Nobody was duped: Sorensen denies allegations surrounding Air America
In recent weeks Guam has received national media attention due the involvement of two local businessmen and their involvement in controversial radio project. Air America has received no shortage of attention since it announced its launch as a startup venture. The liberal talk radio network was started as a counter to what some consider an industry crowded with many conservative voices but few voices espousing liberal ideals.
Heading the project were two men with strong ties to Guam. Rex Sorensen owns Sorensen Pacific Broadcasting, which operates five radio stations on Guam and Saipan (Sorensen says his Guam broadcasting company is in no way connected to Air America). The other man is Evan Cohen who was born on Guam and operated several businesses on island before relocating to the states several years ago.
The two businessmen have received national media attention from the New York Times to the Chicago Tribune, and even from pundit sources like The Drudge Report. The similarity is that in the last month much of the coverage has not been positive. Most recently The Wall Street Journal wrote a lengthy expose entitled "Radio Daze - Inside Air America's Troubles: Optimism and Shaky Finances". The article, written by Julia Angwin and Sarah McBride describes Cohen and Sorensen as Guam-based entrepreneurs who a number of Air America's investors and executives say misled them about the company's finances.
More...
http://www.kuam.com/news/10010.aspx
Can you say "perp walk"? How about "frog-march"?
:^D
According to a June 19, 2004 article in the Chicago Tribune (locked in their pay archives - cached version here), the transfer of Air America Radio ownership to Piquant LLC was an inside job arranged by the co-founder of the network, multi-millionaire venture capitalist Sheldon Drobny.
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."
...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.
By his own admission Sheldon Drobny is the co-founder of Air America Radio (AAR), and the investors and owners of RadioFree America and Progress Media appear to be the same people who now own Piquant LLC (except for Cohen and Sorensen).
Remember this is what Drobny and Kreeger's company said about the matter yesterday:
"PIQUANT had no involvement whatsoever with funds from GLORIA WISE BOYS &GIRLS CLUB. PIQUANT neither received nor expended any of the sums that are the subject of the City's investigation of the CLUB.
While that may be technically true, RadioFree America and Progress Media were involved with the funds and the current individuals who make up Piquant LLC (according to the Chicago Tribune) were owners or investors in those companies. They designed an asset sale and shutdown of the two companies specifically to distance the network from the liabilities of RadioFree America and Progress Media, including loans from the Gloria Wise Boy's & Girls Club.