Monday, February 12, 2007

Air America gets the thumbs-up for auction

Air America Radio has won bankruptcy court approval to sell its assets at an auction Friday, starting with a $4.25 million bid from a consortium of purchasers formed by Stephen L. Green, the chairman of SL Green Realty Corp., and startup broadcasting firm SLG Radio, Inc.

Competing bids, which must start at least at $4.6 million, are due by Thursday with a 10 percent deposit. Bidding will increase in at least $50,000 increments. A sale hearing will be held immediately following Friday's auction.

Air America Radio's parent company, New York-based Piquant LLC, said the sale would allow it to pay off its $3.25 million debtor-in-possession loan and provide $500,000 to pay creditor claims and another $500,000 to cure certain contracts.

By setting a minimum bid for other potential bidders, the lead bidder -- which includes New York-based SL Green Realty Corp. chairman and founder Stephen L. Green and DIP lender Democracy Allies LLC -- has increased the chances that the liberal talk-radio network will receive top dollar for its assets, the filing said.

Piquant bought Air America from Progress Media Inc. in May 2004 for $705,000 plus existing liabilities.


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