Here's a shock: Zell set to bail

Frank_Ridgeway · Aug 19, 2009

I read this too fast and saw Zell and "bail," and thought ... you know ...

It got my hopes up.

fishwrapper · Aug 19, 2009

Joe Williams said:

I still don't know how creditors allow themselves to be raked over the coals and stiffed for millions of dollars, yet these newspapers in Chicago and Minneapolis come out of bankruptcy and continue to produce inferior products while overpaying a lot of too-comfortable journalists. And, of course, executives. (I'm only picking on the slackers and those looking to coast to the finish line.)

Since when has it become OK to default on loans and not flip your other assets to pay them back if the business you've bought with the loan isn't supporting itself? I guess that's bankruptcy law, but why in the world would these creditors allow/enable it?
Click to expand...

To put into perspective:
Tribune's bankruptcy involves a little more than $11 billion. Nothing to sneeze at, for sure.
Lehman Bros. bankruptcy involved just a touch over $639 billion.

The creditors will not allow it. If there isn't a plan for them to make back 85 cents on every dollar coming out of Chapter 11, they will dismantle and get what they can. It's plain and simple.
The Tribune will not be able to service 85% of the debt. So, it's just a matter of time...

Joe Williams · Aug 19, 2009

fishwrapper said:

Joe Williams said:

I still don't know how creditors allow themselves to be raked over the coals and stiffed for millions of dollars, yet these newspapers in Chicago and Minneapolis come out of bankruptcy and continue to produce inferior products while overpaying a lot of too-comfortable journalists. And, of course, executives. (I'm only picking on the slackers and those looking to coast to the finish line.)

Since when has it become OK to default on loans and not flip your other assets to pay them back if the business you've bought with the loan isn't supporting itself? I guess that's bankruptcy law, but why in the world would these creditors allow/enable it?
Click to expand...

To put into perspective:
Tribune's bankruptcy involves a little more than $11 billion. Nothing to sneeze at, for sure.
Lehman Bros. bankruptcy involved just a touch over $639 billion.

The creditors will not allow it. If there isn't a plan for them to make back 85 cents on every dollar coming out of Chapter 11, they will dismantle and get what they can. It's plain and simple.
The Tribune will not be able to service 85% of the debt. So, it's just a matter of time...
Click to expand...

Thanks, Fish. That makes me feel bad for the newspaper people there (most of them, not mgmt toadies). But it makes me feel a little better for justice.

A deal's a freaking deal or someone gets their legs broke, is how I was taught.

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Here's a shock: Zell set to bail

Frank_Ridgeway Well-Known Member

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Joe Williams Well-Known Member

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Here's a shock: Zell set to bail

Frank_Ridgeway Well-Known Member

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Joe Williams Well-Known Member

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