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Politics : Err America: They Report, They Decide -- Ignore unavailable to you. Want to Upgrade?

To: arno who wrote (305)	8/10/2005 9:19:19 AM
From: Glenn Petersen	Respond to of 1513

Spitzer Eyes Air America, Gloria Wise Loans Aug. 09, 2005 By Ken Tucker New York State Attorney General Eliot Spitzer is looking into questionable loans made by the New York-based Gloria Wise Boys and Girls Club to Air America Radio (AAR) early in the liberal talk network’s life. Spitzer’s interest in the case, which is already being investigated by the New York City Department of Investigation (DOI), was first reported by the New York Post and has been confirmed by Billboard Radio Monitor. At issue are government funds which were earmarked for the charitable, not-for-profit organization, but were funneled to AAR through its former CEO, Evan Cohen. At the time of the loans, Cohen was serving as a paid development director for Gloria Wise. Although AAR is no longer affiliated with Cohen, who sold his interest to Piquant LLC in 2004, the current owners have said they will repay the loans to the club, even though they maintain they have no legal obligation to do so. Meanwhile, the DOI has recommended that Piquant place $875,000 in an escrow account, pending the outcome of the investigation, according to the Post. The company, however, has reportedly deposited $50,000 into an account controlled by an attorney for the network, to the dismay of investigators. Cohen was forced out at the liberal network shortly after its launch when employees, affiliates and detractors learned that instead of three years' worth of funding there was actually three weeks' worth. billboardradiomonitor.com