Drudge report today--
However this is about 3rd story on bankruptcy in last 3 years---so wouldn't jump up and down or shed tears--whichever the case may be.
September 14, 2006 -- All-liberal, all-the-time Air America is denying intense rumors that the ratings-challenged radio network will declare bankruptcy this week and attempt to reorganize to stay on the air for the November elections.
A high-level source told The Post that Rob Glaser, the Real Networks founder who rescued the 2-year-old network from its first financial crisis, "walked away last week" and took his moneybags with him.
Earlier this week, as first reported in The Post, Air America laid off six people and shuffled its on-air lineup - including deleting Jerry Springer and returning him to independent syndication.
Radio Equalizer, a blog that closely monitors Air America, claims the lefty net hasn't been able to pay its Associated Press bill and that staffers "have been bracing for the worst possible news."
Late yesterday, Air America spokeswoman Jaime Horn denied rumors of doom.
"If Air America had filed for bankruptcy every time someone rumored it to be doing so, we would have ceased to exist long ago," Horn told The Post. "No decision has been taken to make any filing of any kind."
Air America's executive suite has been a hotbed of intrigue with a revolving door ever since the New York-based home of Al Franken and other lefties launched as an "antidote" to conservative talk radio in April 2004.
Franken called the first chairman, Evan Cohen, a "crook" after a promised $30 million infusion never materialized and a loan scandal involving a Bronx charity last summer.
More recently, record exec Danny Goldberg abandoned ship.
Air America has about 87 affiliates nationwide. Earlier this month, the network was evicted from flagship WLIB and moved to a station with a weaker signal, WWRL (1600 AM).
