“Air America Radio today filed for bankruptcy, listing liabilities in excess of $20 million and assets of only $4 million. The Chapter 11 filing by Piquant LLC, the radio network’s parent company, was made in U.S. District Court in Manhattan,” The Smoking Gun reports.
“The company’s single largest creditor is Rob Glaser, founder of RealNetworks, who is owed $9.8 million, according to the bankruptcy petition,” The Smoking Gun reports. “The list of Air America’s creditors runs 25 pages, and includes on-air personalities like Al Franken ($360,749.98) and Chuck D ($10,749.99), as well as law firms, landlords, limousine firms, and a variety of other businesses.”
An excerpt of the court filing showing all Air America debtors here.
“The network will continue to operate with funding from its investor group, led by RealNetworks Inc. CEO Robert Glaser, who owns 36.7 percent of the company, and two other former board members,” Seth Sutel reports for The Associated press.
“Air America had dismissed rumors just one month ago that it was planning to file for bankruptcy protection. Spokeswoman Jaime Horn said Friday the filing became necessary only recently after negotiations with a creditor broke down,” Sutel reports. “Court documents showed that MultiCultural Radio Broadcasting Inc., a creditor with whom the network had tussled in its early days, had Air America’s bank accounts frozen.”
“Glaser had previously served as the company’s chairman… Horn said Glaser and Franken were unavailable for comment Friday… Air America has struggled financially since its inception. Court documents show the company lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million so far in 2006,” Sutel reports.
“Radio talk show host Rush Limbaugh, whom Franken lambasted in a book called ‘Rush Limbaugh is a Big Fat Idiot,’ took a jab at Air America’s worsening situation on his talk show Friday after a listener called in to ask about it. ‘I’m not surprised _ it was doomed to fail,’ Limbaugh said. ‘They were not a broadcasting concern to begin with. … They went into business to affect elections.'”
Full article here.
In related news, Krispy Kreme Doughnuts (Nasdaq: KKD) announced that this situation could potentially have a direct negative impact on the company’s revenue, but expressed confidence overall since Glaser did get a $761 million life preserver* from Microsoft last October.
*Yes, it cost $761 million. A life preserver sized to fit a small moon doesn’t come cheap.
Related articles:
Real CEO Glaser calls Apple iPod owners thieves – May 11, 2006
MTV-Microsoft URGE music service not targeting iPod, iTunes users; Real CEO PlayedF – December 13, 2005
Real’s Rob Glaser calls Apple’s Steve Jobs ‘pigheaded’ – December 06, 2005
Real’s Glaser: Apple iPod+iTunes ‘will lose out because of the share of market forces against them’ – October 29, 2005
Real CEO Glaser calls Apple ‘deceptive’ with iTunes Music Store – March 07, 2005
RealNetworks’ CEO Rob Glaser grabs 3 of top 10 spots on ‘Dumbest Moments in Business 2005’ list – January 31, 2005
Real’s CEO Glaser: ‘Harmony’ hack legal, Mac lovers are very sensitive to Apple criticism, and more – September 14, 2004
Analyst: Rob Glaser’s ill-advised war against Apple ‘is going to bite RealNetworks on the ass’ – August 30, 2004
NY Times: Real’s Glaser was close to having iPod before Apple, but let it slip through his fingers – April 24, 2004
Real’s CEO Glaser: Apple’s iPod/iTunes combo ‘threatens to turn off consumers’ – April 20, 2004
Jobs to Glaser: go pound sand – April 16, 2004
Real CEO Glaser begs Apple to make iPod play nice with other music services – March 24, 2004
Real CEO Glaser: ‘iTunes is only going to be used for playing songs you bought using the iTunes store – January 16, 2004
Rush Limbaugh and Apple Computer to intro new podcast service via iTunes – March 08, 2006
Rush Limbaugh announces video podcasts for Apple iPod starting December 12th – November 30, 2005
Rush Limbaugh and Apple Computer working to bring podcasts of radio show to iTunes Music Store – May 17, 2005
Rush Limbaugh says ‘Mac OS X Tiger Rocks,’ posts link to free Rush advertisement for Mac – April 30, 2005
The Hill: Put Rush Limbaugh on Apple’s board of directors; he could sell tons of Macs – January 26, 2005
Rush Limbaugh: Why does Apple put politics first? – June 27, 2003
Rush Limbaugh comments on Gored Apple – March 21, 2003
TowerTone,
I had forgotten the book it was in! I hesitate using Wikipedia, but here’s an entry here. So it appears as if it is TANSTAAFL (two A’s)!
Looks that way, although they show both. It’s been 32 years since I read it(6th grade), but it left an impression on me. The scary thing is, they say memory is the SECOND thing to go. I forgot what the first is…
B Mark
FWIW, I’m not trying to speak for Charles, but I would imagine he was using that shortened term to save time, like when text messaging. We Americans are always in a hurry, what with having to save the world, feed the hungry, be the most productive economy AND listen to people gripe about how much better they could do it, you know, if they had time. Yeah, we stay pretty busy. LOLUSOB
I too travel the world and it depends on where you go. Parisians hate everyone who isn’t Parisian. They hate fellow Parisians too. Who cares what they think. The US can’t defend itself based on whether or not everyone in the world likes us. We’d be taken over by now if that’s how it worked. The US will always defend itself whether or not the rest of the world likes it. And that’s how it should be. And B Mark, you are an ahole.
Fanny,
Be tender with my heart.
That was fannitastic!
Nan, et al
I agree that Islam has the most fatal attacks now, and is the problem today.
Based on that criteria should Christianity have been gotten rid of back in the day? You know, when tens of thousands of people were being killed for the church.
Entire cultures have been erased in the name of Christ. Wars have been waged with thousands dead. Non Christian cultures back then were facing the exact same thing we’re facing today.
Do you believe that Christianity was a virus and needed to be exterminated?
I’m telling you…MDN is zooming in on Glaser or something.
He is getting fatter each time I come to this page.
jim: Cannucks have to have something to write about to asuage their inferiority complex ay
10 internet tough guy points to jim for this hilariously ironic post, unless of course it wasn’t meant ironically, in which case … well it would be cruel to tack on any additional demerit.
Mike, your post was so obtuse I’m not sure if even Ampar understands it. As far as the original post being ironic… I vote for calling it sarcasm over irony. Or hoisting someone on his own petard. It would appear that the question posted for Johann could also be directed to you.
“It’s kinda fun making up generalities isn’t it?”
what are we going to do when this thread is gone?
People preaching intolerance and hate are a major problem; but dealing with them is sometimes absolutely necessary for survival.
Look up (“Google”) what happened in Jerusalem on July 15, 1099 if you wish. Alas, alas, alas…
What happened in Spain later on was just local politics, I guess.
the latest USA Today paper on Fox news? has more than twice the viewers of CNN and way way more than MSNBC.
MW big as in, Fox as a big lead because ppl long for unbiased reporting (it SEEMS to be right-wing biased only when compared to the overly left-wing biased left).
to all those who say keep politics out of a mac site, where’s the fun in that? what’s wrong with some good ol’ heated debate? news sites (yes, even mac news) become boring if not for articles (followed by comments) like this.
“Mike, your post was so obtuse I’m not sure if even Ampar understands it.”
True. I got lost somewhere near the 260th post mark on this thread. Like seeing a train wreck, it is kind of fascinating to see how far this thread can stray from the article topic of Rob Glaser losing $9.8 million in a bad investment.
To Jerry T and fellow libs,
No one’s saying Christianity is perfect or even a good thing. The fact remains when Christianity was violent the whole world was violent. Islam has always been violent, still is violent, and always will be. The problem now is that it’s been exported out of the caves of the middle east to all corners of the world now. In the old days who cared if they killed each other over different interpretations of Islam. Now they’re trying to kill everyone. I can’t stand these people. They’re going to make the rest of the world do something very nasty to them. They deserve it. You libs will figure it out after something much worse than 9/11 pushes you to the correct view. You stick up for Islam now hoping for votes or just because you’re deranged.
Fox News is fair and balanced and that’s what drives the libs nuts. It’s not like all of the other socialist, far out lib, commie, news sources in the country. Libs hate that. Libs are insane!
What? Rob Glaser lost $9.8 million on a bad investment? Where did you read that? As informed as I am, I’m don’t see how this could have slipped under my radar….
You know, if the USA is so great, how come Apple presents all their products as “Designed in California”?
That said, I understand why: California’s a great place. So is New York. The rest of you, well, ew.
America is on the verge of collapse. Too bad. It had a lot of potential. Just that its people are so close-minded and blind.
Grack is on CRACK.
You don’t know the history of crack.
I do.
You know, if Canada is so great, how come Apple presents all their products as “Designed in California”?
That said, I understand why: California’s a great place. So is New York. The rest of Canada well, ew.
America is on the verge of Canada. Too bad. It had a lot of potential. Just that Canada people are so close-minded and blind.
Johann
Thought I’d clean that up for you a bit, let people know you are from Canada. A country I have no quarrel with.
By the way, are you a contortionist? Because I have never met anyone who could have their head up their ass and their foot in their mouth at the same time, ay.
Lol @ Ampar again.
@Johann… uh… well ok. Is that last post the internet version of “I know you are but what am I?”
Maybe you skipped geography class where you went to school, but California is actually part of the good ‘ole Us of A. In America we celebrate our differences; we argue, debate, and pontificate (it means talk alot – look it up.)
Here’s a funny quote from your missive above…. “America is on the verge of collapse. Too bad. It had a lot of potential. Just that its people are so close-minded and blind.” – If ever there was a perfect example of a phrase proving the inferiority complex some people have regarding the USA, this is it.
Wow… more generalities. So besides not learning geography in school, they also don’t teach critical thinking? Listen, let me help you a little bit – it’s actually ok to be an America hater. This is one of the things that makes our country great over all of the rest, including yours. We actually provide the opportunity to spew the silly generalities you say because we believe in free speech. Just one piece of advice about using free speech – just because you have the right to say something, doesn’t mean you have to prove your lack of education by saying it.
You might as well say, “all americans are fat” or, “all white americans are racist” or “all black americans are unemployed.” Generalities prove the predujices of the person who says them. They reveal your inability to think for yourself.
Try thinking before you type. The rest of us will get to keep a few more brain cells.
300th post!
300th post! and im so sure thats a first!
I love Americas.
There are many fine breasts there.