Thursday, February 04, 2010

Air America bankruptcy filing discloses creditors

For those still curious about the finances of Air America, its Chapter 7 liquidation petition, filed with a federal bankruptcy court in Manhattan yesterday, shows a few creditors and almost $16 million owed.

The company listed assets of $1,549,910 and liabilities of $17,357,302. Air America was current on their taxes, so no government liens were claimed. There are, however, two secured claims - a loan and a security deposit - that total almost $800K.

The largest claim is a promissory note for $15.8 million owed to Air America chairman Charlie Kierker, the head of Pendulum Media, which bought a controlling interest in Air America Media about a year ago. He will likely not get that.

Other creditors include Air America’s landlord, radio stations KTLK Los Angeles and WWRL New York, Westwood One, Arbitron, a few media brokers and others, in addition to various other bills. The New York fire department is owed $1,050, likely for a bedbug infestation at the company's studios late last year.

Several hosts are still owed money. Ana Marie Cox is owed $1,169 for expenses. Ron Reagan's production company is owed $6,350. Rachel Maddow is owed $3,951, a figure that the New York Times estimates is one-third of her monthly salary of $5,833, which amounts to a yearly salary of $70,000. Now, right-wing pundits are making hay about her paycheck, which is essentially for a rebroadcast of her MSNBC show. But considering that the radio replay was still syndicated across the country and aired in many large markets, the figure certainly sounds fair. Besides, Maddow's replay was perhaps Air America's most widely-syndicated weekday offering at the time of the network's demise.

Obviously, these supposed pro-business advocates need to brush up on their knowledge and find more credible things to whine about.

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2 comments:

Mike Schwartz said...

Last year, you wrote an excellent and thorough three part assessment of AAM on the 5th anniversary of the radio network; which I read and reread quite a few times. I would greatly appreciate a similar evaluation of where progressive media is now and moving into the future, in light of this sad loss. If you have the time, perhaps you could just revise the pertinent parts of what you wrote last March. I would love to read it!!

The Station Agent said...

With Air America off the air, I would recommend that anyone looking for some entertaining liberals check out the Joe Castello Show and the Jorge Rodriguez Show on SoFloRadio.com. This is a bottom-up business trying to use the internet to fight back against corperate radio. The evolution of this station is a big story in the radio industry. I am a huge fan of this blog, and I hope you guys check it out and spread the word.
Sorry if this is spammy, but I think these guys deserve an audience.


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