Friday, February 16, 2007

Air America Sale is now official

A federal bankruptcy judge approved on Friday the sale of the liberal talk radio network Air America Radio for $4.25 million to Stephen L. Green, founder of a New York real estate firm.

The approval of U.S. Bankruptcy Judge Robert Drain essentially transfers all the assets of Piquant LLC, parent company of the New York-based Air America, to a group including new and current investors.

It gives a majority stake to Green Family Media LLC, an entity controlled by Green, and a minority stake to Democracy Allies LLC. That group includes RealNetworks Inc. Chief Executive Robert Glaser and two former Air America board members.

Green is the founder and chairman of SL Green Realty Corp., a publicly traded real estate investment trust that owns 34 Manhattan office buildings and has a total of 27 million square feet of space under its control. He is also the brother of Mark Green, a longtime New York politician who has appeared frequently as a guest on Air America.

Lawyers for Green asserted that he offered "the only chance for the debtor to avoid liquidation." Air America Chief Executive Scott Elberg said Friday that if the sale was not approved, the network would soon be closed down.

"We'd go out of business," he said.

2 comments:

Emacee said...

Not so fast...
All Access reports:

Could NY Dispute Sink AAR Sale?
Deal Not Done?

ALL ACCESS hears that trouble may be brewing over the closing of the sale of AIR AMERICA RADIO to real estate mogul STEPHEN L. GREEN. The trouble may involve the reported $3 million yearly fee paid to ACCESS.1 Talk WWRL-A/NEW YORK to serve as the network's flagship.

Could the negotiations scuttle the network sale? Stay tuned...

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