Skip to comments.Liberal Radio Network AIR AMERICA In Deep Financial Crisis
Posted on 06/21/2004 8:48:34 AM PDT by martinidon
Looks like the liberals answer to RUSh is in deep do-do! How the hell can they be so disorganized?
They need to call Rush and ask for a loan.
He needs the competition to stay honest.
isn't there a dead pool on when Air America will go belly up here on FR?
I said Jan. 2005. I think I overshot that one.
Liberalism has many different cultures...it can be the Black gangsta rap culture....or the homosexual culture...or Hollyweird culture...I feel guilty for a silver spoon in my mouth culture....to name a few...
Yes... the wide cultural difference between Socialism and Capitalism...
Anarchists, by definition, have no organization.
They threw a $70,000 dollar party? What morons. Spoiled brats who don't know the value of money.
Air America sounds like it was patterned after Enron, etc.
The founders proported to have invested $30 million, no, it turns out to be only $6 million.
That was the kind of business practice that sank many companies in the early days of 2000.
What an idiot; lib'rals don't fund projects with their own money--they use other people's money.
I still think they'll be around at least until the election.
They have very liberal accounting methods.
Won't that be a heck of a humiliation: to be a bigger flop than salon.com?
Liberal Radio Network AIR AMERICA In Deep Financial Crisis
Mon Jun 21 2004 11:20:16 ET
On March 30, the night before Air America went on the air, the liberal radio network threw itself a $70,000 party at Manhattan's hip Maritime Hotel. More than 1,000 guests, including Yoko Ono and Tim Robbins, drank red, white and blue vodka cocktails as they toasted the network's bid to challenge the dominance of conservative talk radio.
But behind the scenes, Air America was running out of money.
The WALL STREET JOURNAL reports on Monday: Several employees say they still haven't been reimbursed for the costs of attending the New York launch.
Many of Air America's investors and executives say they thought the network had raised more than $30 million, based on assurances from its owners, Guam-based entrepreneurs Evan M. Cohen and Rex Sorensen.
In fact, Air America had raised only $6 million, Mr. Cohen concedes. Within six weeks of the launch, those funds had been spent and the company owed creditors more than $2 million.
When the problems came to light, 'we realized that we had all been duped,' says David Goodfriend, the company's acting chief operating officer. Messrs.
Cohen and Sorensen say they didn't mislead anyone about the company's finances. They say they planned to invest more over time but didn't because of cultural differences with other managers.
Both resigned in early May. Five months before a presidential election, Air America should be on a roll. Instead, it's grappling with a financial crisis. Creditors are lined up at the door, and it is off the air in two big markets, Los Angeles and Chicago.
The other managers thought that bills should be paid.
How can that be? According to "America's Newspaper of Record:
The New York Times reported that investors had poured about $20 million into the radio network.
Seems like the Hollywood libs would start throwing cash their way hand over fist.
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