The one newspaper that has consistently covered the Air America/Piquant Media financial scandal has been the New York Sun and its reporter, David Lambino. Today he follows up on the revelations contained in the investigative report by Michelle Malkin and Brian Maloney posted yesterday on Michelle's blog:

A lawsuit filed by an owner of radio stations claims that the transfer of ownership of the Air America radio network from Progress Media to Piquant LLC in May 2004 was a "sham" intended to maintain the network's assets while deceiving its creditors, according to documents posted on a blog yesterday.

In the suit, which was filed in state Supreme Court at Manhattan in May, Multicultural Radio Broadcasting, a radio station owner with affiliates across the country, is seeking more than $255,000 it claims it is owed by the current owners of Air America, Piquant LLC. Multicultural's complaint, as posted on the blog of Michelle Malkin, a conservative commentator, states that the station owner is trying to enforce a judgment in its favor last November, in which the court ordered Air America's owners to pay it that amount.

Court actions naming a corporation a "sham" and accusing it of fraudulent conveyance to avoid paying its creditors normally would get some attention at most papers. If the corporation's creditors included an inner-city charity that helps out underprivileged children and the elderly, that would normally make the story banner-headline material. However, a look at the New York Times' Regional section shows no coverage at all.

Looks like the Sun ate the Times' lunch. Again. Do you think Bill Keller will ever feel embarrassed by this?

Brian will have Part II of this saga later today. Don't miss it.

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