Posted on 06/21/2004 12:13:28 PM PDT by Pikamax
Air America restructures under new banner
By John Cook Tribune staff reporter Published June 19, 2004
The investors in Air America Radio, the liberal talk radio network that launched in March, are restructuring the company to free it of any obligations incurred by ousted chairman and founding investor Evan Cohen.
The investors, including Highland Park couple Sheldon and Anita Drobny and Air America Chief Executive Doug Kreeger, formed a new corporation, Piquant LLC. They plan to use the new entity to purchase the assets of Air America from Progress Media and RadioFree America, two related companies that own and operate the network.
"We have an asset purchase agreement we've entered into," said Norman Wain, another investor. "Progress Media and RadioFree America are selling all of their assets to Piquant."
(Excerpt) Read more at chicagotribune.com ...
Yes and no. Since this appears to be a sale of all or substantially all of the assets of the corporation, the transaction constitutes a "bulk sale" under Article 5 of the Uniform Commercial Code and as result, the buyer/seller will have to give notice to creditors so they can grab onto the proceeds of the sale. Failure to give creditors notice of the bulk sale could result in a transfer of the liabilities to the buyer. The sale could also constitute a fraudulent conveyance, depending upon how it is structured, which could also result in the buyer being responsibe for the debt up to the value of the property transferred.
Mel Brooks should make a movie about this!
Nice way of saying they went belly up and are liquidating whatever assets are left.
Pronunciation: | 'peekunt |
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Matching Terms: | piquance, piquancy, piquantly |
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WordNet Dictionary | |||
Definition: | |||
Synonyms: | attractive, engaging, salty, savory, savoury, spicy, stimulating, tasteful, zesty | ||
French = Piquant
English = Pissant
As in, "Welcome to Pissant radio! We're sassy and insignificant!
It's still going bankrupt. There may have been mismanagement but in the end it's the complete lack of interest that did it in. Liberals live in a fantasy world where they think everyone wants to hear what they have to say.
Further proof that liberalism is merely another symptom of a serious brain malfunction.
Pray for W and Our Awesome Troops
Is this how the liberal media describes impending bankruptcy(financial) for a liberal media member?
I hear their real financial problem is Franken's deli tab.
This has got to be a scam!
Just what ASSETS does this company have to sell?
It doesn't manufacture any product, so there's no inventory. Sounds like it rents/leases all of it's space, thus no buildings or related capital assets.
For a company that's only been around a very short time and can't pay it's bills there can't be many assets.
Except for studio equipment, office items (desks, computers, copiers, etc.) they don't have much in the way of assets.
Sounds an awful lot like a fraudulent conveyance to hinder or delay creditors to me.
Look for the new book by the Drobny's and Mr. Kreeger How to Pi$$ Away Perfectly Good Money at Amazon now!
They're probably just screwing another corporation, so that's OK in their book.
You're close. They're against it as long as they're not in on the action.
Bingo.
You got it--their insolvent-- at least until they run and hide from creditors.
Norman Wain, a Cleveland radio entrepreneur, says Mr. Cohen told him that Air America already had $30 million in the bank. Mr. Wain says he was told that his contribution would not be used until a separate round of financing was completed.
Messrs. Walsh and Saade say Mr. Cohen told them that TV producer Norman Lear had given Air America $2 million and pledged another $2 million. They also say Mr. Cohen told them that Laurie David, wife of comedian Larry David, had invested $2 million and pledged another $4 million.
Buoyed by the good news, Mr. Walsh told reporters on a March 11 conference call that the network was "well on our way" to raising "upward of $30 million" by its planned March 31 launch.
In fact, Mr. Lear and Ms. David were approached by Mr. Cohen but didn't invest, their spokespeople say. The amount raised totaled only $6 million, Mr. Cohen and Air America executives agree.
Unleash the plaintiffs' lawyers! Let the securities fraud lawsuits begin!
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