Air America Auction Set For Friday
February 13, 2007 at 5:47 AM (PT)
The U.S. BANKRUPTCY COURT has approved the auction of AIR AMERICA NETWORK on FRIDAY, which will start with a previously announced $4.25 million bid by real estate mogul STEPHEN L. GREEN with the network's current financial supporter, ROB GLASER's DEMOCRACY ALLIES LLC.
Competing bids will need to start at $4.6 million with a 10% deposit, with bidding increases, if any, in $50,000 minimum increments, and the bidding will be followed by a sale hearing.
The network filed for Chapter 11 bankruptcy on OCTOBER 13.