Not quite yet–but really soon, I’ll bet. (hat tip: Drudge). Here’s the Smoking Gun (which posts the court papers):

Air America Radio today filed for bankruptcy, listing liabilities in excess of $20 million and assets of only $4 million. The Chapter 11 filing by Piquant LLC, the radio network’s parent company, was made in U.S. District Court in Manhattan. The list of Air America’s creditors runs 25 pages, and includes on-air personalities like Al Franken ($360,749.98) and Chuck D ($10,749.99), as well as law firms, landlords, limousine firms, and a variety of other businesses.”

Hee hee!

Here’s commentary from National Review Online’s Jonah Goldberg

“I have no doubt that all sorts of non-ideological mistakes were made. But the one important point is that if their programming were legitimately popular those mistakes wouldn’t have mattered. All sorts of successful entrepreneurial ventures make countless mistakes getting up and running. But because their products are popular those mistakes don’t really matter. If very large numbers of people wanted to listen to Air America, Air America wouldn’t be bankrupt. Money would have rolled in and this keystone cops stuff would have remained invisible. But despite the best efforts of very serious Progressive types and ample up front investment and enormous free publicity and goodwill from the mainstream media, the thing still bombed. Air America was launched on the assumption that ‘if you build it, they will come.’ They didn’t. And that’s the moral of the story few on the left will ever admit or call attention to.”