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 ...
Yep, they must not have gotten all of the tumor.
Another word for bankruptcy ?
exactly my sentiment in reading the first paragraph - you can't restructure without first declaring bankruptcy.
Another word for fraudulent transfer.
... post 14 ...
nevermind
A new banner? Hmmmm. I think that the Hammer and Sickle became available in 1989.
Thanks, President Reagan.
Probably the only way they could make a buck.
It has to be an arms-length, commercially reasonable transaction, or it may be voided in bankruptcy.
No doubt. We paid the outstanding debt from the proceeds of the sale and closed the old company. But the buyer was very careful not to assume the old debt or have any affiliation with the old company.
How about their good name, isn't that worth something? HA
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