The supposed Air America scandal

[Eric J in MN]

At SpeakSpeak News, I wrote a response about the supposed scandal concerning Air Ameirca's loan from the Gloria Wise charity.

If you get into an argument with a rightwinger about this, feel free to link:

http://www.speakspeak.org/speak-blog/index.php?p=1054

[Triana]

1. bookmarked...

..thank you!

[Eric J in MN]

7. You're welcome.

nt

[benburch]

2. You missed one important fact.

Progress Media is out of business.

The current operating entity BOUGHT the assets of Progress Media, not its liabilities.

The present entity called Air America is not the same one that was involved in this incident any more than the present entity that calls itself Pam Am has anything to do with the Airline of that name, it just bought the trademarks.

(The present Pan Am, weirdly, owns some railroad cars in the national railroad car pool.)

[Eric J in MN]

3. I'm not an expert on the legal issues concerning acquisitions,

but it makes sense to me that since Air America may have used the money loaned, they should pay it back.

If it were proven the money went somewhere else, that would be different.

[benburch]

4. They are paying it back because they are decent people.

But the money was spent (wasted) and gone before they bought the assets. The current entity got essentially no benefit from it.

Air America would have folded had it not been bought.

[Eric J in MN]

5. Where did the money go? Wasted on what? nt

nt

[benburch]

6. I am not up on the details.

But the original Air America had a VERY high "burn rate", or so I am told.

[Coastie for Truth]

8. I'm not either

but

* I lived in Western Pennsylvania during the steel industry Chapter XI's and mergers and acquisitions and divestitures, and
* I moved to Motown just in time for the Chrysler Chapter XI and subsequent AMC acquisition, and
* I moved to Silicon Valley just before the mergers, acquisitions, divestitures, Chapter XI's, and bankruptcies

and my dad was a "union lawyer" during the iron and steel bankruptices

and from what I have read - they are fully within the law -- certainly better then Bush's "Big Energy" buddies.

[Eric J in MN]

9. Do you mean that they would be within the law if they didn't

pay back the loan?

[Coastie for Truth]

10. Depends how the acquisition was structured.

[RobertSeattle]

11. Brian Maloney is one of the smear leaders

Brian a former Right Wing Radio host from Seattle - not sure what he is doing other than this crap nowadays.

He's got a blog, if you enjoy arguing with Right Wingers, here you go.

http://radioequalizer.blogspot.com/ (You must have a blogspot login to comment)