Some time back, I was criticized when I asserted that AAR's bankruptcy would essentially cheat dozens of creditors out of the money due them. My assertion was that the folks running AAR should be ashamed of themselves for running their company so irresponsibly that they got into such an "upside-down" position. Now, we know just how upside-down they are. The sale price announced yesterday of $4.25M will leave lots of creditors with absolutely nothing. The bankruptcy filing lists debts in the amount of $20,200,000, meaning that creditors will be bilked out of $15,950,000. With such horrible management, it's no wonder the network has been essentially a failure from a business perspective. I truly feel sorry for the creditors who put faith in AAR and as a result have been bilked out of literally Sixteen Million Dollars.
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AAR Acquisition Price
- Thread starter thebroker
- Start date
??? What was the original start up amount, including that huge ass party thrown just before the first broadcast......? :
I have some very candid thoughts about Harkin Energy, but they certainly are not related even slightly to the radio business or the trade practices of the idiots running AAR, and thus not related to this post or even the nature of this website.
If that question is meant to imply that my post has anything to do with my politics, such an implication would be incorrect. Oh, and if that was the purpose of your question, then you'd definitely be surprised to hear my thoughts on Harkin Energy, but that's a topic for another forum.
If that question is meant to imply that my post has anything to do with my politics, such an implication would be incorrect. Oh, and if that was the purpose of your question, then you'd definitely be surprised to hear my thoughts on Harkin Energy, but that's a topic for another forum.
J
Johnny Morgan
Guest
Very Democratic oil company.
Formerly directed by this guy, Michael Eisenson.
http://www.newsmeat.com/fec/bystate_detail.php?city=WAYLAND&st=MA&last=EISENSON&first=MICHAEL
George Soros was also a huge investor in Harken when *it* bought Bush's Spectrum 7 company. It's good to research things before you spout off on what you think you know.
By the way, RBA, Harken Energy has to do with news/talk radio and/or Air America's asset sale in what way?
Johnny Morgan said:
Speaking of researching things, you should check and see what else Soros heavily invested in. Namely the Carlyle Group.
Google that and see some of the names that come up.
J
Johnny Morgan
Guest
Oh, I'm well aware.
Which goes to show you that baseless (and often factless) partisan slinging of the type we saw earlier in this thread can come back to bite you in the ass.
Which is why it was so out of place on this board.
Which goes to show you that baseless (and often factless) partisan slinging of the type we saw earlier in this thread can come back to bite you in the ass.
Which is why it was so out of place on this board.
The fact of the matter is that this is business as usual in the US today. I'm sure all you conservatives are calling your congresspersons to put more restrictions on business and the way that bankruptcies are handled. The previous republican congress has resticted the individual's right to bankruptcy while giving businesses/corportations less restictive rights. I'm amused at the false outrage that some of you have when it comes to a so-called 'liberal' company using the current business laws to their advantage. Hirlarious.
J
Johnny Morgan
Guest
First, I have shown ABSOLUTELY NO malice towards Piquant, LLC's bankruptcy filing. I have said that its the result of bad business practices, but not political leanings.
Second, BAPCPA has made it harder for over-their head middle class folks who foolishly run up credit card bills, home loans, and the like and then attempt to get out of their own malfeasance by doing an end-around and declaring Chapter 7. Those people are now forced to work with creditors to establish payment plans and other ways of paying their debt.
For the little old man whose medical bills, property taxes, and normal expenses are too much, he's still able to file a proper Chapter 7. He's the guy who needs it, not the dubiously honest $60,000/year mortgage broker down the street who ran up his Visa on bar runs, stereo equipment, Mustangs, gym memberships, and the new suburban house and now wants to get out of his high-interest mortgage.
I've seen it in practice, not merely anecdotes from some far off talking points source. The little guy who needs a bankruptcy can still get one, and get one easily.
And, by the way, Chapter 11 (of the type done by Piquant, LLC) is impacted in very little form by BAPCPA.
Second, BAPCPA has made it harder for over-their head middle class folks who foolishly run up credit card bills, home loans, and the like and then attempt to get out of their own malfeasance by doing an end-around and declaring Chapter 7. Those people are now forced to work with creditors to establish payment plans and other ways of paying their debt.
For the little old man whose medical bills, property taxes, and normal expenses are too much, he's still able to file a proper Chapter 7. He's the guy who needs it, not the dubiously honest $60,000/year mortgage broker down the street who ran up his Visa on bar runs, stereo equipment, Mustangs, gym memberships, and the new suburban house and now wants to get out of his high-interest mortgage.
I've seen it in practice, not merely anecdotes from some far off talking points source. The little guy who needs a bankruptcy can still get one, and get one easily.
And, by the way, Chapter 11 (of the type done by Piquant, LLC) is impacted in very little form by BAPCPA.
E
evnlee
Guest
FightingIrish said:
California Public Employees' Retirement System, or CalPERS, owns more than 5% of Carlyle.
But, unlike Err Amerika, it wont be going bankrupt anytime soon.
It is very ironic that the radio network of the 'little guy' is basically screwing it's creditors :
J
Johnny Morgan
Guest
Legally, yes.
Morally, perhaps.
Realistically, not on your life.
RBA said:
Again, I hope this statement isn't aimed at me, because you have no idea what my politics are. The facts are the facts, and I'd be just as annoyed whether it was a liberal or conservative company which that bilked creditors out of over Fifteen Million Dollars. The fact that AAR was a poorly-run company doesn't have anything to do with the fact that liberals were running it. There are plenty of companies run by conservatives which have been poorly managed and bilked creditors, too. Morons are morons, no matter which way they vote. The problem I do have (and again I'd have this problem whether AAR was a conservative or liberal network) is that AAR has managed to carry out their political agenda, masquerading as a legitemate business, and in the process caused a whole lot of people to lose money. The bottom line is that AAR was never too much of a legitemate business.
As for half of the money being owed to Glaser, no, I don't particularly feel sorry for him. But subtract half the money...that still leaves Seven Million Dollars in unpaid bills. That's still a whole lot of money.
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