[IncPen]

I'm not going to give the Tribune any information, but I take it that this:

restructuring the company to free it of any obligations

means that someone is getting screwed...

Hmmm... I thought liberals were against 'business screwing people'...

[So Cal Rocket]

Hmmm... can you really buy only a company's assets and leave the liabilities behind?

If that's the case, I want to buy GM's assets and not have to bother paying back their loans or accounts payable!

[Hank Rearden]

Another leftist shell game with other people's money.

Just like Big Stupid Government. Currently run by the Republicans. Hmmmmmm . . . . . . .

[PA Engineer]

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.

Is this just a nice way of saying they are going to declare bankruptcy?

[ken5050]

FYI..there was a front page story on the same topic in today's WSJ....sounds like a lot of folks got conned...Franken's contract is for one million...remember all the hoopla when he said he would forgo it, to keep the program going?..it tuirns out he had been stiffed by the owners..FRanken had the choice at the time to quit, or to stay on, and put some spin on it..

[Vigilantcitizen]

Separated at birth?

[ICX]

Over at DU, the Rats are in full on denial mode.

(fingers plugged in ears) "NA NA NA NA...these are lies concocted by ultra-right wing neo-cons! Everything is going smashingly with Air America! We'll be laughing when we dominate talk radio years down the road! NA NA NA NA!"

[counterpunch]

Yep, typcial leftist approach to business. Lose money, pile up debt, then disappear, only to re-emerge under a new name an a clean credit record. Then start the process over again.

[Steely Tom]

Here's my theory.

Drobny figured out that there was a pent-up demand for liberal radio on the investor side. That is, there are a lot of rich liberals who are being driven up the wall every day by Rush, Fox News, etc., and are looking for a way to "do something about it."

Drobny said to his wife "I think there may be a way here for an honest man to make a dollar."

I don't know the details, of course, but I think what Drobny did was essentially set up a "deal" to fund a liberal alternative radio network with venture capital raised from such rich liberals. He kept most of the money, and "sold the idea" to someone else, who proceeded to run it into the ground.

Now Drobny is arranging to do it all over again with a second round of rich liberal (uh) investors.

(steely)

[DonaldDuke]

formed a new corporation, Piquant LLC

Sounds like they're being revamped as a porn company...

[VRWC_minion]

Nice way of saying they went belly up and are liquidating whatever assets are left.

[VRWC_minion]

PIQUANT: Dictionary Entry and Meaning

Pronunciation:			'peekunt
Matching Terms:			piquance, piquancy, piquantly
WordNet Dictionary
	Definition:		[adj]  attracting or delighting; "an engaging frankness"; "a piquant face with large appealing eyes" [adj]  engagingly stimulating or provocative; "a piquant wit"; "salty language" [adj]  having an agreeably pungent taste
	Synonyms:		attractive, engaging, salty, savory, savoury, spicy, stimulating, tasteful, zesty

[TC Rider]

French = Piquant
English = Pissant

As in, "Welcome to Pissant radio! We're sassy and insignificant!

[Casloy]

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.

[bray]

Dead Airmerica is the Enron of Radio!

Pray for W and Our Awesome Troops

[conservonator]

...are restructuring the company to free it of any obligations incurred...

Is this how the liberal media describes impending bankruptcy(financial) for a liberal media member?

[Spok]

I hear their real financial problem is Franken's deli tab.

[kennedy]

The purpose of the transaction is twofold: to eliminate Cohen and his partner Rex Sorensen's shares in the company, and to insulate the cash-strapped network from any debt or other obligation that Cohen may have incurred.

Sounds an awful lot like a fraudulent conveyance to hinder or delay creditors to me.

[Space Wrangler]

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.

Look for the new book by the Drobny's and Mr. Kreeger How to Pi$$ Away Perfectly Good Money at Amazon now!

[kennedy]

Messrs. Cohen and Sorensen were meanwhile raising money for their programming arm. They told potential backers they would put $12 million of their own money in the venture, according to two investors and Messrs. Walsh and Saade, who attended many pitches. Messrs. Cohen and Sorensen also told investors and employees they had raised $18 million from individual donors, these people say.

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!