Friday, August 05, 2005

Gloria Wise to Air America Radio: Where's Our Money?

Over on the Radio Equalizer, Brian Maloney reports that the Air America accounts payable to the Gloria Wise Boys and Girls Club is near $900,000, and the Club is ready to receive their money back any time now (see also: New York Post article, though registration is required).
"Air America reached a legal agreement to have that loan repaid in full," beginning this summer, said Martta Rose, a spokeswoman for the Bronx-based Boys & Girls Club, which is the subject of a probe by the city Department of Investigation.
At the same time, AAR is holding its collective wallet closed, stating that they're waiting for 'direction' from New York's Department of Investigation.

Rose says that the Gloria Wise organization is cooperating fully with the investigation. That doesn't exactly answer AAR's need for 'direction', but it is good to hear that the nonprofit organization has nothing to hide.

This entry from Macho Nachos may explain the nature of the aforementioned legal agreement to repay the loan. I say "may" because it asks further questions which are still open.

UPDATE: (1630 EDT) It centers on what what was sold. Piquant LLC didn't buy Progress Media, they bought its assets.
"Did Progress Media pay off its creditors with the proceeds of the sale?"
"Did Progress Media get a fair market price for the sale?"
are the two questions.

And one of my own: Where is Evan Cohen?

UPDATE: (2005-08-05-0917 EDT): Macho Nachos (love that name! Makes me wish I had thought of it) reports that New York's Department of Investigation
"...has done nothing and given no instruction preventing payment of money owed to Gloria Wise [Boys & Girls Club]. Any statements to the contrary are inaccurate," said DOI spokesman Keith Schwam.
Now all that remains is for Piquant LLC to find its wallet and follow through.

UPDATE: (2005-08-05-1530 EDT): Rantburg has an article up from CNS that summarizes the situation. I should add that there's been no change to AAR's statement about how appalled they are, as of this update.

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