If Clear Channel goes bankrupt do they still have to pay Limbaugh?

[Botany]

:dilemma:

[Gman]

1. apparently there's an insurance policy that will pay it

To me it's amazing that Clear Channel didn't go bankrupt years ago. From their billboard fiasco to superinflating their own estimates of the Goodwill line on their balance sheet, I'm surprised their in business.

[tridim]

9. I wonder who holds that policy? AIG?

Wouldn't that be a kick paying off Limbaugh's contract with taxpayer bailout money?

[KharmaTrain]

2. That'll Be Up To A Judge...

He'll have to get into line with all the other creditors....

[Dragonfli]

3. LOL he would have to stand in line with everyone else for pennis on the dollar.

One can only hope.

[konnichi wa]

5. pennis on the dollar

I love it!!! :D :rofl:
Sorry, couldn't resist...
\

[Dragonfli]

6. LOL - I don't blame you - it appears I mis-spelled penis

[Dogmudgeon]

7. "Pennis on the dollar": Best typo this week!

Do NOT change it (except maybe to "penis on the dollar")!

In the case of El Rushbo, it's absolutely appropriate!

--d!

[DJ13]

4. His ass.... er... I mean his contract ...is so large

He likely has it written in the contract that he's first in line to seize assets should they go under to pay off the debt they would still owe him.

In theory its possible that should Clear Channel go out of business Rush could end up owning the entire company.

[TreasonousBastard]

8. He's not paid by Clear Channel, but by...

Premier Networks, the syndication arm of CC. It's up to the lawyers and bankruptcy judge whether Premier is protected from CC's bankruptcy, but Limbaugh has been highly profitable for CC and he and his ilk are likely what kept CC from goinig belly up long ago.

So, I don't know what the law is but it would make a lot financial sense to keep him on the books making money. Even at his inflated salary.

[pscot]

10. The workers' contracts

get negotiated down. We have the example of the auto industry for that. And I'm pretty sure El Rushbo thought that was a great idea.