The assets of Air America are reported to be sold to a new corporate entity, leaving creditors of its existing corporate parents, Progress Media and Radio Free America, high and dry. According to the Chicago Tribune article, the new owner will be an outfit called Piquant, LLC, controlled by the original founders of the mini—net, Sheldon and Anita Drobney. Supposedly, millions are owed by the current corporate parents.

I am far from an expert on corporate law, but it strikes me that these shenanigans (a semi—archaic word brought back to common usage by Democrat spinners to describe the rapes/assaults/perjury of Bill Clinton) may be awfully close to the edge of conspiracy to defraud creditors of the current owners. Were the assets adequately priced? Was there an auction? I can only hope that some of these creditors are wondering the same thing.

Where the heck is Elliott Spitzer when you need him?

Since the network of 15 stations has been tens of millions of dollars of free publicity by the establishment left media, its intangible assets, especially the brand name, could be extremely valuable.

Of course, one group of creditors richly deserves it fate. the Air America employees, have been reported to be working without pay for the past few weeks. You might say the owners have been paying the on—air talent exactly what they are worth. But I do hope that Al Franken will comment on the air about the ethics of receiving goods and services, and then engaging in complex legal maneuvers to avoid the responsibility of paying for them. Especially when the new owners avoiding the debts jst happen to be fat—cat entrepreneurs like Anita and Sheldon Drobney.

And here I thought liberals were friends of the little guys. Silly me.

I am going to ask my friend,  fellow—blogger, and world—renowned expert on corporate law  (seriously — I happen to know he is highly regarded and well—known in Japan, among other places) UCLA law professor, Stephen Bainbridge, to comment. With luck, he will rise to the bait. Watch www.professorbainbridge.com to see if he does.

Posted by Thomas  06 19 04