Was The Air America Bankruptcy Story A Hoax?

The Radio Equalizer thinks this may well have been factional infighting. It is possible that a group inside Air America leaked this to liberal blog Think Progress to depress the value of the flailing network. They may have succeeded too well and destroyed their chances of playing white knight.

From the first moment your Radio Equalizer heard about the report from lefty blog site Think Progress that the network would announce this move on Friday, it just didn't smell right. Three independent sources are really claiming this to be true?

They must know little about Air America: it's not easy to get three people in there to agree on the time of day, much less something of this importance. All of them gave the same details on the network's next move?

After consulting with those in the know and considering all of the facts at hand, your Radio Equalizer has come to this conclusion, which can fairly be called an educated guess: an internal faction that is attempting to gain (or regain) control of the network "leaked" this "news" to a major liberal blog site (knowing it would be taken seriously there) so as to immediately depress Air America's value.

With the liberal radio network now worth mere pennies, this shady group can ride to the rescue, immediately imposing its will on what remains of the operation and locking out potential outside buyers.

The plan would have worked, except for the fact that Air America's "bankruptcy" generated so much attention that creditors and potential advertisers are now very, very spooked. Did it destroy what was left of the business?

While reporting on Air America's troubles over the past year or so, the Radio Equalizer has come to realize that most of the network's outside cheerleaders know little or nothing about the way the firm is really run. That made Think Progress an easy target: they bought it outright, while conservatives assumed that liberals wouldn't lie about Air America declaring bankruptcy.

Interesting. I am frankly amazed that anyone is still pumping money into this mess. Rational investors would have long since realized it was a turkey. Oh well, back to the death watch!