(Chicago) Tribune Bankrupt: Zell Wins, Employees Loose

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	(Chicago) Tribune Bankrupt: Zell Wins, Employees Loose

zizzy

12-9-2008 2:32 AM

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zizzy says:

Once again, working people get stiffed. Click on the 2nd chicagotribune link to read that part of the story.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/4eaf8d0b-82f9-4c7a-b63f-e1b96886598b/D21B6A46-678E-4AC7-8EED-3EF42815AA81/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.chicagotribune.com/" href="http://www.chicagotribune.com/" style="font-size: 11px;">www.chicagotribune.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.chicagotribune.com/img/D0A9F0EB-921C-441D-8C73-F2859D4D6773" alt="Tribune Co. files for bankruptcy protection" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/"><DIV class="alt-thumb-detail">The Tribune Tower and Sam Zell, inset. (Tribune file photos)</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/"><P class="lead">Tribune Company, parent of the Chicago Tribune, has filed for bankruptcy protection. It has been struggling under a $13 billion debt load.</P></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content9.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.chicagotribune.com/business/chi-tue-tribune-esopdec09,0,1307530.story" href="http://www.chicagotribune.com/business/chi-tue-tribune-esopdec09,0,1307530.story" style="font-size: 11px;">www.chicagotribune.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/business/chi-tue-tribune-esopdec09,0,1307530.story"><DIV><A id="PEBSL000194" title="Sam Zell" href="http://www.chicagotribune.com/topic/economy-business-finance/sam-zell-PEBSL000194.topic" class="taxInlineTagLink">Sam Zell</A> potentially stands to recoup some of his investment as troubled media giant Tribune Co. reorganizes under Chapter 11 protection.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/business/chi-tue-tribune-esopdec09,0,1307530.story"><DIV>But Tribune Co. employees are unlikely to see any gain from their brief stint as owners of their company through a transaction engineered by Zell that left the Chicago media firm saddled with $13 billion in debt, bankruptcy experts said.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/business/chi-tue-tribune-esopdec09,0,1307530.story"><DIV>In engineering a deal to take the media company private last year, Zell struck an agreement that left him poised to benefit richly if the complex transaction succeeded, while potentially hedging his losses if Tribune Co. wound up in bankruptcy.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.chicagotribune.com/business/chi-tue-tribune-esopdec09,0,1307530.story"><DIV>Experts think the leveraged ESOP that gave Tribune Co. employees theoretical control of their company will likely be wiped out.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/D21B6A46-678E-4AC7-8EED-3EF42815AA81/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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