Is Air America Radio going belly up? The troubled left-leaning network is dismissing yesterday's report by Think Progress that it plans to file for bankruptcy on Friday. But you know things must be bad when even your top star can't get paid.

"I don't know if that's true or not," Al Franken told Radar late Wednesday, when asked about the bankruptcy report. "We do know that there have been cash-flow problems. I haven't been paid in a while. Like, there's no cash flowing to me."

It's not the first time Franken has gone without a salary. Air America ran out of money promptly after it launched in 2004, after disgraced former chairman Evan Cohen inflated the amount of money he had raised to fund the network. The debacle nearly killed the network in its infancy, and led to a legendary incident in which Cohen reportedly sent an executive to Franken's apartment to hand-deliver an envelope purportedly containing all of his back pay. It was empty.

Since then, Air America has seen a litany of troubles, executive departures, talent shuffles, and lawsuits. Six months ago, the network was booted from its flagship station in New York City, WLIB, to a much weaker signal that doesn't cover the entire city, and it laid off five staffers on September 11, according to the New York Post.

Franken isn't the only person that Air America is in hock to. Last year, the network settled a multi-million-dollar lawsuit from Multicultural Broadcasting, the owner of its Chicago and Los Angeles stations, for its failure to pay for rented airtime. But according to Multicultural's attorney, Randy Mastro, the network still hasn't paid up. "It involved a structured settlement over time," Mastro says. "There is additional money owed. If it's true [that they're filing for bankruptcy], we'll have to do something about that."

And then there's the matter of the $875,000 the network owes to the Gloria Wise Boys and Girls Club. As has been extensively covered on right-wing blogs, Cohen convinced the nonprofit club—he sat on the board—to OK a massive interest-free loan to keep the network afloat in its early days. When news of the arrangement broke—liberal radio net steals from poor kids!—Air America agreed to repay the loan in full, and the New York City Department of Investigation started looking into the propriety of the transaction.

Air America says the money is in an escrow account controlled by its lawyers, who have been instructed by the DOI to wait until their investigation is complete before transferring it back to the Boys and Girls Club. But neither Jack Kiley, an attorney for the Boys and Girls Club, nor Emily Gest, a spokeswoman for the DOI, could confirm that the escrow account actually exists. Asked whether she was certain that Air America had indeed deposited the funds in an escrow account, Gest would only say, "The Department of Investigation expects Air America to uphold its commitments to repay the victims of this scheme." Kiley says that a small portion of the loan has been repaid, and he expects that the remainder is forthcoming.

Janeane Garofalo, who quit her job as co-host of the network's evening show Majority Report in July, says her paychecks had been arriving on-time, and that her departure had nothing to do with the network's finances. But she didn't have kind words for the "radio suits"—guys like interim CEO Jim Wiggett, network president Gary Krantz, and president of programming Jon Sinton—who have been running the place into the ground.

"They've been making bad decisions since the day I got there," Garofalo says. The network's staff, Garofalo says, is tireless and committed to the cause of progressive radio. "And then you have a handful of business people with no politics whatsoever. I can't fathom the decisions they make."

Tom Embrescia, a former radio entrepreneur and Air America board member, says no specific bankruptcy proposals have been presented to the board. But he's circumspect about his faith in the current management. "They're losing money," he says. "That's common knowledge. I think all along they've had some questions about what they're doing. They're always talking about raising more money, and there's always been times when [chairman of the board and Real Networks founder] Rob Glaser has come in to save the day." As for why Air America can't seem to turn a profit, Embrescia says it may have been a mistake to launch an entire left-wing talk radio network in one shot. "Maybe it should have been one or two programs," he says.

Norman Wain, a Cleveland-based former radio executive and investor in Air America, says he hadn't heard about any financial difficulties. "I know nothing about it," he says. "They don't communicate with investors very well. They only come to us when they're looking for more money." The last time that happened, he says, was "three or four months ago."

If bankruptcy is imminent, the timing couldn't be worse for Franken: His new movie, Al Franken: God Spoke, opens today in New York. In a statement, an Air America spokeswoman said "no decision has been taken to make any filing of any kind."