After a couple of weeks of rumors that Air America would file for bankruptcy protection, it finally happened.

Also today, Air America named Scott Elberg as the new CEO. Welcome aboard, Captain Elberg! — Life vests are right over there.

What did the new CEO have to say?

“Nobody likes filing for bankruptcy,” Elberg said in a statement. “However, this move will enable us to concentrate on informing and entertaining our audience during the coming months.”

Among those who won’t be entertained? Their creditors.

AA has $4.3 million in assets, and $20.2 million in liabilities. Or, as Michael Jackson calls it, “Mini-Me.”

Fairness doctrine” here we come!


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