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Air America deflates

By Michelle Malkin  •  October 13, 2006 10:41 AM

If you read Brian Maloney’s extensive report yesterday on the failed Air America takeover deal with shady nutball Sheldon Drobny, the brief AP dispatch this morning on the liberal network’s filing for bankruptcy will be no surprise:

Air America Radio, a liberal talk and news radio network, has filed for Chapter 11 bankruptcy protection, a network official told the AP.

The network had denied rumors just a month ago that it would file for bankruptcy, but on Friday Air America said negotiations with a creditor from the company’s early days had broken down.

The network will stay on the air while it resolves issues with its creditors, spokeswoman Jaime Horn told the Associated Press. A formal announcement was expected to be made later Friday.

As Brian reported exclusively yesterday:

After an Air America Radio buyout plan by eccentric Democrat Party fundraiser / Huffington Post blogger Sheldon Drobny came so close to fruition that it was mere moments away from finalization, talks mysteriously ceased, the Radio Equalizer can report exclusively today.

In a letter from attorney Robert Wollin, on behalf of Kramer Levin Naftalls & Frankel LLP, a New York City bankruptcy firm now handling Air America’s disposition, the liberal talk radio network’s backers were notified of this unexpected development. Investors seemed to be counting on the deal as a way to escape with a few bucks and finally put this loser behind them for good.

Assuming this was a mere temporary negotiating ploy by Drobny, who has privately funded the purchase of Air America affiliate stations through Nova M LLC, your Radio Equalizer waited to report on this sudden turn of events. Now, barring another unexpected development, it seems unlikely that Air America co- founders Sheldon and wife Anita will retake ownership of the firm.

A “binding letter of intent” with the Drobny Acquisition Group LLC has expired, leaving Air America with few options, other than to find another buyer, file for bankruptcy protection or to simply shut down.

Meanwhile, the Gloria Wise investigation continues and Brian notes AG Eliot Spitzer’s jockeying.

The Smoking Gun has the filing.



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Categories: Air America, Al Franken