Bankrupt Air America has a new owner

Break out the Night Train, because Air America Radio has been sold! U.S. Bankruptcy Judge Robert Drain has approved the $4.25 million sale to Stephen Green:

...[The approval] essentially transfers all the assets of Piquant LLC, parent company of the New York-based Air America, to a group including new and current investors.

It gives a majority stake to Green Family Media LLC, an entity controlled by Green, and a minority stake to Democracy Allies LLC. That group includes RealNetworks Inc. Chief Executive Robert Glaser and two former Air America board members...

...A committee of creditors had objected to the deal, arguing that it benefited insiders such as Glaser and that creditors had been victims of a "bait and switch."

Creditors said that they had originally been promised a distribution of 8.5 cents on the dollar under a deal that fell through, compared to the 1 cent per dollar under this deal. That bid had been submitted by individuals who were not previously affiliated with Air America.

Democracy Allies was formed to lend money to the debtor when it entered bankruptcy in October. In addition to Glaser, the group includes former board members Terry Kelly and Douglas Kreeger. The SL Green sale gives it a minority stake and full payment of a $3.25 million loan...

...The deal will allow Piquant to pay back its loan to Democracy Allies, pay $526,000 to resolve back rent and building costs at its headquarters and pay $500,000 for creditor claims.

Lawyers said in court that contracts with the radio network's talent were being renegotiated. Klestadt declined to comment on Friday about what would happen to existing claims...

Posted in Meta at February 16, 2007 12:39 PM

Comments

Based on the number of respones on your site it must be painfully obvious to you that most clear thinking Americans realize that you are full of crap. Keep drinking the Kool-Aid and revelling in your delusions.

Posted by: Miblue at February 18, 2007 03:13 PM