Air America Desperately Seeking $8 Million

Air America Radio, the new leftwing syndicated radio network, is desperate for a cash infusion, Reuters reported Thursday evening.

So desperate that sources close to the company say that "Democratic heavyweights as Sen. Hillary Clinton, her husband, former President Bill Clinton and billionaire investor George Soros have been appraised of the money-raising efforts."

The network has been floundering almost from the get-go, with the business hemorrhaging cash and debts growing.

Air America's woes became evident just weeks ago when CEO Evan Cohen was ousted.

"This venture is not dead and it's not going to die," Mike Papantonio, a backer of Air America who also co-hosts a talk show with Robert F. Kennedy Jr., told Reuters. "I am a businessman and I see this as a great business opportunity."

The wire service reported that the backers include trial attorney Papantonio, Chicago businessman Sheldon Drobny, and Rob Glaser, chairman of RealNetworks Inc. -- all of whom have promised to invest more funds to keep the company afloat.

The company says its business plan calls for $8 million in new capital and that fundraising is underway.

Air America shows include the O'Franken Factor, with comedian Al O'Franken, and another program with activist and actress Janeane Garofalo.

As for their financial woes, company insiders won't blame bad management or lack of market interest.

Instead they have a right-wing conspiracy right in their roost.

Reuters reported: "Papantonio and others attributed the company's troubles thus far to mismanagement by Cohen, a former Republican political operative in Guam."

Editor's note: