Skip to main content

Air America: The Corporate Law Aspects

ProfessorBainbridge.com: "As reported in today's WSJ (available free here), Air America is in deep financial trouble:
Many of Air America's investors and executives say they thought the network had raised more than $30 million, based on assurances from its owners, Guam-based entrepreneurs Evan M. Cohen and Rex Sorensen. In fact, Air America had raised only $6 million, Mr. Cohen concedes. Within six weeks of the launch, those funds had been spent and the company owed creditors more than $2 million.
When the problems came to light, 'we realized that we had all been duped,' says David Goodfriend, the company's acting chief operating officer.Indeed, if the facts turn out to be as the article reports, there is a very high probability that investors will be able to sue Cohen and Sorensen for securities "

Comments

Post a Comment

Popular posts from this blog

New York Post Online Edition

news : "December 29, 2003 -- WASHINGTON - Startling new Army statistics show that strife-torn Baghdad - considered the most dangerous city in the world - now has a lower murder rate than New York. The newest numbers, released by the Army's 1st Infantry Division, reveal that over the past three months, murders and other crimes in Baghdad are decreasing dramatically and that in the month of October, there were fewer murders per capita there than the Big Apple, Chicago, Los Angeles and Washington, D.C. The Bush administration and outside experts are touting these new figures as a sign that, eight months after the fall of Saddam Hussein, major progress is starting to be made in the oft-criticized effort by the United States and coalition partners to restore order and rebuild Iraq. 'If these numbers are accurate, they show that the systems we put in place four months ago to develop a police force based on the principles of a free and democratic society are starting to ...
Post a Comment
Read more
Post a Comment
Read more
Forum: The fish that threatened national security : "At La Guardia we proceeded to security and the X-ray inspection point run by the Transportation Security Administration. I have learned by now that, post-9/11, a traveler is better off safe than sorry when proceeding through security. I wasn't prepared, however, for the TSA to stop me right at the entrance, proclaiming that no small pets, including fish, were permitted through security. I had, however, just received the blessing of the ticket agents at US Airways and pre-assured MJ's travels with Pittsburgh International Airport security weeks before our travel date. I tried to explain this to the screener who stood between me and the gates, but she would have none of it. I was led back to the US Airways ticket counter, stocking-footed and alone, where the agents reasserted that they did not see a problem for me to have a fish on board, properly packaged in plastic fish bag and secured with a rubber band as MJ was....
Post a Comment
Read more