How much value do people put in a liberal radio network? Well, judging from the top bid garnered by Air America Radio during bankruptcy proceedings, the answer is clearly “Not very much!”
As reported by The Smoking Gun (emphasis mine throughout, h/t Drudge):
Bankrupt and about to lose Al Franken, its marquee star, Air America Radio is set to change hands for the bargain price of $4.25 million, according to new court documents. The sales figure was disclosed in a purchase agreement filed yesterday in U.S. Bankruptcy Court in New York.
Forgive me, but there are a lot of houses in my small town that go for more than this. This is way too funny, and marvelously gets better:
According to the agreement, the deal between Air America's owner, Piquant LLC, and a firm controlled by Stephen L. Green, a New York realtor, calls for Green's firm to repay up to $3.25 million in loans provided to Air America after the liberal radio network filed for Chapter 11 protection last October (the company listed debts of $20.2 million). Green's company will also give Piquant LLC $500,000 and pay off up to $500,000 in network debts (the bulk of which, $349,000, is owed to the network's Manhattan landlord).
Outstanding. Absolutely outstanding. Yet, the best was yet to come:
Green's bid topped by more than $1.25 million the nearest offer received by Air America, according to a motion filed along with the purchase agreement. An excerpt from that motion can be found below. Court documents do not specify how many bids were received for the network, though a filing notes that "more than ten interested parties" signed nondisclosure agreements and were allowed to review confidential network financial and corporate records.
What this means, folks, is that the people who reviewed the books didn’t see much inherent value in this asset.
I’m verklempt. Talk amongst yourselves.
—Noel Sheppard is the Associate Editor of NewsBusters.
Editor at Large
Comments Policy
Wow....just wow.Maybe this
February 7, 2007 - 16:43 ET by OIFveteranWow....just wow.
Maybe this is one of the reasons some moonbats are pushing the Fairness (read socialist) Doctrine. That way, the American taxpayers can foot the bill for people who can't make it in the market place, like Air America.
4.25 million....That is just pathetic.
<insert something clever>
I hope the $4.25m included g
February 7, 2007 - 16:48 ET by EdhenryI hope the $4.25m included getting the furniture, microphones and fixtures. The "goodwill" is likely just be a write-off the next owner needs.
OIFV
February 7, 2007 - 16:50 ET by Noel SheppardO,
It's not one of the reasons. It's THE reason.
The left can't succeed on AM radio. Period. So, they feel they have to require all of the successful broadcasters to air their message as well.
It's really that simple. ns
Is anyone surprised? Liberals
February 7, 2007 - 18:48 ET by Dad GummitIs anyone surprised? Liberals don't listen to talk for the most part, unless it's past the edge of decency like How-weird Stern. They listen to FM with the loud Bump Bump you can hear from blocks away. Talk radio requires an attention span, and a minimal IQ to follow, as there are no pictures, let alone any cleavage to be seen. I tuned in to AAR once, and it went pretty much like this:
Host: Bush sure sux!
Co Host: Yep, sure does!
Host: So does Cheney.
Co Host: He pulls Bush’s strings.
Host: Yeah, he’s a puppet! We hate him don’t we?
Co Host: That’s right. We sure do, because he’s stupid!
Host: All republicans are. We hate ‘em all!
Co host: Right. Especially since they stole 2 elections, and are the reason for homelessness and global warming, and a war for oil.
Host: Lets go to the phones now. Caller, welcome to Air America. Tell us why you hate Bush.
Caller (After a long inhaling sound, speaking while trying to hold his breath): Yeah…am... I ...on?
Host: You’re on the air …tell us why you hate Bush….
Caller: Yeah… you know…. Its like, uh, you know, I hate him, you know,‘cause uh, he sux & is stupid, you know?. (another inhaling sound) and he causes homelessness and global warming and…. you know, like what else was it you said? (exhale sound)
Host: stolen elections?
Caller: uh, yeah. They oughta make him give it back.
Host: You hate Rush Limbaugh too, right?
Caller: Yeah…..
Host: Yes! Tell the audience why!
Caller: Cause he spreads hate….And him & bush sent that big storm to uh,... What’s the name of that country? ....New Orleans I think.
Co Host: Thank you caller, You are a very bright caller! And don’t forget War for Oil! Bush started that, too!
and so on ....kind of like a broadcast of the Huffing Post.
"A wise man's heart inclines him toward the right, but a fool's heart toward the left"- Ecclesiastes 10:2
Wherefore NPR?
February 8, 2007 - 11:10 ET by heldmywIt makes me wonder what the value of NPR would be if it were put on the block in the public marketplace...
How many taxpayer dollars over value are we pouring down that leftist rathole?
Wherefore NPR?
February 8, 2007 - 11:11 ET by heldmywIt makes me wonder what the value of NPR would be if it were put on the block in the public marketplace...
How many taxpayer dollars over value are we pouring down that leftist rathole?
I finally figured out your user name. Gee, I'm kinda slow, huh?
February 8, 2007 - 11:19 ET by acaiguanaI finally figured out your user name. Gee, I'm kinda slow, huh?
ACA
...
Hillary Clinton says: "I want to take those profits."
$4.25M for AirheadAmerica?G
February 7, 2007 - 16:47 ET by Tom1969ca$4.25M for AirheadAmerica?
Geez, somebody got robbed...
~~~
VOTE DEMOCRAT!
(It's easier than thinking)
Yep somebody did - the Gloria
February 7, 2007 - 17:35 ET by truth_missileYep somebody did - the Gloria Wise Boys & Girls Club in the Bronx:
http://michellemalkin.com/archives/003117.htm
I heard one sticking point in
February 7, 2007 - 16:49 ET by Roger the ShrubberI heard one sticking point involved Green pitching in a warm 6-pack of Blatz, but my source might be wrong.
Rog
February 7, 2007 - 16:56 ET by Noel SheppardRog,
You're very close, but we have to keep this between us. K?
Goin for the Green
February 7, 2007 - 21:50 ET by acumenDoes Green get the Gloria Wise Boys and Girls Club too?
AC
February 7, 2007 - 21:56 ET by Noel SheppardHugh,
I'm going to do a modified MC Hammer to that. :-) ns
If somebody wants to pay $4.2
February 7, 2007 - 17:11 ET by Mean Gene Dr. LoveIf somebody wants to pay $4.25 million for a piece of crap, they must not be too smart...unless of course they're into collecting pieces of crap, then they're just demented.
Gun Safety Tip #8: No matter how responsible he seems, never give your gun to a monkey. (www.imao.us)
4.25 mil for a big huge Liber
February 7, 2007 - 17:15 ET by truth_missile4.25 mil for a big huge Liberal voice of Amerika radio network? You know somewhere Rush is laughing so hard whatever beverage he is enjoying is shooting out of his nose.
What if a conservative bought Air America ?
February 7, 2007 - 17:48 ET by SportPoliticsWhat if a conservative bought Air America, and planned to turn it into right wing radio ? LOL -
Ok I understand it is highly unlikely, since the libs at the helm were no doubt in full discrimination mode, and got some other left wing nutjob to pay 1.25M or 25% too much for the failing flailing fibbing lib flop.
Ahh, well, that rules out the iron$fisted Sorros unless Al gave his I'm good enough, I'm bright enough, and darnit people like me pitch.
( I never could stand that slurring moron Franken, even way back on SNL. Yeah, it's pretty much how he looks, or at least that adds to it. )
What if a conservative boug
February 7, 2007 - 23:46 ET by Tom1969caIt's possible; I mean, Rush could afford it. The sale price of AAR was about the same amount that Limbaugh earns every eight weeks! (How's that for putting things in perspective? The total worth of AirAmerica = two months of Limbaugh.)
~~~
VOTE DEMOCRAT!
(It's easier than thinking)
What poetic justice it would
February 7, 2007 - 17:50 ET by midnight cowboyWhat poetic justice it would be if someone like Murdock could just reach into his front pocket and pay the $4 1/4 mil( chump change for him) and turn it into a conservative network becoming a ratings powerhouse. Heck, at the same time might as well buy NBC that's up for sale too.
That's ONE !!!How many more t
February 7, 2007 - 18:00 ET by JayTeeThat's ONE !!!
How many more to go ABC CBS NBC CNN ? GE better get some Bidders together for NBC, or change it's format to emulate Fox News. FAIR and Balanced.
It's gonna be fun watching the next one go.
GE SELL NBC !!! save your stock price....
What should have happened to AA
February 7, 2007 - 18:24 ET by nkviking75I wish some benevolent rich conservative would have bought AA and shut it down as a public service. Maybe this person could hold their hosts to their contracts and keep them from working anywhere else until they expire. A fantasy, I know...
Here's hoping that Stuart S
February 7, 2007 - 18:56 ET by kevcadHere's hoping that Stuart Smalley's stellar performance at Airhead America will equally transfer easily over to his run for the Senate.
(Dripping sarcasm intended)
Well, the thing I don't und
February 7, 2007 - 22:27 ET by kcmt1Well, the thing I don't understand about all of the "liberal" media outlets, such as Air America, NY Times, NBC, etc. is that they don't believe in capitalism, which means they don't believe in corporate profits. So how do they expect to stay in business? Welfare? The dole?
If we knew AA would go that
February 7, 2007 - 22:36 ET by Clear thinkerIf we knew AA would go that cheaply, we could have organized a fund drive whereby the station was owned by a few thousand Conservatives. It would have been as easy as everyone in this forum emailing everyone in their contacts lists asking for donations. Then once we had ownership... the station plays patriotic tunes 24/7.
Tax Green Immediately!Teddy K
February 7, 2007 - 23:56 ET by bigtimerTax Green Immediately!
Teddy Kennedy speaking above...he is on a personal agenda helping out the uninsured children and the disabled/elderly in this country that need medicaid that those big bad republicans have slashed I tell ya...slashed......
This is the lefts newest talking point on the floor of Congress...they are testing the waters....same old talkin' points.
Btw....Pouring good money after bad when it comes to Air Amerika...or something like that...LOL!
BT A social no no!
February 8, 2007 - 00:01 ET by misterbill"Teddy Kennedy speaking above" , "they are testing the waters"
BT A social no no! We do not mention Teddy and water in the same paragraph!
misterb...Right you are!Someb
February 8, 2007 - 00:06 ET by bigtimermisterb...
Right you are!
Somebody has got to speak up for Mary Jo!
Although that in-itself is swimming upstream...
bigtimer..well i'm disabled
February 8, 2007 - 00:03 ET by ww thumperbigtimer.well i'm disabled and almost elderly:-) (depends on how old "elderly" is ) I sure wish he would "help" me out ; "just sign the check ted, I'll fill it out!" (me) all that old fool has ever done is help raise my taxes! v Being "Politcaly Correct" with ISLAM will distroy America......V
thump...Exactly.I watched thi
February 8, 2007 - 00:11 ET by bigtimerthump...
Exactly.
I watched this old fool who has never worked an honest day in his life give one of the same old same old socialist talking points on the Senate floor yesterday at the top of his lungs of course....and I am thinking to myself...give these people you lie about caring about part of the money you inherited through illegal means by the way...put your illegal money where your mouth is...
Oh I detest this walking piece of festered tripe.
bigtimer..."...I detes
February 8, 2007 - 00:19 ET by ww thumperbigtimer..."...I detest this walking piece of ..." your being much to "nice " to "the swimmer" ! :-^} (bratt smile) :-) ww v Being "Politcaly Correct" with ISLAM will distroy America......V
Al Franken
February 8, 2007 - 01:12 ET by d1carterI would like to know how much money was paid to Al Franken during this time to help him make his run for the Senate...
A sham 527 organization
February 8, 2007 - 03:41 ET by niner-four-whiskeyAir America was NEVER, not from day 1, intended to be a succesful commercial enterprise.
Its sole purpose was to serve as a quasi 527 organization, skirting all the rules, and masquerade as a for-profit radio network. 100% advocacy, all the time, over the airwaves in targetted markets. Even better, do something contraversial and make the "news" and get the message out even wider.
It has served its purpose and it is on the block. However, look for this advocacy tactic posing as a free-speech media outlet again in the future.
Noel,And no, before you ask,
February 8, 2007 - 12:51 ET by Dave RNoel,
And no, before you ask, I'm not smoking anything and I know this puts me in the extreme minority around here, but I really hope Air America is at least somewhat successful. If it is, it may serve to take some of the wind out of the sails of those pushing the unFairness Doctrine.
I hate newspapermen.....I regard them as spies.....If I killed them all there would be news from Hell before breakfast. -William T. Sherman
Bush would park it in limbo
February 8, 2007 - 12:57 ET by tumbler_2007The Fairness Doctrine (what an idiotic name) is totally rudderless, no matter the sails. If it came to the President's desk, any bill of its kind would be vetoed. Rightly so.
Dave
February 8, 2007 - 14:04 ET by Noel SheppardDave,
There is no wind in the Fairness Doctrine sail. Any such legislation would be deemed un-Constitutional by SCOTUS. Not to worry.
So, hate away at Air America! ns
Noel & Tumbler,Believe me
February 8, 2007 - 14:40 ET by Dave RNoel & Tumbler,
Believe me, I hope you guys are right, but after watching what happened with that Campaign Finance Reform abomination, which for some unknown reason (temporary insanity?) GWB saw fit to affix his John Henry to, I’m not taking anything for granted these days. Of course, my comfort level with all this would be much higher if it wasn’t for GWB’s distressing tendency to cozy up to the lefties on occasion. :-(
I hate newspapermen.....I regard them as spies.....If I killed them all there would be news from Hell before breakfast. -William T. Sherman
yeah, W's only problem
February 8, 2007 - 14:44 ET by tumbler_2007It sure is. They kept saying W is a man who's comfortable in his own skin.
Too damn comfortable sometimes.
Noel, didn't W sign McCain-Fe
February 8, 2007 - 19:38 ET by MikeBNoel, didn't W sign McCain-Feingold figuring it would be held unconstitutional by SCOTUS? Dangerous assumption to make, Noel.
Sorry, Dave R. I hadn't read your reply before I typed this in.
"A communist is someone who reads Marx. An anti-communist is someone who understands Marx." Ronald Reagan