Will Air America declare bankruptcy?

The blogosphere is filled today with comments that Air America Radio may declare bankruptcy on Friday to allow it to reorganize its finances. The network will stay on the air, but there will be major personnel changes, according to sources.

Check out NY Post WHIFF OF BANKRUPTCY JOLTS ‘AIR AMERICA’…
Air America is denying the report according to News Max.Com.

Local Attorney Mike Papantonio is a major investor in Air America Radio and has helped rescue it several times. We did a profile on the network in Jan. 2005 (Air America). Papantonio has a weekly two-hour radio show with Bobby Kennedy, Jr. called “Ring of Fire.”

Whether Papantonio steps up again remains to be seen. His radio show is popular enough to be syndicated independent of the network. However, he is very committed to getting a progressive voice on the airwaves.

The irony is a new book on the network is being released this week –Defying the Distortion: How We Created Air America, the New Radio Revolution