Air America was started as part of Progress Media, which said it had amassed $30 million in venture capital prior to its debut, a claim which later turned out to be untrue (only $6 million was initially collected). Two individuals from Guam, Rex Sorensen and Evan Montvel Cohen, were involved in raising the capital but denied any wrongdoing. Cohen had an unusual history for his position in a progressive-left radio network since he was a Republican political operative in Guam and former chief of staff for Republican Governor Tommy Tanaka. Cohen dismissed concerns by saying he was a committed "progressive" and that Republicans in Guam "are left of Paul Wellstone." It was reported that Cohen had unpaid business debts in Guam, although Cohen denies this. Tommy Tanaka pleaded guilty to corruption charges in 2003.
Form 990 filed by the Gloria Wise Boys & Girls Club for the period ending June 2003 (doesn't list anything about Air America!)
http://www.guidestar.org/FinDocuments/2003/133/287/2003-133287608-1-9.pdf
Tommy Tanaka (so-called R-Guam) plead guilty to corruption charges and Cohen was his chief of staff. Man, this just keeps getting better. I wonder if there's a background story on Rex Sorensen? Why does the name Sorensen sound familiar?