Posted on 03/06/2007 12:40:50 PM PST by Hillarys Gate Cult
NEW YORK
New York real estate magnate Stephen Green and his brother, politician Mark Green, completed their purchase of the liberal Air America talk radio network on Tuesday for $4.25 million.
Stephen Green, chairman of office building owner SL Green Realty Corp., formed Green Family Media to buy Air America, which had entered bankruptcy in October. He will be chairman of Air America and Mark Green will be president. Scott Elberg, who had been chief executive, will stay on as chief operating officer.
Air America first launched in 2004 and has lost money ever since.
"I'm a businessman used to making money and Air America will be no exception," Stephen Green said in a statement. He said they had plans to turn the business around by next year.
"Air America is a great idea and iconic name, but it's also been an underperforming asset with unrealized potential," he said.
The network reaches 2.1 million listeners through 75 affiliates and produces 19 hours of original programming a day. Its most prominent personality was the comedian and author Al Franken, who left the network last month to run for the Democratic nomination to a U.S. Senate seat from Minnesota.
When Air America's parent filed for bankruptcy on Oct. 13, 2006, the company reported it had lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million as of the filing in 2006.
The Greens will be majority shareholders of the network while Progressive Radio Group, led by former Air American board member Terry Kelly, and Democracy Allies hold minority stakes.
U.S. Bankruptcy Judge Robert Drain approved the sale to the Greens last month as the network was about the run out of money, putting it in danger of shutting down.
(Excerpt) Read more at businessweek.com ...
The sum total of this deal is this, according to Quigley: "there is nothing in this sale that would prove the company was worth more than exactly zero dollars, as it's all write-offs and the buyer's unavoidable expenses, while the little guy gets stiffed."
If this was a business under the same roof the only hope they would have would be arson to collect the insurance money, then go under.
Fancy was of saying "it stinks".
The market for stupidity is limited. Once they buy AA, the market is saturated. He said they had plans to turn the business around by next year.
Just marked March 6th on next years calender.
Song: There Is A Sucker Born Every Minute Lyrics
There is a sucker born every minute
Each time the second hand sweeps to the top
Like dandelions up they pop,
Their ears so big, their eyes so wide.
And though I feed ‘em bonafide baloney
With no truth in it
Why you can bet I’ll find some rube to buy my corn.
‘Cause there’s a sure-as-shooting sucker born a minute,
And I’m referrin’ to the minute you were born.
Each blessed hour brings sixty of ‘em
Each time the wooden cuckoo shows his face
Another sucker takes his place,
And plunks his quarter on the line
To buy my brand of genuine malarkey.
God bless and love ‘em!
But don’t feel sad or hoppin’ mad or cause a scene
‘Cause there’s a sure-as-shooting sucker born a minute,
But Ma’am you mighta been the minute in between.
If I allow that right here in my hands
The smallest living human man
The sight of that is surely worth a dime
If I present an educated pooch
Who’s trained to dance the hoochie cooch
What better way to waste a bit of time
If I imported monumental cost
A lady, fair, who’s head was lost
While crossing railroad tracks to pick some zinnias
Who eats farina through a hose
And wares pink tights instead of clothes
If that ain’t worth a buck my name ain’t Phineas
Aw you say that’s hog wash well who cares
You’ll buy my hog was long as
There’s a sucker born every minute
Each time the second hand sweeps to the top
Like dandelions up they pop,
Their ears so big, their eyes so wide.
And though my tale is bonafide baloney,
Just let me spin it,
And ain’t no man who can resist me wait and see
‘Cause there’s a sure-as-shooting sucker born a minute,
And friends the biggest one excluding none is me!
"I'm a businessman used to making money and Air America will be no exception," Stephen Green said in a statement. He said they had plans to turn the business around by next year.
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Programming that will make tons of money:
1) Stylin' with Cindy Sheehan
2) Hillary Clinton teaches white America how to sound like an African American in 5 easy language lessons
3) Real Estate investing with no money down with Harry Reid
4) Cigars with Bill Clinton
5) Carbon swap with Algore
6) CAIR helps you plan to overthrow the government
7) Jack Murtha presents "I am the king of the world" and the phone in show "Ideas to destroy the American military"
8) Jim Webb discusses manners
He might not be a complete nut. The name has a lot of support with lefties and they do have some money / listenership.
He'd have to change the whole business model and/or way of operating though for the thing to make approach breaking even.
Still its a long shot.
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