I hear Norths "genius" buddy Harvey Wells/Mr Anne Maxfield just had one of his local radio stations file for bankruptcy protection - anybody got the 411?

Yes. Harvey Wells operates a local radio station that broadcasts several shows created by 'Air America'. 'Air America', created to provide a national outlet for the liberal view-point, recently filed for bankruptcy protection. Mr. Wells' station did not file for such protection.

it was emailed to me:

Credit problems have Air America signaling bankruptcy

Air America Radio, the liberal talk and news radio network, sought bankruptcy court protection Friday after losing $40.9 million since May 2004, according to Harvey Wells, vice president and group station manager for Chicago-based Newsweb Corp.

Air America, featuring comedian Al Franken, will keep broadcasting as it negotiates with creditors, Piquant LLC, which operates under the network's name, said Friday in an e-mailed statement. Piquant said it filed a Chapter 11 bankruptcy petition after talks with creditors broke down.

The bankruptcy should have little impact on Chicago's liberal talk radio outlet. The network's only Monday-through-Friday programs still airing on WCPT-AM (850) are those hosted by Franken and Randi Rhodes. Rhodes' show disappears at the end of the month anyway because the daytime-licensed station signs off daily at sunset.

Wells said WCPT would retain its "progressive talk" format regardless of Air America's fortunes. The rest of the station's lineup of syndicated talk show hosts -- including Chicago's Jerry Springer -- remains intact, Wells said.

Piquant said in a statement, ''This regrettable action became necessary only recently when good faith efforts to resolve outstanding debt with a creditor from the company's earliest days broke down."

Air America's decision to seek legal protection from its creditors shows that backers have lost patience with the money-losing network. Started by Mark Walsh to counter the influence of conservative talk-radio hosts such as Rush Limbaugh, the network initially said it would take four years to make money. Piquant said it bought the network for $705,000 in May 2004.

Because some investors have refused to keep subsidizing the operation, Piquant said in the bankruptcy filing Friday that it might sell or liquidate the business if it can't succeed in reorganizing. Piquant said its chairman, Robert Glaser, is also the company's largest investor.

Scott Elberg said he was named Piquant CEO Oct. 9. Piquant's former general manager, Elberg replaced Jim Wiggett, who was acting CEO after record industry executive Danny Goldberg quit the job in April.

Bloomberg News