Boy Scouts of America may declare bankruptcy. It appears the lefttards are about to achieve their goal of getting rid of the Boy Scouts. FUBAR it then watch it self-destruct.
Tag: bankruptcy
Rest easy, America. Your finances are in good hands: Democrat House Financial Services Committee member declares bankruptcy.
Yeah, we know times are tough and this kind of thing could happen to anyone. But, for god’s sake, Ruben Hinojosa isn’t just any Democrat congressman. He’s a member of the House Financial Services Committee. You know, the guys in charge of banks.
Yeah, we know times are tough and this kind of thing could happen to anyone. But, for god’s sake, Ruben Hinojosa isn’t just any Democrat congressman. He’s a member of the House Financial Services Committee. You know, the guys in charge of banks.
The Associated Press has the story:
According to federal bankruptcy court documents, Rep. Ruben Hinojosa, D-Mercedes, has $2.9 million in liabilities, though he also has nearly $1.5 million in assets.
Most of the money Hinojosa owes — $2.6 million — is a claim by Wells Fargo Bank. The congressman says that is due to a loan he personally guaranteed for the H&H Meat Products Co., which went bankrupt.
The Financial Services panel has jurisdiction over legislation affecting banks. House aides and outside experts say the House has no rules forbidding a lawmaker who owes large sums to a bank from serving on that committee.
Well, we’re pretty sure that won’t be a problem for Congressman Hinojosa. Based on his adroit combination of failure and finger pointing, he’s undoubtedly being groomed for a position of great importance in the Obama administration.
Source: Associated Press
Classy to the end: Air America auctions off private email list
Let’s see, Air America broadcast the most toxic programming in the history of radio. They stole money from a children’s charity. They stiffed their own employees for wages and benefits. And then they went bankrupt. Twice. Well, they’re out of business now, so there’s nothing more Air America can possibly do to hurt anyone. Not so fast.
Let’s see, Air America broadcast the most toxic programming in the history of radio. They stole money from a children’s charity. They stiffed their own employees for wages and benefits. And then they went bankrupt. Twice.
Well, they’re out of business now, so there’s nothing more Air America can possibly do to hurt anyone.
Not so fast.
Turns out the bankruptcy administrator is now selling off Air America’s “not be divulged to any third party” newsletter list and calling it “intellectual property.”
Here, from David R. Malt & Co.’s 435-item listing for the Air America bankruptcy auction, is the relevant portion highlighted in yellow.
H/T: Gawker.com
Air America goes belly up, ceases live broadcasting
This may come as a huge surprise to most Americans, but Air America is on the air. No. Correction. Make that was still on the air. The little-listened to lefty radio network just announced that it will case live broadcasting and file for bankruptcy.
This may come as a huge surprise to most Americans, but Air America is on the air. No. Correction. Make that was still on the air.
The little-listened to lefty radio network just announced that it will cease live broadcasting and file for bankruptcy.
It is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to carry out an orderly winding-down of the business.
The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a “perfect storm” in the media industry generally. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection. From large to small, recent bankruptcies like Citadel Broadcasting and closures like that of the industry’s long-time trade publication Radio and Records have signaled that these are very difficult and rapidly changing times.
Those companies that remain are facing audience fragmentation as a result of new media technologies, are often saddled with crushing debt, and have generally found it difficult to obtain operating or investment capital from traditional sources of funding. In this climate, our painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success.
With radio industry ad revenues down for 10 consecutive quarters, and reportedly off 21% in 2009, signs of improvement have consisted of hoping things will be less bad. And though Internet/new media revenues are projected to grow, our expanding online efforts face the same monetization and profitability challenges in the short term confronting the Web operations of most media companies
When Air America Radio launched in April, 2004 with already-known personalities like Al Franken and then-unknown future stars like Rachel Maddow, it was the only full-time progressive voice in the mainstream broadcast media world. At a critical time in our nation’s history — when dissent on issues such as the Iraq war were often denounced as “un-American” — Air America and its talented team helped millions of Americans remember the importance of compelling discussion about the most pivotal events and decisions of our generation.
Through some 100 radio outlets nationwide, Air America helped build a new sense of purpose and determination among American progressives. With this revival, the progressive movement made major gains in the 2006 mid-term elections and, more recently, in the election of President Barack Obama and a strongly Democratic Congress.
Laws have changed for the better thanks to this revival…..but all the same our company cannot escape the laws of economics. So we intend a rapid, orderly closure over the next few days. All current employees will be paid through today, January 21. A severance package will be offered tomorrow to full-time current employees with more than six months of tenure.
We will strive to assist affiliates and partners in achieving a smooth transition. Starting at 6 pm EST today, we will provide our affiliates, listeners and users a selection of encore programming until 9 pm EST on Monday, January 25, at which time Air America programming will end.
We are proud that Air America’s mission lives on through the words and actions of so many former radio hosts who are active today in progressive causes and media nationwide. In the years ahead, as we look back, we should all be proud of our passionate determination to assure that our nation’s progressive voice would be heard loud and clear. Through the hard work and dedication of current staff, and those who preceded you, a lasting legacy was forged which will now continue through other voices and venues.
Thank you.
No, thank you, Air America. Thank you for the years of laughs you gave rational Americans.
Thank you for providing radio jobs for untalented leftist hacks who couldn’t possibly have found them anywhere else.
Thank you for helping left wing millionaires piss their money away when it could have gone to far more effective uses.
Thank you. Thank you a million times over.
Source: Air America via BigJournalism.com
The gold is gone: How out-of-control spending bankrupted the Golden State
After adjusting for inflation, the state now spends nearly 20% more per capita than it did 18 years ago; even as California’s tax revenues increased by 167% during that period, state spending exploded by 189%.
They always say, “As California goes, so goes the nation.” And California’s going bankrupt.
How could the ninth largest economy in the world go so wrong so fast? Here’s how RealClearPolitics.com sums it up:
“Ultimately, any honest assessment of California’s plight must assign responsibility for the state’s fiscal crisis – not to the taxpayers who voted for Prop. 13 three decades ago – but to the politicians who have subsequently exploited them without mercy. Indeed, if spending had simply reflected average population growth plus the average increase in the cost of living since 1991, there would now be a $15 billion surplus. After adjusting for inflation, the state now spends nearly 20% more per capita than it did 18 years ago; even as California’s tax revenues increased by 167% during that period, state spending exploded by 189%.”
We’d say they spent like drunken sailors, but we don’t want to insult any drunken sailors.
Source: RealClearPolitics.com
New York Times playing strip poker to survive
According to a nearly gleeful report in the New York Post:
NYT Co. May Sell Classical Radio Station
Beethoven and Bach could become the latest victims of the New York Times Co.’s financial crisis. Rumors are raging that top suits have discussed putting classical radio station WQXR (96.3 FM) on the block to shore up the company’s dwindling cash stash.
The Times has already sold off its landmark headquarters building to escape killer mortgage payments. They’re threatening to shutter the Boston Globe because closing it is cheaper than operating it. Their share of the Boston Red Sox is also on the chopping block. And now it looks like classical music may be the latest victim of the Times downturn.
According to a report last week, the company has $1.3 billion in debts and a relatively paltry $36 million in the bank.
You can’t feel too badly for The Times. They sold out to the extreme left many years ago. And now they’re willing to sell out to just about anybody.
Source: New York Post
Say good night to your morning newspaper, circulation in freefall
The Audit Bureau of Circulation, the bible of the newspaper business, just released the latest circulation figures for the country’s newspapers.
In a word, ouch.
Circulations are plunging faster than Janet Napolitano’s credibility. In fact, the only major paper to gain circulation in the last twelve months was Rupert Murdoch’s Wall Street Journal. Other’s dropped in jaw dropping percentages.
It’s getting so bad that single digit drops look good. The New York Post dropped more than 20%. The San Francisco Chronicle almost 16%. The Newark Star-Ledger almost 17%. And the Atlanta Journal Constitution almost 20%.
Here are the daily averages for Monday-Friday circulation for the nation’s top 25 papers.
Source: Editor & Publisher
