In an exclusive report, the Radio Equalizer, Brian Maloney, has published that Doug Kreeger, a board member who has been with Air America Radio since its earliest days, has resigned from its parent company, Piquant LLC. Maloney credits the find to "an internal source."
In addition, reports Maloney,
[Kreeger] has been a major investor in the company and likely still holds at least two million common and preferred units, as well as warrants. In a much smaller quantity, his wife Wendy has also held company shares.
At this point, however, these units could at best be described as illiquid assets, with little or no realistic cash value.
In addition, at key points where Air America saw a particularly urgent need for ready cash, Kreeger was there to help with further investment commitments.
Things have certainly not been going well for Air America these last couple weeks. Last week, host Mike Malloy was fired, reportedly for financial reasons. Then it was announced that Air America was struggling to pay its wire services bills.
Gee, I remember when Air America Radio was launched with lots o' fanfare and media hoopla. Where is everybody now? Hello?