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LATimes exes sue Zell

Discussion in 'Journalism topics only' started by SockPuppet, Sep 16, 2008.

  1. SockPuppet

    SockPuppet Active Member

    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)."

  2. BYH

    BYH Active Member

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

    Dickens Cider New Member

    GO, TIMES, GO!
  4. Ace

    Ace Well-Known Member

    Good luck with that.

    However, I do wish that being a greedy, irresponsible, mismanaging SOB was a crime.
  5. slappy4428

    slappy4428 Active Member

    Only if your mayor of Detroit... but yeah. Go Times Go!
  6. Sam Mills 51

    Sam Mills 51 Active Member

    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.
  7. fishwrapper

    fishwrapper Active Member

    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.
  8. slappy4428

    slappy4428 Active Member

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

    fishwrapper Active Member

    That may be the point, as I understand it.
  10. imjustagirl

    imjustagirl Active Member

    Only if my mayor of Detroit what?
  11. slappy4428

    slappy4428 Active Member

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

    Ace Well-Known Member

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