Air America Radio files for bankruptcy

The Smoking Gun obtained a copy of the 26 page bankruptcy court filing. Air America said it has lost $40.9 million since its debut in 2004. More ominously, it has $20.2 million in debts and just $4.3 million in assets. Local attorneys – Mark Proctor ($13,574) and Mike Papantonio ($582,226) – are among the creditors. Papantonio was a key figure in keeping the progressive radio network alive in May 2004 when it’s initial investors backed out.

The network will stay on the air during the bankruptcy process. Papantonio’s show Ring of Fire – which he co-hosts with Bobby Kennedy, Jr – will remain on the air.