Anyone Have Ten Dollars?

I've been hearing from a lot of folks that Progressive Media and Piquant LLC aren't as disconnected as they'd have you to believe. Remember, the essential defense of Piquant LLC through this story has been, "Don't blame us, blame the company that ran the show before us." The more information we dig up, the more it looks like the New Company is just the same as the Old Company.

First, Streiff at RedState dug this old Professor Bainbride article (June 30, 2004)out, which says, in part:

The assets of Air America are reported to be sold to a new corporate entity, leaving creditors of its existing corporate parents, Progress Media and Radio Free America, high and dry. According to the Chicago Tribune article, the new owner will be an outfit called Piquant, LLC, controlled by the original founders of the mini-net, Sheldon and Anita Drobney. Supposedly, millions are owed by the current corporate parents

Further, a check of the always-handy Wikipedia yields this:

As part of a reorganization, investors in Progress Media bought the assets of that company, creating its current owner, Piquant LLC.

Professor Bainbridge seems to be saying here that this legal two-step served to shield the new owners of Piquant LLC (the old owners of Progressive Media) from debts incurred by Progressive Media - and further that the corporate entity Piquant LLC was specifically formed to screw the creditors of Progressive Media. One of which, we now know, was the Gloria Wise Boys and Girls Club.

It might be legal, but it's certainly slimy as heck. And the statement by Piquant LLC that "this all happened before we got here," is looking more and more suspect by the minute.

A commenter here suggested that the board of Piquant LLC was the exact same roster as Progressive Media's, minus Cohen and Rosen. An enterprising person could verify this information with about ten minutes and ten bucks, and then share that information with the rest of us. I think it would be interesting.

Comments

[Mort Mortenson]

*sniff* Who's cutting onions?

[Mort Mortenson]

*sniff* Who's cutting onions?