Air America, the liberal talk radio show headlined by Al Franken has crashed as it filed for Chapter 11 reorganization Friday.
Evidently RealNetworks Inc. CEO Robert Glaser is a glutton for punishment, as being the biggest shareholder in company, is going to continually pour money into it to keep it running at a huge loss.
"Air America has struggled financially since its inception. Court documents show the company lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million so far in 2006," according to Breitbart news.
The so-called company has been a disaster since it started with infighting from the beginning. One of the main combatants, MultiCultural Radio Broadcasting Inc. had Air America's bank accounts frozen, even though Air America denied it wasn't going to file for bankruptcy protection.
In April, Danny Goldberg, former CEO, stepped down and has been replaced by Scott Elberg.
Glaser is still owed $9.8 million by the company.
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