Papantonio not worried about Air America Turbulence

From the Pensacola News Journal:

Pensacola attorney and political firebrand Mike Papantonio isn't dismayed by troubles at Air America, the liberal talk radio network seeking protection in bankruptcy court.

Papantonio is an investor in the network, which he predicts will stay in business just as airlines and other corporations survive despite bankruptcy proceedings.

Documents at thesmokinggun.com indicate Air America owes him more than $682,000, but he says he's an investor in the network, not a creditor.

Potential buyers are inquiring about Air America, so he feels good about its future once financial problems are addressed. A court document lists assets at $4.3 million, liabilities at $20 million.

"All we're doing is getting a breather," said Papantonio, who co-hosts the syndicated radio show "Ring of Fire" with Robert F. Kennedy Jr.

Air America has outlets in 97 cities but has struggled to find its voice on talk-radio stations, where conservative personalities rule the airwaves.

Papantonio said liberals were slow to realize the power of talk radio.

"Progressives had an elite, look-down-their nose attitude toward AM-FM radio" but now appreciate it, he said.