Air America Sale Approved
February 16, 2007 at 10:44 AM (PT)
A federal bankruptcy judge today approved the sale of AIR AMERICA RADIO for $4.25 million to STEPHEN L. GREEN, founder of a NEW YORK real estate firm.
The approval of U.S. Bankruptcy Judge ROBERT DRAIN essentially transfers all the assets of PIQUANT LLC, parent company of AIR AMERICA, to a group including new and current investors.
It gives a majority stake to GREEN FAMILY MEDIA LLC, an entity controlled by GREEN, and a minority stake to DEMOCRACY ALLIES LLC. That group includes REALNETWORKS CEO ROBERT GLASSER and two former AIR AMERICA board members.
GREEN is the founder and chairman of SL GREEN REALITY CORP., a publicly traded real estate investment trust that owns 34 MANHATTAN office buildings and has a total of 27 million square feet of space under its control. He is also the brother of MARK GREEN, a longtime NEW YORK politician who has appeared frequently as a guest on AIR AMERICA.
Lawyers for GREEN asserted that he offered "the only chance for the debtor to avoid liquidation." AIR AMERICA CEO SCOTT ELBERG said FRIDAY that if the sale was not approved, the network would soon be closed down.
"We'd go out of business," he said.