Bankruptcy judge approves sale of Air America Radio
Posted 2/16/2007 12:30 PM ET
NEW YORK (AP) — A federal bankruptcy judge approved on Friday the sale of the liberal talk radio network Air America Radio for $4.25 million to Stephen L. Green, founder of a New York real estate firm.
The approval of U.S. Bankruptcy Judge Robert Drain essentially transfers all the assets of Piquant LLC, parent company of the New York-based Air America, to a group including new and current investors.
It gives a majority stake to Green Family Media LLC, an entity controlled by Green, and a minority stake to Democracy Allies LLC. That group includes RealNetworks Inc. Chief Executive Robert Glaser and two former Air America board members.
Air America was launched in 2004 and has lost money ever since. Its most prominent personality was the comedian and author Al Franken, who left the network on Wednesday to run for nomination to a U.S. Senate seat from Minnesota.
Green is the founder and chairman of SL Green Realty Corp., a publicly traded real estate investment trust that owns 34 Manhattan office buildings and has a total of 27 million square feet of space under its control. He is also the brother of Mark Green, a longtime New York politician who has appeared frequently as a guest on Air America.
Lawyers for Green asserted that he offered "the only chance for the debtor to avoid liquidation." Air America Chief Executive Scott Elberg said Friday that if the sale was not approved, the network would soon be closed down.
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