Air America: Buckwheat Invests

Except from:
Inside Air America

An Investigative Blog Report
BY BRIAN MALONEY AND MICHELLE MALKIN
Part Two: Beyond Evan- More Shell Games?

For nearly three weeks, Air America Radio has worked feverishly to convince the public a former executive is entirely responsible for the messy scandal that now threatens the liberal talk network's future.
That's where $875,000 in taxpayer money, meant for community programs run by the Bronx-based Gloria Wise Boys and Girls Club, instead apparently ended up funding Air America's cash-thirsty operations.
Michelle Malkin.com and The Radio Equalizer-Brian Maloney have uncovered a pattern of dubious behavior, however, that extends across Air America Radio's various public hiccups, blunders and scandals.
Is former head Evan Montvel-Cohen really the whole picture of Air America's questionable business practices?

Because Cohen's certainly no angel, he's a perfect scapegoat for past transgressions, while Air America today continues the same dodgy behavior. While actions opponents call "shell games" appear to continue, Cohen himself is nowhere to be found.
From Anshell to Progress Media and Piquant LLC, the Drobnys seem to be no strangers to shifting assets and allegedly walking away from large debts, when needed (See Part One of this series, featured on Michelle Malkin's site, for more on creditor Multicultural Radio Broadcasting's accusations of "sham transactions" and "fraudulent conveyances").
Even as we speak, what appears to be a new shell may be in the works. How do we know?
It comes right back to the same Highland Park library speech, where the Drobnys revealed previously secret plans to form yet another new company.
Sheldon's wife Anita took to the podium to spill the beans about Nova M Radio.
Disclosing Air America's future plans to a room full of rabid supporters might seem smart, especially if it brings potential investors to what inside sources say is an effort to raise $5 million to fund the new company.
Was such a public disclosure legal, however? Since Nova M Radio's offering is set up as a private placement, there have been no indicated or available US Securities and Exchange Commission filings.
Could the speech be considered an indirect attempt to solicit investors, in a way that would trigger required SEC disclosures?
Like the confusing web of firms they've previously created, Nova M Radio will be intertwined with Air America Radio itself, while being charged with the purchase of stations in rural markets to provide remote venues for its programming.