Thanks to David Lunde for the photoshop

The surprise isn’t that liberal talk radio network Air America announced it is going bankrupt today.

The surprise is that they lasted so long on fumes.

Here’s an excerpt of the statement on its website pulling the plug (hat tip: Brian Stelter, who has more here):

It is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to carry out an orderly winding-down of the business.

The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a “perfect storm” in the media industry generally. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection. From large to small, recent bankruptcies like Citadel Broadcasting and closures like that of the industry’s long-time trade publication Radio and Records have signaled that these are very difficult and rapidly changing times.

Those companies that remain are facing audience fragmentation as a result of new media technologies, are often saddled with crushing debt, and have generally found it difficult to obtain operating or investment capital from traditional sources of funding. In this climate, our painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success.

With radio industry ad revenues down for 10 consecutive quarters, and reportedly off 21% in 2009, signs of improvement have consisted of hoping things will be less bad. And though Internet/new media revenues are projected to grow, our expanding online efforts face the same monetization and profitability challenges in the short term confronting the Web operations of most media companies

When Air America Radio launched in April, 2004 with already-known personalities like Al Franken and then-unknown future stars like Rachel Maddow, it was the only full-time progressive voice in the mainstream broadcast media world. At a critical time in our nation’s history — when dissent on issues such as the Iraq war were often denounced as “un-American” — Air America and its talented team helped millions of Americans remember the importance of compelling discussion about the most pivotal events and decisions of our generation.

Through some 100 radio outlets nationwide, Air America helped build a new sense of purpose and determination among American progressives. With this revival, the progressive movement made major gains in the 2006 mid-term elections and, more recently, in the election of President Barack Obama and a strongly Democratic Congress.

As long-time readers know, Radio Equalizer blogger Brian Maloney and I extensively investigated the shady finances of Air America’s Titanic.

And as long-time readers know, Al Franken was in the thick of the corporate meltdown. Norm Coleman’s campaign reminded voters of his failure to account:

Sen. Franken hasn’t lobbied for a bailout, as far as we know. But don’t breath a sigh of relief yet. They’re still swinging the Fairness Doctrine noose. When they can’t compete in the marketplace, the Left will use the power of government to squash their competitors.

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Neal Boortz quips on Twitter: “Air America evidently couldn’t find another Boy’s Club to steal money from.”

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Graveyard of left-wing radio failures:

Buh-bye, Whoopi: Another failed liberal talk radio venture
It’s over for Nova M – the liberal talknet files for bankruptcy
Left-wing Austin, Texas gives Air America the boot
DUMPED IN MADISON: Libtalk Now Canned In Four Cities
I.E. America Radio Network shuts down
‘Progressive’ Talk Host Stephanie Miller Blames Liberal Radio Struggles on Station Owners