Wrangling Continues at Air America

A month ago, this blog reported a deal to buy poor Air America Radio and finally put its present management out of its misery (and into the money required to buy them out).

You have read nothing since, because nothing has happened since. The unsecured creditors think they've been had. Worse, they have. Hell, the current management came in being crooks, why not go out the same way, no?

Basically, what's happened is that Drobny and his associates got totally screwed out of their investments, didn't like that, and blocked the sale. They claim the whole Chapter 11 was unnecessary, since Drobny had offered a cash deal before the filing, and that it was done to cut them out.

Ahh, what a wonderful industry we have.

There was supposed to be a public auction today in an attempt to find potentially higher bidders. Otherwise the limbo that has defined Air America for about a year now continues.

More at Digital Media Wire and Liberal Talk Radio Blog.

Keep watching nothing on this blog, until we get something.