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February 07, 2007

Air America's winning bid: $4.25 million

The results of the eBay auction to sell failed and bankrupt radio network Air America are in, and the winning bidder is slgreen2005, which is reportedly the nick of real estate developer Stephen L. Green. He is reportedly scrambling to put enough money in his PayPal account to pay for the sale, which was conducted by a user known only by the nick "agoregsorosssmalley".

"slgreen2005" will repay $3.25 million in loans AAR received. But, since it received much more than that in loans some will end up with pennies on the dollar (or some might get shafted altogether). Whether those who are owed non-loan money (such as Mike Piazza) will get anything isn't clear.

Green's company will also give Piquant LLC $500,000 and pay off up to $500,000 in network debts (the bulk of which, $349,000, is owed to the network's Manhattan landlord). Green's bid topped by more than $1.25 million the nearest offer received by Air America, according to a motion filed along with the purchase agreement... While Green controls the corporation purchasing Air America, two of the firms that were pre-bankruptcy investors in the radio network will "collectively own a minority interest" in the Green company.

Of course, the $4.25 mil is small change to someone who owns a billion dollars worth of properties, but bear in mind that that's just the down payment: he'll have to shell out several million per year to keep AAR on the air.

To help him out, I have a few tips:

- massively increase the varieties of items sold in AAR's CafePress store: license plate frames, keychains, ballpoint pens, the sky's the limit!

- join the Ben & Jerry's affiliate program

- to save money, put Marc Green on the air for 12 hours each day

- conduct a month-long fundraising event featuring Deepak Chopra giving away The Best of Barbra Streisand

- introduce the AAR Super Associates program: for $500 they get three tote bags

- convert AAR's financial structure into a more "communal" type of thing: from each to their abilities, etc.



Posted in Meta at February 7, 2007 11:49 AM

Comments

NPR (of all places) is reporting the bid was actually closer to $1 million, and that that itself was in the form of forgiving a loan Green had already made. The balance goes to pay off creditors to keep this turkey flying.

If you sell something and walk away with nothing, it sold for NOTHING. But few liberal left news outlets will report it that way. Too painful...

Posted by: WALKER at February 26, 2007 10:45 AM


Monitoring Air America Radio [TM] so you don't have to.








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