Air America has struggled financially since its inception. Court documents show the company lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million so far in 2006.
And it owes a lot of money.
Glaser had previously served as the company's chairman and is owed $9.8 million by the company, according to documents filed Friday with U.S. Bankruptcy Court for the Southern District of New York.
Horn said Glaser and Franken were unavailable for comment Friday, but she said Franken would discuss the issue on his show Monday. Air America owes Franken $360,750 in wages and other payments, according to the court documents.
So, how is this supposed to help?
The judge also approved interim debtor-in-possession financing of $900,000 from Democracy Allies LLC, an entity formed by Glaser and two other former board members, Terry Kelly and Kreeger. The full amount of the proposed loan, $2.6 million, would be considered at an Oct. 31 hearing.
Still, I for one hope Air America keeps bleeding the Demorats.
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