Err America uses Enron accounting

The Air America saga has reached a level of bathos unforeseen by its most strident critics. Via Random Nuclear Strikes, here’s an American Thinker article “Air America stiffs its creditors” and Professor Bainbridge reveals more with the help of the Wall Street Journal:

Many of Air America's investors and executives say they thought the network had raised more than $30 million, based on assurances from its owners, Guam-based entrepreneurs Evan M. Cohen and Rex Sorensen. In fact, Air America had raised only $6 million, Mr. Cohen concedes. Within six weeks of the launch, those funds had been spent and the company owed creditors more than $2 million.

So they have thirty six negative two million in the bank. I originally thought that Air America would pack it in a week after the November elections. Now I don’t believe they’ll make it through the summer. It is to laugh.

Update from the NY Post: “Air America hits sour ratings note” – “Encouraging preliminary ratings for all-liberal Air America in New York have collapsed along with the fledgling radio network's finances.”