A lesson in how the free market works

[Tigermike 4,245]

Or in this case how the free market does not work for a company selling a product that no one wants

Brian Maloney reports that the syndication network has collapsed, thanks to a lack of revenue:

Libtalk Network NovaM To Shut Down

ATTY: NOVA M FOLDS

Report: Co-founder Sheldon Drobny Attempts Suicide

*** BREAKING NEWS - STAND BY FOR UPDATES ***

*** MORE ADDED BELOW, UPDATE - OBJECTION FROM MALLOY CAMP ***

*** UPDATED WITH STATEMENT FROM ANITA DROBNY ***

Libtalk network Nova M Radio has been shut down, according to the attorney for Randi Rhodes, Robert V Gaulin of New York. This also brings Mike Malloy's syndicated program to an abrupt end as well, at least for now (update below: Malloy's camp is denying this will affect his show, All Access reports a new firm may assume this role).

Moments ago, Gaulin sent this letter to your Radio Equalizer:

Randi Rhodes’ on-air home for less than a year will shut its doors. In an email message of February 17th from counsel for Nova M Radio, Inc. to Randi’s entertainment attorney, Robert V. Gaulin, the company is said to have been advised to file for bankruptcy protection next week. All payroll deposits were reversed on Tuesday, leaving Nova’s employees unpaid for the past two weeks.

On Sunday, Nova received a letter from Mr. Gaulin asserting that the contract with Ms. Rhodes was terminated due to material breaches and other reasons. Ms. Rhodes had not broadcast for over a week prior to this time, a situation which was diplomatically referred to as a “problem” that was solely within Nova’s control to solve. A few days earlier, Sheldon Drobny, founder of Nova M, and a co-founder of Air America Radio, attempted suicide and is hospitalized in Chicago.

Mr. Gaulin indicated on Randi’s behalf that “We saw this coming, but are most saddened by the tragic news regarding Sheldon Drobny. Randi is devastated by the impact of these events upon her fiercely loyal audience, affiliates and sponsors.

Discussions are already being conducted for Randi’s swift return to the air. Stay tuned…”

Thank you

Robert V. Gaulin

GAULIN GROUP PLLC

COUNSELORS AT LAW

http://radioequalizer.blogspot.com/2009/02...-shut-down.html

They are still holding out hope for stimulus funds from the dim congress and a resurrection of the fairness doctrine.