http://www.breitbart.com/news/2006/10/13/D8KNVB6O0.html Air America Radio Files for Chapter 11 Oct 13 4:22 PM US/Eastern By SETH SUTEL AP Business Writer NEW YORK EXCERPT Air America Radio filed for bankruptcy reorganization Friday, in the latest patch of turbulence to befall the liberal talk radio network that launched two years ago headlined by the comedian and author Al Franken. The network will continue to operate with funding from its investor group, led by RealNetworks Inc. CEO Robert Glaser, who owns 36.7 percent of the company, and two other former board members. The company also named a new CEO Friday, Scott Elberg, a radio executive who joined the company in May 2005 following stints at the New York area radio station WKTU and other places. Air America had dismissed rumors just one month ago that it was planning to file for bankruptcy protection. Spokeswoman Jaime Horn said Friday the filing became necessary only recently after negotiations with a creditor broke down. Court documents showed that MultiCultural Radio Broadcasting Inc., a creditor with whom the network had tussled in its early days, had Air America's bank accounts frozen. The filing marked the latest setback for the liberal talk network. This April, Danny Goldberg stepped down as CEO and was replaced by an interim chief executive from a management consulting firm.