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The last I heard, the FCC regulates and licenses the AM spectrum. You cant just put up a tower and start broadcasting.
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No where did I say that you can simply start broadcasting. The FCC regulates according to stations in certain areas which are within certain frequency (or in AM the Amplitude) ranges. With fewer channels being used in AM (due to less demand), aquiring a liscence for it would in turn be much easier. It's not as if they failed to get liscenses for stations around the country, it's simply that said stations did not get listeners.
They got California, New York, and pretty much all the liberal states and it failed there. If they went bankrupt because they could not access said areas this argument would hold water. It would be as if you offered free UT/A&M game coverage in Pittsburg but not being able to offer it in Texas. Instead the opportunities were there but the demand was not.