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Air America, the story that keeps on tellingBurning through the cash isn't
enough
From the beginning, Air America has been little
more than an accounting shell game. Over time, it's become one of the worst
abuses of capitalism. It's supported not because it has a product that sells,
but because it says the "right" things. Meanwhile, the books are cooked in a
way that makes Mafia money laundering or a CIA front look like amateur hour on a
bad night.
And now it looks like Air America is not only broke, but worth exactly nothing. Out of the reported $4.25 million purchase price, according to our legal expert, "$3.25 million is illusory: that's money that Rob Glaser (RealNetorks CEO and longtime Air America investor, seen in right image) had already loaned to the company. Air America already blew through this by continuing to operate during bankruptcy at a loss rate of $1m per month. "Glaser has simply written off that loan as uncollectable and decided to accept a minority stake in the new company, rather than seeing how much (if any) cash he could salvage through a sale to a third party," Quigley continued. As a result, this portion represents an accounting maneuver, rather than a new cash infusion into the company. These actions are not exactly unusual, but it is unusual to cover this kind of maneuver up. As it stands, it isn't that far from a stock scam. 
Posted: Tue - February 27, 2007 at 03:25 PM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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