The [halloween] picture of this big pumpkin can't depict the difficulties Air America Radio station in encountering any better! Read more from AP report
On October 13, 2006, Air America filed for protection from creditors, i.e. bankruptcy, under chapter 11, at the U.S. Bankruptcy Court for the Southern District of New York. Air America expects to continue broadcasting while the finances are worked out with the creditors. The company has $4,331,265.30 in assets and $20,266,056.23 in liabilities. Al Franken alone is owed $360,749.98 and Rob Glaser, founder of Real Networks, is owed the most at $9.8 million. The filing has over 25 pages of debtors and shows the company lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million so far in 2006. [Wiki]
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