Air America Media has finally filed its Chapter 7 petition with a federal bankruptcy court in Manhattan, after abruptly closing down last month. Some familiar names are among those owed money by the defunct liberal talk network.
The company lists assets of $1,549,910 and liabilities of $17,357,302, so the unsecured creditors are unlikely to receive much, if anything. Two secured claims – identified as a loan and a security deposit – total $795,000. The filing indicated that Air America was current on its taxes, so neither the IRS nor the New York City or State governments have priority claims.
That leaves lots and lots of unsecured creditors to go after whatever’s left after legal fees. Those claims total $16,357,302.
Far and away the largest claim is a promissory note for $15.8 million owed to Pendulum Media, the company which bought a controlling interest in Air America Media about a year ago. It is headed by Charles Kireker, who also served as chair of Air America. Kierker himself is owed over $2K.
The company’s landlord is owed nearly $123K. Clear Channel’s KTLK-AM Los Angeles is owed nearly $67K for its services and Access.1 Communications, owner of former flagship WWRL-AM New York, is owed $25K. Westwood One is owed $4K. Arbitron is owed over $47.8K and Adify is listed as being due over $13.5K. Law firm Latham & Watkins has a bill for over $14.2K and media broker Media Venture Partners is owed $20K. There are also telephone and office supply bills.
Air America lists a disputed debt of nearly $17.3K to the AFTRA Health & Retirment Funds. There’s also a disputed bill for $137.9K from Mountain Movers.
Former on air hosts are also among the creditors. Ana Marie Cox is listed as being owed $1,169 for expenses. Rachel Maddow is due $3,951 for services rendered. Ron Reagan Jr. is owed $6,350 through his agent.