***UPDATE - Fonda and Friends delusional, start their own network. Why do they think they have a shot?***

***UPDATE - Brian Maloney the blogosphere's anti-Air America guru has all the details.

***UPDATE - AAR Denies. Sounds to me like they are on the verge of having no other option but bankruptcy, if no one buys up their assests.

While Malkin doesn't have a post up on this yet, she has been following the failures of liberal radio network "Air America" since the beginning, so I'm sure she'll have something to say later. Anyway, hat tip to Malkin's associate AllahPundit for pointing me to this story/spin job by Think Progress. Bad boyz for life... can't stop, won't stop...

NRO mocks here:

Wanting to make sure that no one thinks a bankruptcy declaration by Air America would be bad news, ThinkProgress adds:

The right wing is sure to seize on Air America’s financial woes as a sign that progressive talk radio is unpopular. In fact, Air America succeeded at creating something that didn’t exist: the progressive talk radio format. That format is now established and strong and will continue with or without Air America. Indeed, many of the country’s most successful and widely-syndicated progressive talk hosts — Ed Schultz and Stephanie Miller, for instance — aren’t even associated with Air America.

Radio giant Clear Channel is so committed to progressive talk radio that, this week, it will announce a partnership with the Center for American Progress, Jones Radio, and MSS Inc., to conduct a nationwide search for the next Progressive Talk Radio Star.

Pathetic. I can some up my feeling on this with a monologue from Joe Dirt character "Robby", played by Kid Rock:

"Don't get smart with me, you motherless dirtbag. You've been here long enough. Nobody wants you in this town. Nobody wants you around, period! (Joe Dirts begins to run away) Aw, look at him, fellas.…You cryin', boy? You cryin', boy? Maybe you should go back down to McDonald's and get yourself a whine burger and some french cries. How 'bout a 'Whine-a-ken?' You little sissy boy. Def Leppard sucks!"

*UPDATE*
As was predicted, Malkin is all over it and includes a long link list of her previous coverage which I see as some deserved gloating. Malkin has hammered the NY Times' coverage of Air America since the beginning, and is still waiting for them to get with the program:

First question: Will the New York Times fiiiiinally get around to covering this story? Hmmm?

You might recall that the Times, obviously friendly with the views of Air America, wrote glowing pieces on them even though they've continued to tank almost since they day they launched. The Times has been noticably absent in reporting on AA's continued and worsening failures.

Others:
Wizbang, Sensible Mom, Texas Rainmaker, Appalachian Scribe, Considerettes, Macsmind, The World According to Carl, American Princess