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September 20, 2005

Fmr. Air America exec "sickened" by loan; "fraudulent conveyance"

The NY Sun has obtained a copy of a deposition given by former Air America Radio executive David Goodfriend as part of the suit by creditors against that network. Goodfriend was also an official in the Clinton White House. The plaintiff's lawyer has confirmed that the deposition is accurate.
Mr. Goodfriend said in the deposition that when investors found out about the money from the Boys & Girls Club, "They hear this and hear about other liabilities and conclude, I think we better just form a new company clean of any old liabilities."

Mr. Goodfriend, now a Washington based lawyer, said in the sworn deposition that he refused to sign an agreement that transferred ownership and assets of Air America to a new company, Piquant LLC, from Progress Media because he believed it constituted a "fraudulent conveyance."

A spokeswoman for Piquant has denied that the transfer of ownership was fraudulent...

"The notion that money left the Gloria Wise Boys & Girls Club so that Evan could pretend that he was investing in Air America sickened me to my core," Mr. Goodfriend said in the deposition...
He left AAR in May 2004, and says he first learned of the loans from Sinohe Terrero, who recently resigned from AAR. And, he says AAR's investors learned of the loans in that month. He also says that the former head of Gloria Wise, Charles Rosen, approved the loans.



Posted in Meta at September 20, 2005 12:58 PM

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