Poised to announce their takeover imminently, the Drobnys are said to be acquiring the long- suffering operation for mere pennies on the dollar, the Radio Equalizer has learned.

Other buyout efforts by parties close to the network were said to have failed because of difficulties in putting together the necessary funds. Accepting this bid was seen as a last- ditch way to avoid a complete collapse, which appeared to be just days away.

The takeover looks to be as messy as all of Air America’s past financial dealings:

Many unresolved questions remain, including how much money the Drobnys are able to invest, whether they will assume parent company Piquant LLC’s massive liabilities (which include settlements and judgments), or if Nova M LLC, their own station- purchasing vehicle, will simply acquire Piquant’s few remaining assets.

In addition, will previous Air America investors be able to recover any of their nearly- worthless cash infusions? That’s difficult to say, but preliminary indications were that just one unitholder class would see any payout whatsoever.

Stay tuned. Maloney’s always got more coming.