This looks like a great site! Ben Burch, the web master, has sent me this, from Smoking Gun. It would appear that Air America filed for Ch. 11 bankruptcy. On Oct. 13.
Here is why I thought the bankruptcy report was a hoax:
"On September 13, 2006 a false report by the blog ThinkProgress.org said that the network's parent would file for bankruptcy on Friday September 15, 2006. The report was denied and turned out to be unfounded. On September 15, 2006 Thinkprogress.org filed another report, apologizing for their error, but maintaining Air America radio was still in financial trouble despite no bankruptcy announcement occurring on the date they had reported.
Here is some discussion of Air America's future. A liberal talk network is not easy to create. But I don't think they're done, by any means.