LATimes exes sue Zell

The nut graf of the release:


"... since completing his takeover of the Tribune Company in December 2007, Sam Zell’s illegal and irresponsible actions and public statements have damaged the reputation and business of the company he purports to want to preserve. According to the filed complaint, through both the structure of his takeover and his subsequent conduct, Zell and his accessories have diminished the value of the employee-owned company to benefit himself and his fellow board members. It alleges further that through their destructive management and self-dealings at the expense of employees, Zell and his co-fiduciaries have repeatedly breached their fiduciary duties to beneficiaries of the Tribune Employee Stock Ownership Plan (ESOP)."

http://www.laobserved.com/archive/2008/09/extimes_reporters_sue_zel.php

 

Probably won't net much, but an awesome symbolic gesture anyway.

 

GO, TIMES, GO!

 

Good luck with that.

However, I do wish that being a greedy, irresponsible, mismanaging SOB was a crime.

 

Only if your mayor of Detroit... but yeah. Go Times Go!

 

Love the courage and enthusiasm, but based on that nut graf, if the Times execs were to somehow win, Dean Singleton, Bob Jelenic and the insensitive and ignorant folks at Paxton, Heartland and others might want to leave the country - not to mention countless other shaky execs unwisely put in charge of companies throughout Corporate America.

Having said that, I wish the Times' execs all the best. Their spirit is admirable.

 

Although, it is a crime to defraud a pension and current and future recipients of said pension and Employee Stock Option Plans. By devaluing the pension and company stock(s), he decreased the employees assets in the company and allows him to purchase the company in its entirety at a fraction of the value (approximately 10-20% of the market value). He then turns and sells each piece netting return exponential of the his $500 million. So, the employees risk everything to gain nothing (other than keeping their pensions and ESOPs in structure). Zell risks very little (relatively), and can gain $3-5 billion.
That's illegal.
As alleged in the filing.

 

No jury in the country would side with Zell... but no judge would side with the plaintiffs.

 

That may be the point, as I understand it.

 

Only if my mayor of Detroit what?

 

it should have been you are... not your,,,

 

Yeah, Zell can claim incompetence and go scot-free.