FEBRUARY 7--Bankrupt and about to lose Al Franken, its marquee star, Air America Radio is set to change hands for the bargain price of $4.25 million, according to new court documents.

The sales figure was disclosed in a purchase agreement filed yesterday in U.S. Bankruptcy Court in New York. According to the agreement, the deal between Air America’s owner, Piquant LLC, and a firm controlled by Stephen L. Green, a New York realtor, calls for Green’s firm to repay up to $3.25 million in loans provided to Air America after the liberal radio network filed for Chapter 11 protection last October (the company listed debts of $20.2 million).  Full Article