In an earlier post, we looked at the recent bankruptcy announcement by liberal talk-radio station, Air America. The station, Air America, is essentially the liberal rival to the more conservative talk radio stations. It announced, last month, that it plans to file for Chapter 7 bankruptcy. Now, we are beginning to see the aftermath of their declaration to file bankruptcy, as we learn that some of Air America's creditors are the very names that have become synonymous with the soon defunct talk-radio station.

Apparently, this wasn't the first time that radio station Air America declared bankruptcy. In 2006, the company declared a Chapter 11 bankruptcy under the name "Piquant LLC". The Chapter 11 bankruptcy was a reorganization attempt by the company management in 2006. Subsequently, due to dwindling advertising revenues, the station closed its doors last month.

Among Air America's creditors include the very people that gave Air America prominence-- Rachel Maddow and Ronald Reagan Jr. According to the Chapter 7 bankruptcy petition, the station currently owes Maddow $3,952 for her services and owes Reagan $6,351. The chapter 7 bankruptcy petition lists assets of $1.5 million and debt of $17.2 million.

Unfortunately for Reagan and Maddow, they might never see the money and might be left out in the cold, as Air America struggles to gather its bearings and liquidate its assets. Often, as San Diego bankruptcy attorneys would agree, the general unsecured creditors are the ones who stand to lose the most in a Chapter 7 bankruptcy.

After a prior unsuccessful reorganization, Chapter 7 might be Air America's only hope. But as for its general unsecured creditors, they might need to look elsewhere for that money, or be left holding their IOUs.