http://www.guardian.co.uk/international/story/0,,1923883,00.htmlLast month Air America denied claims that it was headed for bankruptcy, but with just $4m (£2.1m) in assets and debts of more than $20m, the semblance of normality could not be sustained. Under a chapter 11 filing for bankruptcy protection, the network will be able to continue broadcasting while it sorts out its financial problems.
Early on its finances looked shaky, with a lack of cash forcing it to cease broadcasting in several large cities, such as Dallas and Philadelphia, or to move to weaker signals. It has also suffered a string of management problems, with three chief executives in the past six months.
"From the beginning it has been a comedy of nincompoops," said Michael Wolff, media columnist with Vanity Fair magazine. "The lesson to draw from this is that progressives and liberals don't know anything about financing a business."
Michael Harrison, publisher of the US talk radio trade magazine, Talkers, said the network had so many debtors it was "the walking dead". "There's a fundamental problem here: if you start a business saying you are going to save the world in a higher cause, and then don't pay your employees, you aren't going to get a lot of support." He said it was founded on a false premise: that America lacked liberal media. "There is tonnes of liberal media - just look at National Public Radio. It just doesn't shout about it."