[Billthedrill]

The company is suing past and present Air America officers and investors in Piquant LLC (the network's current owners) for engaging in a "sham" transfer of ownership to defraud creditors.

This is the one that has real potential for trouble. According to the suit the boards for the old owners, Progressive, and the new ones, Piquant, are populated by essentially the same cast. The SEC frowns on this sort of thing...

[ken5050]

It's not the SEC..it's the bankruptcy court..